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UK retailer Tesco's sales surge 5.3% in FY23

14 Apr '23
2 min read
Pic: Alastair Wallace / Shutterstock.com
Pic: Alastair Wallace / Shutterstock.com

Insights

  • Tesco's total group sales for FY23 reached £57.7 billion, a 5.3 per cent rise from the previous year.
  • Like-for-like retail sales growth was 5.1 per cent, with UK and ROI sales up 4.7 per cent.
  • Total retail adjusted operating profit was down 6.3 per cent.
  • Tesco expects to deliver a broadly flat level of retail adjusted operating profit in FY24.
UK-based leading retailer Tesco has reported total group sales of £57,656 million in fiscal 2023 (FY23), 5.3 per cent up from FY22. The company’s like-for-like (LFL) retail sales growth was 5.1 per cent. Tesco's UK & Republic of Ireland (ROI) LFL sales rose by 4.7 per cent, including UK sales up 3.3 per cent and ROI sales up 3.3 per cent. Meanwhile, Central Europe LFL sales increased by 10.4 per cent.

Tesco's statutory revenue for the year was £65,762 million, up 7.2 per cent. However, the company's total retail adjusted operating profit was down 6.3 per cent at constant rates, at £2,487 million. The UK and ROI adjusted operating profit was £2,307 million, down 7 per cent, driven by lower year-on-year (YoY) volumes and ongoing investment in customer offers. The Central Europe adjusted operating profit was £180 million, up 3.6 per cent, with volumes resilient in the face of significant market inflation, the company said in a press release.

Tesco's statutory operating profit for the year was £1,525 million. The company's retail free cash flow was £2,133 million, including a working capital inflow of £468 million. Tesco's adjusted diluted earnings per share (EPS) were flat YoY at 21.85p, while the statutory diluted EPS was 10.08p, down YoY due to the impairment charge.

Looking ahead, Tesco expects to deliver a broadly flat level of retail adjusted operating profit in FY24 and retail free cash flow within its target range of £1.4-1.8 billion.

“It’s been an incredibly tough year for many of our customers, and we have been determined to do everything we can to help. Our results reflect our continued investment in delivering great value and quality for our customers, whilst at the same time looking after our colleagues.  This is despite unprecedented levels of inflation in the prices we have paid our suppliers for their products, and the cost of running our own operations. I am very proud of the way the Tesco team has responded to these challenges and would like to thank every colleague for the contribution they have made,” said Ken Murphy, chief executive.

Fibre2Fashion News Desk (DP)

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