Updated 11am.
TESCO HAS GONE from reporting £6.4 billion in the red to reporting that profits for the year are likely to come in at about £450 million.
Last year the supermarket giant had the biggest annual loss in its 97-year history – reporting a 68% drop in trading profits.
Tesco Ireland has also reported a fall in like for like sales performance of 1.9%. Revenues hit €2.5 billion in the 52 weeks ending 27 February 2016.
Andrew Yaxley, CEO Tesco Ireland said, “Whilst the market remains highly competitive, we continue to focus on simplifying our business so that we can maximise our investment in lowering price and improving service and this work is ongoing.
This is the first quarterly UK sales growth for Tesco in three years, with its sales performance in Ireland turning positive for the first time since 2012.
However, this turnaround is still only a fraction of the £4 billion that Tesco was earning a few years back.
Chief executive Dave Lewis said, “We’ve seen a recovery in volume, we’ve seen a recovery in terms of what customers are saying about their satisfaction.
I’m delighted that that improvement is broad based across all of the Tesco group and actually shows a performance that colleagues within Tesco can be proud of.
“It’s the first step in a journey, we continue to invest in making ourselves more competitive for customers, there’s more that we can do.”
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