Tesco marks 2015/2016 as ‘year of significant progress’

Grocer giant Tesco has highlighted its latest results as the mark of a ‘year of significant progress’.

The company has seen group sales rise by 0.1 per cent to £48.4 billion and recorded a statutory operating profit of £1.04 billion compared to its £5.75 billion loss in the prior year.

In its preliminary results for 2015/2016, the group’s operating profit before exceptionals was reported at £944 million.

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 process of transformation has generated broad-based positive momentum in the UK and internationally. We set out to start rebuilding profitability while reinvesting n the customer offer and we have done this.

“More customers are buying more things more often at Tesco.”