Tesco reports rise in pre-tax profits

A Tesco Extra in Batley.
A Tesco Extra in Batley.
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Britain’s biggest supermarket Tesco has reported a 28.8 per cent rise in full-year pre-tax profits to £1.67bn while revenue at the supermarket giant rose 11.2 per cent to £63.9bn.

UK like-for-like sales at Tesco rose 1.7 per cent in the full year.

Dave Lewis, chief executive of Tesco, said: “After four years we have met or are about to meet the vast majority of our turnaround goals. I’m very confident that we will complete the journey in 2019/20.

“I’m delighted with the broad-based improvement across the business. We have restored our competitiveness for customers - including through the introduction of ‘Exclusively at Tesco’ - and rebuilt a sustainable base of profitability.

“I’m pleased that we are able to accelerate the recovery in the dividend as a result of our continued capital discipline and strong improvement in cash profitability.”