Like-for-like sales up for Tesco | Progresiv
Tesco has said that sales at its home UK operations were up 0.9% for full year 2016/17, its first full year of growth since 2009/10. However, group profit before tax was 145 million pounds, a 28% decline year on year. 
Tesco posted a 1.3% increase in like-for-like food sales in the UK for the year, driven in particular by the performance of its ‘Farm Brands’ own-brand range, which now feature in 64% of consumer baskets, the retailer said.
In addition, Tesco said that it has invested in ‘clearer, simpler’ pricing - a typical customer basket is 6% cheaper than it was in September 2014, while it has reduced the quantity of multi buy promotions it offers by 24%.
Group sales at the retail giant were up 4.3% to 49.9 billion pounds for the year, with group operating profit before exceptional items up 30% to 1.28 billion pounds, the retailer said.
Sales in its Republic of Ireland operation were down marginally (-0.1%) for the year, while International sales were up 1.3%. It has also generated cost savings of 226 billion pounds towards a 1.5 billion pounds medium-term target, including full-year savings of 455 million pounds. (www.esmmagazine.com)
