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By Edward Devlin2021-04-14T06:59:00+01:00
Top story
Profits at Tesco have plunged by more than £700m despite sales rocketing as the supermarket incurred Covid-related costs of almost £900m.
Revenues in UK & Ireland climbed 8.8% to £48.8bn in the year ended 27 February 2021 as shoppers were forced to turn to supermarkets during three seperate coronavirus lockdowns.
Online sales increased 77% to £6.3bn as Tesco rapidly increased its capacity in response to surging demand from customers staying at home, with slots doubled to 1.5 million a week.
Total growth at a group level was pushed back to 7.1% as revenues in Europe fell 2.1% and by 31.2% at the Tesco Bank.
Profit at Tesco surges six-fold amid virus economy
AFP, LONDON
The UK’s biggest retailer, Tesco PLC, yesterday announced a six-fold surge in annual net profit after the supermarket giant exited Asian markets and was allowed to stay open during COVID-19 lockdowns.
Profit after tax soared to ￡6.14 billion (US$8.44 billion) in the 12 months to the end of February from ￡971 million in the previous year.
However, pretax profit fell by about one-fifth to ￡825 million, hit by the cost of employing thousands of extra staff to meet booming online demand for groceries.
People queue socially distanced outside a Tesco store in London on Dec. 21 last year.
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