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Tesco profits rebound as turnaround continues

Profits at Tesco have soared as the UK's biggest supermarket continues its revival under boss Dave Lewis.

The group reported pre-tax profits of £1.3bn for the year to 24 February, up from £145m for the previous year, as UK like-for-like sales rose 2.2%.

The jump follows years of disappointing results for Tesco after an accounting scandal and overambitious expansion.

The retailer said the grocery market remained challenging due to ongoing pressure on costs.

Shares rose nearly 6% to 222.4p, valuing the company at £21.7bn.

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BBC News

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