Tesco reports 'soaring' pre-tax profits following dismal start to 2019

Tesco’s pre-tax profits have risen by 28.8 per cent for the year.

The supermarket’s chief executive said he is feeling “confident following the results.

Tesco’s revenue has grown by 11.2 per cent to £63.9bn. In the year 2018/19, like-for-like sales across the UK were up by 1.7 per cent.

This, fortunately, comes after the news in January that 9,000 jobs across Tesco stores would be affected in a restructuring of its head office and store processes.

But chief executive Dave Lewis is pleased with the latest findings, stating: “After four years, we have met or are about to meet the vast majority of our turnaround goals. I’m very confident that we will complete the journey in 2019/20.

“I’m delighted with the broad-based improvement across the business. We have restored our competitiveness for customers - including through the introduction of ‘Exclusively at Tesco’ - and rebuilt a sustainable base of profitability.”

Tesco is hoping to help at least half of its staff facing a possible redundancy. The business model will look at ways to simplify store and head office duties so to save money elsewhere.