13th Apr 2016 06:19
LONDON (Alliance News) - Tesco PLC on Wednesday said it returned to profit in its recently-ended financial year, following a devastating year before which saw it book a huge pretax loss.
The UK's biggest retailer said it made a pretax profit in the year ended February 27 of GBP162.0 million, having suffered a GBP6.33 billion pretax loss the year before, when it booked a staggering GBP7.0 billion of impairments, writedowns and restructuring charges. These did not repeat in financial 2016.
However, revenue slipped to GBP54.43 billion from GBP56.93 billion, as the supermarket chain continued to struggle in a deflationary UK food market, with competition from German discounters Aldi and Lidl.
"As a team, we are committed to serving shoppers a little better every day, in what remains a challenging, deflationary and uncertain market. We are confident that the investments we are making are leading to sustainable improvements for customers whilst creating long-term value for our shareholders," Chief Executive Dave Lewis said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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