Tesco has a posted a 58% uplift in adjusted operating profit which surged to £2.8 billion in the year to 26 February.
In addition, revenue grew by 2.5% in the period to reach £54.8 billion while UK like-for-like sales climbed by 0.4% on last year and by 8.2% on pre-pandemic levels two years ago.
Meanwhile, statutory pre-tax profit rose to £2.03 billion from £636 million a year earlier and retail adjusted operating profit grew by 34.9% to £2.6 billion.
During the year, the supermarket expanded its price matching initiative against Aldi to around 650 lines and said Aldi Price Match products now feature in 99% of large baskets. It also relaunched its Low Everyday Prices campaign on 1,600 lines, with a particular emphasis on household and health and beauty products.
