1. News
April 14, 2022

Tesco reports 6% increase in revenue for fiscal year 2021-22

The company's group sales were up by 3.0% year-on-year at constant rates.

UK-based supermarket chain Tesco has reported a 6% increase in revenue to £61.3bn ($80.5bn) for the fiscal year 2021-22 compared to the previous year.

The company’s group sales for the year, including sales of fuel, rose 3.0% at constant rates from last year.

Driven by ‘strong’ sales, Tesco’s statutory operating profit reached £2.56bn, up by 65.5% from last year.

The retailer’s adjusted operating profit grew 58% to £2.82bn at an actual rate.

Tesco’s total retail adjusted operating profit amounted to £2.6bn, up by 34.9% at an actual rate from the prior year, while its adjusted diluted (EPS) rose by 88.8% to 21.86p.

The company’s pre-tax profit also rose by 219.7% to £2.03bn.

Tesco chief executive Ken Murphy said: “Over the last year, we delivered a strong performance across the Group, growing share in every part of our business.

“We did this by staying focused on our customers and doing the right thing for our colleagues, our supplier partners and the communities we serve.

“I want to thank all of our colleagues who did a brilliant job navigating the ongoing pandemic, dealing with the supply chain challenges in the industry and tackling the onset of increasing inflation.

“Tesco is at its best when it puts customers first – it’s what we did during the pandemic and it is what we will continue to do now.

“Clearly, the external environment has become more challenging in recent months.

“Against a tough backdrop for our customers and with household budgets under pressure, we are laser-focused on keeping the cost of the weekly shop in check – working in close partnership with our suppliers, as well as doing everything we can to reduce our own costs.”

For 2022-23, Tesco expects its retail adjusted operating profit to be between £2.4bn and £2.6bn.

The supermarket chain recently agreed to increase the pay of its hourly-paid store and customer fulfilment centre workers by 5.8%.