Tesco Reports Recovering Sales, Strong Profits In FY 2016

Tesco reported sales excluding VAT and fuel grew 0.1 percent for fiscal year 2016, compared with the previous 52-week period, at constant exchange rates. Operating profit before exceptional items were £944 million, with statutory profit before tax at £162 million. According to the company, it generated £2.6 billion in cash from retail operations, an increase of 39 percent year-on-year, while reducing debt by £6.2 billion to £15.5 billion.