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Tesco Says 2015–2016 Results Show Retailer Is On Track To Recovery

April 13, 2016: 12:00 AM EST
Tesco said group sales grew 0.1 percent to £48.4 billion for the year 2015–2016, compared with the previous year, according to preliminary results. Operating profit before exceptionals increased 1.1 percent, while statutory operating profit dropped from £5.750 billion in the previous year to £1.046 billion. Retail operating cash flow jumped 39 percent to £2.6 billion, while net debt was reduced by 40 percent to £5.1 billion. In the UK, like-for-like sales grew 0.9 percent in the fourth quarter, while group like-for-like sales rose 1.6 percent.
"Preliminary Results 2015/16: A YEAR OF SIGNIFICANT PROGRESS", Tesco, April 13, 2016, © Tesco
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