Chief executive Dave Lewis said: “We have made significant progress against the priorities we set out in October 2014. We have regained competitiveness in the UK with significantly better service, a simpler range, record levels of availability and lower and more stable prices. Our balance sheet is stronger and we are making good progress in rebuilding trust in Tesco and our investment case.”
Tesco has reported pre-tax profits of £162m for the year ending 27 February, following a loss of £6.3bn last year.
Operating profit for the year was £944m before exceptional items.
The retailer has also seen group sales grow by 1.6% during the final quarter of the period and a 0.9% increase in its UK like-for-like sales.
Chief executive Dave Lewis said: “We have made significant progress against the priorities we set out in October 2014. We have regained competitiveness in the UK with significantly better service, a simpler range, record levels of availability and lower and more stable prices. Our balance sheet is stronger and we are making good progress in rebuilding trust in Tesco and our investment case.”