Tesco have posted higher sales and profits over the past year and has revealed that inflation in the sector has “lessened substantially.”
Tesco posted adjusted operating profit of £2.83 billion in the year to February and overall revenues not including VAT soared by 4.4% to £68.2 billion in the year.
In the year like-for like sales grew by 6.8% and with inflation easing for prices customers have bought more items from Tesco.
Chief executive Ken Murphy said, “Customers are choosing to shop more at Tesco, which is reflected in growing market share as they respond to the improvements we’ve made to the value and quality of our products.
“Inflationary pressures have lessened substantially; however, we are conscious that things are still difficult for many customers, so we have worked hard to reduce prices and have now been the cheapest full-line grocer for well over a year.”
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