Tesco has posted a fall in full year profit after being hit by “unprecedented levels of inflation”.
In the year to 25 February 2023, adjusted retail operating profit declined by 6.1% to £2.49 billion despite a strong sales performance.
On a statutory basis, pre-tax profit was down 50.8% at £1 billion.
Meanwhile group sales in the period climbed by 5.3% to £57.6 billion as like-for-like sales in the UK and Ireland both rose by 3.3%. Like-for-like sales growth in central Europe was particularly strong at 10.4%.
During the year, the retailer opened 91 new stores and has recently acquired the Paperchase brand.
The supermarket said it is confident it has the the right strategy to “keep winning” and will continue to prioritise investment in its customer offer whilst working to offset the impact of ongoing elevated cost inflation.
Looking ahead, it expects to deliver a broadly flat level of retail adjusted operating profit in the current financial year.
