Tesco PLC publishes 2018/2019 results

Tesco CEO Dave Lewis said that despite “significant progress in our business in central Europe," Tesco was continuing to see market challenges in Poland

Tesco has published its preliminary results report for 2018/2019, outlining the company's overall financial results as well as region-specific performance. /

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Tesco has published its preliminary  report for 2018/2019, illustrating its overall financial results as well as detailed performance results for the retail giant’s regional divisions.

The company reports overall sales of £56.9bn, representing an 11.5% year-on-year increase, while the UK & Ireland group’s sales grew by 2.9%. Tesco’s Centrral European and Asian operations saw sales growth of 2.3% and 6.2% respectively.

The group’s operating profit for the year was £2.2bn, and £1.53bn for the UK & Ireland, while the compant’s net debt rose by £238m to £2.9bn.

In the report, Tesco outlines its successes for the year,  which include the launch of discount store brand Jack’s, a range of new and innovative own-brand options and the strengthening of the overall health of the Tesco brand.

In a statement on the report, Tesco CEO Dave Lewis pointed out how four years after  the brand ran into serious trouble, it has met or is about to meet the vast majority of its goals. “I am very confident we will complete the journey in 2019/2020,” Lewis said.

“I am delighted with the broad improvement across the business,” Lewis continued. “We have restored our competitiveness for customers and rebuilt a sustainable base  of profitability.”

Tesco PLC also benefitted from the strong  performance of the wholesaler Booker, which the retail giant acquired in May of last year.

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