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Tesco profits up

Like-for-like sales rise 2.3% with group revenue increased to £28.3bn


THE UK’s biggest supermarket chain have this morning announced pre-tax profits were over two per cent higher in the six months to August 25 than the same period a year before.

Coming in at £564million, Tesco’s like-for-like sales were up 2.3 per cent while group sales rose 12.5 per cent to £28.3billion, up from £25.2bn a year before and Booker, their latest acquisition, saw like-for-like sales rise 14.7 per cent.
In the report released today, Wednesday, October 3, Tesco, who operate more than 3,400 UK stores, said they had also managed to reduce their net debt by 4.1 per cent, down to £3.126m.
“We have made a good start to the year. The step up in Q2 is driven mainly by the UK & ROI and delivers our eleventh consecutive quarter of growth,” chief executive Dave Lewis said.
“At the same time, we have made further strategic progress. We completed our merger with Booker in March and are delighted with performance so far. We announced a strategic alliance with Carrefour in July which goes live this month. And we are now more than half-way through the biggest own brand re-launch in our nearly 100-year history, including a significant investment in over 300 new Exclusively At Tesco products at market-leading prices.”

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