Tesco Reports Improved Sales And Profits In FY 2017

Tesco reported sales, excluding VAT and fuel, rose 1.1 percent in fiscal 2017. According to the retailer, it recorded positive growth in both UK and international operations. Group operating profit before exceptional items jumped 29.9 percent to ₤1.28 billion, compared with the previous year. Statutory profit before tax dropped 28.2 percent to ₤145 million, including ₤263 million in exceptional costs. Retail operating cash flow was ₤2.3 billion, an increase of 9.1 percent from the previous year, the company said. Tesco said it has reduced its net debt by 27 percent to ₤3.7 billion.