Home Business NewsBusiness Tesco turnaround: Sales grow but profits plummet

Tesco turnaround: Sales grow but profits plummet

5th Oct 16 9:49 am

What is Drastic Dave up to?

Supermarket giant Tesco has just posted another sales increase as its on track to hit its full-year profit target.

Like-for-like sales grew one per cent in the half-year to 27 August, and in the UK they rose by 0.6 per cent.

International volumes are up three per cent while international transactions are up 0.3 per cent.

However, Tesco’s group pre-tax profit stood at £71m – down 28 per cent on the same period last year.

Dave Lewis, chief executive, said: “We have made further strong progress in the first half, with positive like-for-like sales growth across all parts of the Group as we re-invest in our customer offer whilst rebuilding profitability in a sustainable way.

“The entire Tesco team is focused on serving shoppers a little better every day. We are more competitive across our offer. Prices are more than 6% lower than two years ago, availability and service have never been better and our range is more compelling. Our new fresh food brands are performing ahead of expectations, improving our value proposition and further removing reasons for customers to shop elsewhere.”


Leave a Comment


Sign up to our daily news alerts

[ms-form id=1]