Tesco reports 27% profits increase
UK-based supermarket Tesco has reported that its group operating profit for the first half of 2017/18 was up 27.3% at £759m.
Group sales were up 3.3% at £25.2bn.
Commenting on the results, Dave Lewis, Tesco’s Chief Executive, said: “We are continuing to make strong progress. Sales are up, profits are up, cash generation continues to strengthen and net debt levels are less than half what they were when we started our turnaround three years ago. All of this is possible because of the focus we have placed on serving shoppers a little better every day. Our offer is more competitive and more customers are shopping at Tesco.”
In its interim results statement issued today (4 October), Tesco said that the period has also been a productive one for its online shopping / home delivery activities. The company has seen the nationwide roll-out of its same day delivery and also the launch of the ‘Tesco Now’ service, offering delivery within 1 hour.
