Profits take a hit despite sales rise at Tesco

Tesco has reported an increase in group sales for 2022/23, but profitability took a huge hit following cost inflation and investment in the customer offer.

The supermarket leader reported group sales excluding fuel and VAT up 5.3 per cent at £57.6 billion for the year. However pre-tax profits fell in half, from £2.03bn in 2021/22 to £1bn this year.

Retail free cash flow

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