Preliminary Results 2024/25

Preliminary Results 2024/25

Strong performance POSITIONS US to continue winning with customers.

As a result of the disposal of the Group's Banking operations, our Insurance and Money Services business (IMS) is now reported as part of the UK & ROI segment. The Retail adjusted operating profit figure of £2,973m (which excludes IMS adjusted operating profit of £155m) is presented above for the purposes of comparing to our previously published profit guidance.

Strong financial performance and cash generation

Footnotes can be found on page 4. 

Ongoing investments in our offer support customer satisfaction improvements and market share growth

Continuing to invest in long-term growth opportunities and capability

CAPITAL RETURN PROGRAMME.

We see our share buyback programme as a critical driver of shareholder returns, reflecting the strength of our balance sheet and our confidence in both our strategy and our ability to continue to deliver strong future cash flows. In addition to £864m of dividends paid across the last year, we have now completed our April 2024 commitment to buy back £1bn worth of shares. Since October 2021, we have bought back £2.8bn worth of shares. 

OUTLOOK.

Our investments over the last four years have resulted in the most competitive position and highest market share we have had for many years, leading to a strong financial position and positive trading momentum. We have delivered well against the multi-year performance framework we set out in 2021, and maintained a disciplined approach to capital, leading to strong cash generation and shareholder returns.

In the last few months, we have seen a further increase in the competitive intensity of the UK market. We are committed to ensuring that customers get the best value in the market by shopping at Tesco and we see further opportunities to protect and strengthen our competitiveness.

We are therefore providing guidance that gives us flexibility and firepower to be able to respond to current market conditions. As a result, for FY 25/26, we expect Group adjusted operating profit of between £2.7bn and £3.0bn (FY 24/25: £3,128m). We continue to expect free cash flow within our medium-term guidance range of £1.4bn to £1.8bn.

We are announcing today a further share buyback totalling £1,450m, to be completed by April 2026, comprising £750m funded by free cash flow and £700m funded by the sale of our Banking operations.

FY 25/26 is a 53-week financial year, but for comparability we will also report our key financial metrics on a 52-week basis. All financial guidance is provided on a 52-week basis.

STRATEGIC PRIORITIES.

Our strategic priorities ensure that we focus on offering great value, quality and convenience whilst rewarding loyalty. Through our colleagues, reach and supplier relationships, we are well-placed to serve our customers wherever, whenever and however they need us. Our strategy puts customers at the heart of everything we do, and guides us to deliver top-line growth, grow profit and generate cash and in doing so, deliver for all our stakeholders.

1) Magnetic Value for Customers - Re-defining value to become the customer's favourite

2) I Love my Tesco Clubcard - Creating a competitive advantage through our powerful digital capability

3) Easily the Most Convenient - Serving customers wherever, whenever and however they want to be served

4) Save to Invest - Significant opportunities to simplify, become more productive and reduce costs

GROUP REVIEW OF PERFORMANCE.

On a continuing operations basis1

Sales3 increased by 4.0% at constant rates, including a strong contribution from higher volumes and improved category mix, supported by our continued investments in value, quality and service. Revenue increased by 3.0% at constant rates, including a (6.3)% decline in fuel sales, mainly driven by lower retail prices year-on-year.

Group adjusted operating profit4 increased by 10.9% at constant rates, driven by further progress in our core retail markets as higher sales volumes and a further c.£510m contribution from Save to Invest more than offset net operating cost inflation. Group adjusted operating profit includes Insurance and Money Services where adjusted operating profit increased by £86m to £155m, including £46m of non-recurring items mainly due to a new five-year pet insurance contract.

Statutory operating profit decreased by (3.9)% year-on-year, as the Group adjusted operating profit growth described above was more than offset by a non-cash net impairment charge on non-current assets of £(286)m, mainly due to an increase in discount rates driven by higher government bond rates compared to the prior year.

Net finance costs (including adjusting items) were £46m lower year-on-year, mainly due to lower net interest costs on medium-term notes as a result of net refinancing activities, and favourable non-cash mark-to-market movements on certain derivative financial instruments. The higher tax charge this year was driven by higher operating profit and the full year effect of the increase in UK corporation tax rates, effective from 1 April 2023.

Adjusted diluted EPS4 grew by 17.0%, driven by the strong growth in Group adjusted operating profit described above as well as a benefit from our ongoing share buyback programme, with a further £1bn of share buybacks completed in the year. Statutory diluted EPS declined by (5.7)%, driven by the non-cash net impairment charge as described above. We propose to pay a final dividend of 9.45 pence per ordinary share, taking the full year dividend to 13.70 pence, up 13.2% year-on-year.

We generated strong free cash flow5 of £1,750m compared to £2,063m last year, with the prior year benefiting from higher trade working capital balances, driven by elevated levels of input cost inflation. 

Net debt6 reduced by £230m to £(9,454)m, driven by strong free cash flow generation and the receipt of the £614m Banking operations gross disposal proceeds, partially offset by cash returned to shareholders via dividends and our ongoing share buyback programme. The Net debt/EBITDA ratio was 2.0 times, down from 2.2 times in the prior year.

Further commentary on these metrics can be found below and a full income statement can be found on page 14.

Notes:

Segmental review of performance:

Sales performance:

(exc. VAT, exc. fuel)3,8

Further information on sales performance is included in the appendices starting on page 48.

Adjusted operating profit4,8 performance:

Further information on operating profit performance is included in Note 2 starting on page 20.

UK & ROI OVERVIEW:

Like-for-like sales for the UK & ROI segment increased by 3.1%. Volume growth was particularly strong in the UK and ROI, with growth in every quarter of the year, and continued market share gains across the year. Whilst Booker delivered a strong performance in core retail and catering, overall like-for-like sales reduced by (1.8)% due to the continued decline in the tobacco market and weakness in some areas of the fast-food market serviced by Best Food Logistics.

UK & ROI adjusted operating profit was £3,016m, up 10.3% at constant rates, driven by volume growth and the ongoing delivery of our Save to Invest programme, which offset net operating cost inflation, including colleague pay awards. Insurance and Money Services adjusted operating profit, now included within the UK & ROI segment, increased by £86m to £155m, including £46m of non-recurring items, mainly reflecting the accounting for upfront commission income on the signing of a new five-year pet insurance contract. The year-on-year growth excluding these items was driven by strong underlying performance in the insurance business.

UK - Growing volumes and market share:

Like-for-like sales grew by 4.0%, with growth both in stores and online. Volume growth was ahead of our expectations, and we consistently grew ahead of the market. 

Market share grew by +67bps year-on-year to 28.3%, delivering 21 consecutive four-week periods of market share growth by the end of the year and our highest market share since 2016 over the Christmas period. We continue to deliver improvements in our overall brand perception year-on-year, up +185bps and stepping forward across all drivers, including reputation (+282bps), value (+242bps) and quality (+153bps).

Food like-for-like sales grew by 4.9%, with full year volume growth supported by our ongoing investments in product quality and innovation. We launched over 1,000 new products and improved over 600, including Taste Discoveries dinner-for-tonight range and health-led High Protein and Gut Sense ranges. Our Finest range continued to perform well, with sales up 15% year-on-year, including record sales over the festive period.

We are committed to ensuring that customers get the best value for money by shopping at Tesco. Over 2,300 products were cheaper at the end of the year than at the start, with an average reduction of around 9%. 

Clothing like-for-like sales grew by 3.0% due to a strong performance in womenswear, with further development of our F&F Active and F&F Edit ranges. Home like-for-like sales declined by (2.2)%, which includes a (5.5)ppts drag from the transition to our new partnership with The Entertainer. The partnership, which offers customers an even better range of toys in our stores, means we no longer recognise toy sales, and instead earn commission income. The transition completed in the second half of the year and is now in around 750 stores. Excluding this impact, Home like-for-like sales grew by 3.3%, primarily driven by the launch of our F&F Home range.

Large store like-for-like sales grew by 4.1%, driven by further investment into our promotional offer over key seasonal events in addition to investments in service and delivering market-leading availability. These investments resulted in our highest customer net promoter score in five years. Convenience like-for-like sales, which includes our One Stop stores, declined by (0.2)%. Tesco Express like-for-like sales were broadly flat, with a particularly strong performance in fresh food offset by the impact of the ongoing decline in the tobacco market. Tesco Express gained +138bps of market share, supported by a 1.7ppts contribution to sales growth from net new store openings.

Online sales grew by 10.2%, including a c.3ppts contribution from Tesco Whoosh. Sales growth was primarily driven by an increase in average online orders per week which were up 10.8% year-on-year to 1.3 million, with customer satisfaction also increasing year-on-year. Tesco Whoosh, our rapid delivery service, saw sales almost double in the year, with a further improvement in customer satisfaction and growth in average basket size. Tesco Whoosh is now available in over 1,500 stores, including 42 large stores.

In June, we launched Tesco Marketplace, offering customers an even broader range of products online through third-party sellers. We are now offering over 400,000 products and have built a pipeline of further sellers to join the platform, with new category launches planned for later in FY 25/26. We are encouraged with customer satisfaction scores, and trading through Black Friday was particularly successful. Our priority has been laying the foundations for growth, adding for instance the capability to offer customers Clubcard Prices when they shop on Tesco Marketplace.

In November, we completed the disposal of our Banking operations and started our associated strategic partnership with Barclays. The exclusive ten-year partnership provides customers access to Tesco-branded banking products and services, combining Tesco's market-leading brand, physical and digital reach and relentless customer focus with Barclays' deep financial services capabilities and expertise in commercial partnerships. We retained all the existing insurance and money services activities, including ATMs, travel money and gift cards. In the year, sales from Insurance and Money Services grew by c.30%, primarily driven by strong growth in the insurance business.

ROI - Ongoing volume growth driving strong market share gains:

Like-for-like sales grew by 4.6% for the full year, driven by volume growth supported by our continued roll out of our 'fresh first' store refresh programme and our ongoing investments in product quality and innovation, which has been recognised with 21 gold medals at the Blas na hÉireann ('Taste of Ireland') awards. Total sales grew by 5.6% at constant rates, including a 1.0ppts contribution from new stores, driven by the opening of 12 new stores in the year.

Food like-for-like sales grew by 5.0%, driven by strong volume growth in fresh food. Our Finest range performed well with year-on-year volume growth of over 29%.

Non-food like-for-like sales grew by 0.9%, which includes a (3.1)ppts impact from the transition to our new partnership with The Entertainer, as in the UK. Excluding toys, non-food like-for-like sales grew by 4.0%, with a strong contribution from Home driven by a refreshed proposition which has now been rolled out across 30 stores.

We have now gained market share in ROI for 37 consecutive four-week periods, taking our share to 23.9% at the end of the year, up +29bps year-on-year. Clubcard sales penetration stepped up by a further 2ppts year-on-year to 87%.

BOOKER - Growth across core catering and retail following strong performance last year:

* Includes sales to small businesses and sales from Venus Wine and Spirit Merchants PLC, which was acquired in June 2024. Venus is excluded from LFL growth.

Overall like-for-like sales declined by (1.8)%, reflecting the continuing decline in the tobacco market and weakness in parts of the fast-food market serviced by Best Food Logistics, whilst the core retail and catering businesses grew despite a challenging market backdrop.

Core retail like-for-like sales increased by 0.9% year-on-year, growing ahead of the market, supported by a further 566 net new retail partners in the year. Whilst the independent convenience sector is seeing some trading softness, Booker's symbol brands performed strongly, supported by our targeted promotional plans and improvements in availability. Booker retail customer satisfaction continued to improve, with gains year-on-year.

Core catering like-for-like sales increased by 2.1%, driven by stronger volumes, as customers responded well to our value campaigns throughout the year, with prices now locked on over 700 products until June 2025. Customer satisfaction levels remained high, growing year-on-year, and availability improved even further to c.98% by the end of the year.

In June 2024, we acquired Venus Wine and Spirit Merchants PLC, a specialist wine and spirits merchant, offering our on-trade catering customers an even larger selection of spirits, wines, lagers, ciders and ales. The integration of Venus is progressing well, and we are continuing to expand the customer base, with strong progress towards increasing its geographic presence.

CENTRAL EUROPE - Improved category mix and volume growth driving sales momentum and profit growth:

Like-for-like sales grew by 2.2%, as improved category mix and volumes contributed to positive growth, with market share trajectory improving. Food like-for-like sales grew by 2.4% year-on-year, including c.4% growth in Fresh volumes. Customer satisfaction scores improved in Central Europe, as customers respond well to our product innovation and targeted value investments, with on average c.650 products added to our Low Price Guarantee per market. Our Finest range performed well, with year-on-year volume growth of over 23%.

Non-food like-for-like sales grew by 0.6%, with particularly strong performance over the seasonal Christmas period.

Central Europe adjusted operating profit was £112m, an increase of 28.9% year-on-year at constant rates, primarily driven by volume growth and further progress in our Save to Invest programme.

Discontinued operations:

In February 2024, we agreed to sell our Banking operations, comprising personal loans, credit cards and customer deposits and associated operational capabilities. In November 2024, we completed the disposal to Barclays for gross cash proceeds of £614m. In combination with further net cash released after the settlement of certain regulatory capital amounts and net of transaction costs, this provides £700m of cash realised from the disposal which will be returned to shareholders through share buybacks in FY 25/26.

The performance of our Banking operations has been presented as a discontinued operation and has been excluded from our headline performance measures. Profit after tax from discontinued operations was £26m which includes adjusting items of £(65)m primarily relating to the fair value remeasurement of assets of the disposal group, associated with the sale of our Banking operations to Barclays.

Adjusting items:

* Other comprises Banking operations disposal costs. In the prior year, other includes a £12m profit on disposal of Booker's Ritter-Courivaud Limited subsidiary.

Adjusting items are excluded from our adjusted operating profit performance by virtue of their size and nature, to provide a helpful perspective of the year-on-year performance of the Group's ongoing business. Total adjusting items in operating profit (from continuing operations) resulted in a net charge of £(417)m, compared to £(8)m in the prior year.

In the current year, there was a non-cash net impairment charge on non-current assets of £(286)m, primarily reflecting an increase in discount rates, as a result of higher government bond rates. This compares to a £28m non-cash net impairment release in the prior year.

We continue to present amortisation of acquired intangible assets, principally relating to the merger with Booker, as an adjusting item. In the current year, amortisation of acquired intangible assets was £(76)m, compared to £(74)m in the prior year.

We recognised a £(43)m restructuring charge in the current year, compared to a £(50)m charge in the prior year relating to our Save to Invest programme.

Adjusting items in discontinued operations of £(65)m primarily relates to the fair value remeasurement of assets of the disposal group, associated with the sale of our Banking operations to Barclays. In the prior year, we recognised a post-tax loss of £(628)m, related to the disposal of our Banking operations. Further detail on discontinued operations can be found in Note 7 starting on page 25.

Adjusting items in net finance costs and tax are set out below. Further detail on adjusting items can be found in Note 4, starting on page 22.

Net finance costs:

Adjusted net finance costs were £(536)m, £22m lower year-on-year mainly due to lower net interest costs on medium term notes as a result of refinancing activities.

Within adjusting items, fair value remeasurements of financial instruments led to a credit of £76m, compared to a £38m credit in the prior year, driven by non-cash mark-to-market movements on certain derivative financial instruments that are not hedge accounted and a non-cash gain from a liability management transaction.

Net pension finance costs increased by £(14)m, reflecting a higher opening pension deficit in FY 24/25 and a higher discount rate at the start of FY 24/25 than the start of FY 23/24.

We expect a similar level of adjusted net finance costs for FY 25/26.  Further detail on finance income and costs can be found in Note 5 on page 23, as well as further detail on the adjusting items in Note 4, starting on page 22.

Group tax:

Tax on adjusted Group profit was £(690)m, £(97)m higher than last year, primarily due to higher profit and the full year impact of the increase in the UK corporation tax rate from 19% to 25%, effective from 1 April 2023. The effective tax rate on adjusted Group profit was 26.7% (FY 23/24: 26.0%), higher than the current UK statutory rate of 25%, primarily due to the depreciation of assets which do not qualify for tax relief. We expect our FY 25/26 effective tax rate to remain around 27%. 

The current year £79m adjusting credit in tax primarily relates to deferred tax on impairment charges on qualifying assets. The prior year £68m adjusting tax credit primarily relates to impairment charges on qualifying assets, as well as a final settlement related to our exit from the Gain Land Associate in China, in February 2020.

Earnings per share:

Adjusted diluted EPS was 27.38p, 17.0% higher year-on-year, due to an increase in Group adjusted operating profit, the benefit of our ongoing share buyback programme and a reduction in net finance costs, partially offset by an increase in tax.

Statutory diluted EPS was 23.13p, (5.7)% lower year-on-year, primarily driven by the £(286)m non-cash net impairment charge on non-current assets in the year, compared to a £28m impairment release in the prior year.

On a total basis, including discontinued operations, statutory diluted EPS was 23.51p, 42.0% higher year-on-year due to the effect of the remeasurement loss recognised last year related to the sale of our Banking operations.

Dividend:

We propose to pay a final dividend of 9.45 pence per ordinary share, which combined with the interim dividend of 4.25 pence per ordinary share made in November 2024, takes the full year dividend to 13.70 pence per ordinary share. The full year dividend is based on our dividend policy to pay a progressive dividend, broadly targeting a 50% payout of adjusted earnings per share.

The proposed final dividend was approved by the Board of Directors on 9 April 2025 and is subject to the approval of shareholders at this year's Annual General Meeting. The final dividend will be paid on 27 June 2025 to shareholders who are on the register of members at close of business on 16 May 2025 (the Record Date). Shareholders may elect to reinvest their dividend in the dividend reinvestment plan (DRIP). The last date for receipt of DRIP elections and revocations will be 6 June 2025.

Summary of Net debt:

* The Net debt APM has been amended to include Insurance and Money Services, with the prior year presented on a consistent basis. The impact on the prior year is to reduce Net debt by £80m.

Net debt was £(9,454)m, a decrease of £230m year-on-year, predominantly driven by strong free cash flow generation of £1,750m and gross proceeds from Barclays of £614m related to the disposal of our Banking operations. This exceeded the cash outflows relating to our ongoing share buyback programme of £(1,016)m and dividend payments of £(864)m. 

Lease liabilities of £(7,716)m were £(94)m higher year-on-year, mainly driven by the opening of a new distribution centre and the leasing back of stores following the sale of mall properties in Central Europe. 

Our Net debt/EBITDA ratio was 2.0 times at the end of the year, down from 2.2 times in the prior year, partially driven by the receipt of cash proceeds from the sale of our Banking operations which we will return to shareholders in the coming year.

We had strong levels of liquidity at year-end, totalling £3.6bn, including cash, highly liquid short-term deposits and money market investments. In addition, our £2.5bn committed revolving credit facility remained undrawn and is in place until at least October 2027.

Fixed charge cover was 4.2 times at the end of the year (FY 23/24: 3.8 times), an improvement year-on-year, primarily due to an increase in EBITDA.

Defined benefit pension schemes:

Net of tax, the net IAS 19 pension deficit has improved from £(473)m to £(180)m, principally reflecting the impact of higher discount rates. The largest scheme is the main UK Tesco Pension Scheme. The trustees of each pension scheme are also required to calculate the net surplus/deficit using Technical Provisions and in accordance with relevant regulations and guidance issued by the appropriate regulator. On this basis, which is different to IAS 19, the main UK Tesco Pension Scheme continues to be in a funding surplus at the year end. The most recent completed triennial funding valuation of the UK Tesco Pension Scheme was at 31 March 2022 and the next valuation, relating to the funding position of the scheme as at 31 March 2025, will be completed during FY 25/26.

Further detail on post-employment benefits can be found in Note 19, starting on page 34.

Summary free cash flow:

The following table reconciles Group adjusted operating profit to free cash flow. Further details are included in the reconciliation of cash flow measures, starting on page 45.

*Excluding proceeds from the disposal of the Group's Banking operations. Refer to Note 7, starting on page 25, for further details.

We delivered another strong year of cash generation, with free cash flow of £1,750m. This is £(313)m lower year-on-year, primarily due to higher trade working capital balances in the prior year due to elevated levels of input cost inflation.

There was a working capital outflow of £(45)m this year. We continue to tightly manage our working capital balances, with the outflow this year reflecting lower trade balances in fuel, driven by fuel price deflation.

Cash capital expenditure was £(1,392)m, £(103)m higher than last year driven by incremental investments in expanding our digital platforms, automating our distribution network and refreshing our UK store estate.

Net interest paid was £60m lower year-on-year, principally driven by the impact of the timing of refinancing activities in the prior year.

Tax paid was £(141)m higher year-on-year, mainly due to no longer benefiting from tax relief related to the one-off pension contribution made in 2021, with the balance fully utilised by the end of the prior year, and the impact of higher adjusted operating profit year-on-year. These increases in cash tax paid were partially offset by a tax deduction arising on the disposal of our Banking operations.

Within the memo lines shown, the net £(61)m acquisitions and disposals outflow primarily relates to Booker's acquisition of Venus Wine and Spirit Merchants PLC. The £(93)m net outflow relating to property transactions includes the buyback of four supermarkets in the UK, partially offset by proceeds generated from the sale of mall properties in Central Europe. The cash impact of adjusting items of £(55)m relates to operational restructuring changes as part of our Save to Invest programme, which were provided for at the end of the prior financial year.

Capital expenditure and space:

Space in the above table is defined as net space in store adjusted to exclude checkouts, space behind checkouts, customer service desks and customer toilets. The data above excludes space relating to franchise stores. A full breakdown of space by segment is included in the appendices starting on page 48.

1. Repurposed space relates to optimising selling space, such as through the addition of retail partners.

2. Includes £13m relating to the Banking operations disposal group, incurred prior to being classified as held for sale.

Capital expenditure shown in the table above reflects expenditure on ongoing business activities across the Group, excluding property buybacks and other store purchases and their associated refit costs.

We have been pleased with the results of our continued investment in our store estate, including refreshing a total of 463 stores and opening two superstores, 55 Tesco Express stores and seven One Stop stores in the UK. In ROI, we opened six new large stores and six Tesco Express stores. In Central Europe, we opened 14 new stores.

Our total capital expenditure for the year was £1,457m, £143m higher year-on-year. Our capital expenditure for the year includes investing in our core assets, as well as investing in growth, such as our online customer proposition, and delivering efficiencies across our operations, including further automation within our distribution and fulfilment centres. We continue to see attractive opportunities to commit capital to high-returning investments, and expect a similar level of capital investment in FY 25/26.

Statutory capital expenditure for the year was £1.6bn.

Further details of current space can be found in the appendices starting on page 48.

Property:

1. Stores, malls, investment property, offices, distribution centres, fixtures and fittings, work-in-progress. Excludes joint ventures.

2. Excludes fixtures and fittings.

The estimated market value of our fully owned property as at the year-end increased by £0.1bn to £17.0bn. In the UK & ROI, we saw an increase of £0.3bn due to a combination of our refit and remodelling programmes. In Central Europe, we saw a decrease of £0.2bn, predominantly reflecting the sale of malls. The market value represents a surplus of £0.4bn over the net book value.

Our Group store selling space ownership percentage was 59%, marginally down year-on-year driven by the sale of malls in Central Europe, which more than offset property buybacks in UK & ROI.

Contacts.

This document is available at www.tescoplc.com/prelims2025. 

A webcast including a Q&A will be held today at 9.00am for investors and analysts and will be available on our website at www.tescoplc.com/prelims2025. This will be available for playback after the event. All presentation materials, including a transcript, will be made available on our website.

We will report our Q1 Trading statement on 12 June 2025.

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. This announcement is being released on behalf of Tesco PLC by Sara Thomson, Interim Company Secretary.

Sources.

Disclaimer.

Certain statements made in this document are forward-looking statements. For example, statements regarding future financial performance, market trends and our product pipeline are forward-looking statements. Phrases such as "aim", "plan", "intend", "should", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements are based on current expectations and assumptions and are subject to a number of known and unknown risks, uncertainties and other important factors that could cause actual results or events to differ materially from what is expressed or implied by those statements. Many factors may cause actual results, performance or achievements of Tesco to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results, performance or achievements of Tesco to differ materially from the expectations of Tesco include, among other things, general business and economic conditions globally, industry trends, competition, changes in government and other regulation and policy, including in relation to the environment, health and safety and taxation, labour relations and work stoppages, interest rates and currency fluctuations, changes in its business strategy, political and economic uncertainty, including as a result of global pandemics. As such, undue reliance should not be placed on forward-looking statements. Any forward-looking statement is based on information available to Tesco as of the date of the statement. All written or oral forward-looking statements attributable to Tesco are qualified by this caution. Other than in accordance with legal and regulatory obligations, Tesco undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

The notes on pages 19 to 38 form part of this condensed consolidated financial information.

The notes on pages 19 to 38 form part of this condensed consolidated financial information.

The notes on pages 19 to 38 form part of this condensed consolidated financial information.

The notes on pages 19 to 38 form part of this condensed consolidated financial information.