Tesco posts 3.9% increase in c-store sales during pandemic Print
14th April 2021
Tesco has reported a 3.9% increase in like-for-like sales at its Express and One Stop stores for the year to 27 February, with “particularly strong” growth in its neighbourhood stores, as customers favoured shopping closer to home.
In addition, Booker sales grew by 10.5%, due to the inclusion of sales from its new acquisition Best Food Logistics. Sales to retail customers were “strong”, increasing by 18.5%, as the retailer expanded its grocery ranges.
Overall Tesco reported pre-tax profits of £825m for the year, 19.7% lower than a year earlier, despite UK like-for-like sales growing by 7.7% to £39.4bn.
By Ian Quinn2021-04-14T10:36:00+01:00
Source: Tesco
Covid costs were cited by Tesco today as one of the main reasons for a big fall in its profits
Tesco CEO Ken Murphy has said the supermarket is in “no rush” to get rid of social distancing measures, despite Covid costs of almost £900m seriously denting its profits during the pandemic.
The extra costs, incurred from factors such as PPE, the closure of in-store cafés, safety screens and employing at one time up to 50,000 extra staff, were cited by Tesco today as the reason for a big fall in its profits, alongside the repayment of the government’s business rates relief.