Tesco’s UK profits have slid by one per cent for the year to the end of February 2012.
Full-year group profits and sales both rose despite the UK performance, which saw trading profits down at £2.5 billion despite growth in yearly like-for-like sales of 2.8 per cent. However the final quarter of the fiscal year saw like-for-like sales drop 1.6 per cent.
The group’s overall performance was more positive: pre-tax profits were up 5.3 per cent to £3.8bn, helped by year-on-year sales growth of 7.4 per cent to £72bn.
CEO Philip Clarke acknowledged the retailer's disappointing performance in the UK, adding it is making a huge investment in the domestic market to “raise our game”.
Clarke said: “We are committing over £1bn to make the UK shopping trip better for customers: more staff giving improved service in-store; refreshed stores that are better and easier places to shop; lower prices and even more value from an improved product range. As we improve the shopping trip for our customers, it will follow that our sales growth and financial performance will improve too.”
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