ACR-News
Know what you want? Try our 'Supplier Directory' 
18 April 2017

Strong food performance drives Tesco sales increase

Tesco has reported strong growth in sales in its preliminary results announcement for 2016/17.

Tesco has reported strong growth in sales in its preliminary results announcement for 2016/17.

Group sales were up by 4.3% to £49.9bn, while UK like-for-like sales increased by 0.9% - its first reported full year growth since 2009/10. UK like-for-like food sales grew by 1.3%.

The retailer also saw positive volume growth in both the UK and ROI and International businesses.

Group operating profit before exceptional items was up by 30% to £1,280m.

Last month Tesco took a £235m charge after it agreed a deferred prosecution with the Serious Fraud Office (SFO) and Financial Conduct Authority (FCA) for overstating its profits in 2014. This appears as an exceptional charge in the 2016/17 results.

Chief executive Dave Lewis said: “We are ahead of where we expected to be at this stage, having made good progress on all six of the strategic drivers we shared in October.  We are confident that we can build on this strong performance in the year ahead, making further progress towards our medium-term ambitions.”

He continued: “On top of this, our proposed merger with Booker will bring together two complementary businesses, driving additional value for shareholders by realising substantial synergies and enabling us to access the faster growing ‘out of home’ food market.”      

Comments

Already Registered?
Sign In
Not Yet Registered?
Register

World Refrigeration Day

Industry has embraced the inaugural World Refrigeration Day (WRD) with events happening all over the world....

  25-Jun-2019

Seeley to introduce new MagIQtouch Wi-Fi Smart App

The MagIQtouch smart app allows remote control of Breezair evaporative cooling systems through any mobile device with Internet connection....

  21-Oct-2019

Fridge Freezer Direct Introduces J & E Hall's range of Cellar Cooling

Reliable and energy efficient, the JCC range of cellar coolers are designed to be used in wine and beer cellars above or below ground.
  22-Oct-2019
ACR News is the number one magazine in the air conditioning and refrigeration industry. Don’t miss out, subscribe today!
Subcribe to ACR News

Diary

HVR Awards
IoR Northern branch annual dinner
IoR Scotland annual dinner
Thermozone "Maintenance is King at the National Maritime Museum at Greenwich" Trevor Dann
BSRIA Briefing