British supermarket company Tesco seems to be back on track after several very harsh years. For its broken fiscal year, which ended on 27 February, it presented a pre-tax profit for its broken fiscal year of 162 million pounds (200 million euro)
Like-for-like turnover growth in the United Kingdom
That was a huge boost for Tesco after a 6.3 billion pound (eight billion euro) loss the year before, which was the company’s worst result ever. There was even a slight fourth quarter like-for-like turnover growth in the United Kingdom, up 0.9 %. “Our balance sheet is stronger and we are making good progress in rebuilding trust in Tesco and our investment case”, CEO Dave Lewis told BBC.
Lewis took over as CEO in 2014 and has focused on price drops and an increased number of store personnel. This should help Tesco compete with discounters Aldi and Lidl, both of which managed to steal away a huge chunk of the overall British market share.
Back in 2014, Tesco faced a tremendous accounting scandal, as the books contained erroneous profit numbers. Those manipulated results came to light when Dave Lewis took charge of the company, although turnover had been sliding for years before. However, the company now seems to have turned the tide.