Tesco’s profits have increased as the supermarket continues its turnaround strategy.
The company reported pretax profits of £1.6bn for the year to 24 February – an increase on last year’s £145m as UK sales rose by 2.2%.
Group sales rose by 2.8% to £57.5bn and operating profits grew by 28%, which the company said was owing to better-than-expected sales growth in the last three months of its financial year.
The positive results follow a series of poor performances for the company following its accountancy scandal in 2014.
Chief executive Dave Lewis said: “This has been another year of strong progress, with the ninth consecutive quarter of growth. More people are choosing to shop at Tesco and our brand is stronger, as customers recognise improvements in both quality and value.”
The update is also the first since the completion of its £3.7bn takeover of wholesaler Booker last month.
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