Description

This has been another strong year for Tesco. We have made further progress with our plans to create value for customers, at the same time as delivering significant returns for shareholders – with operating profit for the Group exceeding £2bn for the first time in our four years of turnaround. 

The Board’s increasing focus on growth in earnings and free cash flow generation has also allowed us to pay a dividend for a second successive year. More broadly, our strong performance is a reflection of the hard work of our 450,000 colleagues, and their commitment to serving shoppers a little better every day – led by a management team that has a clear focus on customers. 

The Board places a significant focus not just on the strategic plans developed by management, but also on the wider culture of our business. Our centenary year offers a timely reminder of what made Tesco the business that it is today, as we celebrate 100 years of great value. It is also an opportunity to further engage the whole Tesco team on the purpose and values that define our organisation.