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Tesco returns to growth in fourth quarter

Tesco's F&F

Tesco’s F&F

Tesco’s F&F

Tesco has reported UK like-for-like sales growth of 0.9% in the fourth quarter, while group like-for-like sales increased by 1.6% during the same period.

Tesco's F&F

Tesco’s F&F

Tesco’s F&F

The supermarket chain made an operating profit of £944m before exceptional items compared to a £6.4bn loss the year before.

It said UK customer satisfaction was up by 5% over the course of the year and customer, colleague and supplier measures all improved.

UK volumes increased by 3.3% in the fourth quarter, while the number of UK transactions rose by 2.8%. International volumes lifted by 5.5% in the same period.

“We have made significant progress against the priorities we set out in October 2014,” said chief executive Dave Lewis. “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 balance sheet is stronger and we are making good progress in rebuilding trust in Tesco and our investment case.”

He added: “Our process of transformation has generated broad-based positive momentum in the UK and internationally. We set out to start rebuilding profitability whilst reinvesting in the customer offer, and we have done this. More customers are buying more things more often at Tesco.”

 

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