The UK grocery retailer has released its interim results for 2016/17, with the company saying that it made strong progress in the first half of the year.
Statutory revenue was up 1.4 per cent to £27.3 billion ($44 billion), while statutory profit stood at £71 million ($115.4 million), a decrease of 28.3 per cent. The results showed that the group has experienced positive like-for-like sales in all of its regions, including an increase in international volumes of 3.3 per cent. It also improved on its metrics against its three major goals: competitive in the UK consumer metrics compared to the market, a more secure balance sheet, and rebuilding trust, with the highest brand health in four years.
The group outlined its ambition to deliver 3.5 to four per cent group operating margin by 2019/20.
“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 while rebuilding profitability in a sustainable way,” Tesco CEO Dave Lewis said.
“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 six per cent 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.”
