Tesco reports 2.3% revenue rise to £51bn


Tesco has posted Preliminary Results 2017/18 showing group sales were up by 2.3% to £51bn, the ninth consecutive quarter of like-for-like sales growth in Q4.

The company's UK like-for-like sales were up 2.2%, with consistent strength in fresh food. The operating profit before exceptional items was up by 28.4% to £1,644m.

In-year cost savings were £594m - savings of £820m to date towards £1.5bn medium-term target.

During the period, the chain sold 109 sites for £290m, and 1.1m sq ft of space has been re-purposed.

Dave Lewis, Chief Executive, said “This has been another year of strong progress, with the ninth consecutive quarter of growth. More people are choosing to shop at Tesco and our brand is stronger, as customers recognise improvements in both quality and value.

'We have further improved profitability, with Group operating margin reaching 3.0% in the second half. We are generating significant levels of cash and net debt is down by almost £6bn over the last three years. All of this puts us firmly on track to deliver our medium-term ambitions and create long-term value for every stakeholder in Tesco.

'I am delighted to have completed our merger with Booker, and we are moving quickly to deliver synergies and access new growth, making the most of the complementary skills in our combined business.”