Supermarket chain Tesco is back on the front foot after posting its first quarterly sales increase for three years.
Positive numbers saw the business record a £162m pre-tax profit for the year to the end of February after UK like-for-like sales edged higher by 0.9 per cent, reversing an epic £6.3bn loss last year.
Hailing the turnaround chief executive Dave Lewis said ‘significant progress’ had been made in stabilising the company. He added: “Our balance sheet is stronger and we are making good progress in rebuilding trust in Tesco and our investment case.”
Following a disastrous recent financial performance Tesco has sought to focus on lower prices and more staff in a bid to lure people back through its famous red, white and blue warehouses – moves which now appear to be bearing fruit.
Tesco still has a fight on its hands amidst deflation in food prices following the arrival of Aldi and Lidl with a cut-throat sector likely to impede profits going forward.