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.”