Tesco's H1 pretax profit slips as revenue rises

Grocery giant Tesco has inked an H1 statutory pretax profit of £71m, from a year-earlier profit of £99m.

Statutory revenue was £27.3bn, from £26.9bn.

Group like-for-like sales rose 1.0%, from a fall of 0.9% in the same period a year earlier.

LFL sales in UK and Republic of Ireland gained 0.6%, from a fall of 1.3%, with International up 2.6%, versus a gain of 0.6%.

"We have made further strong progress in the first half, with positive like-for-like sales growth across all parts of the Group as we re-invest in our customer offer whilst rebuilding profitability in a sustainable way," said CEO David Lewis in a statement.

"The entire Tesco team is focused on serving shoppers a little better every day.

"We are more competitive across our offer. Prices are more than 6% lower than two years ago, availability and service have never been better and our range is more compelling.

"Our new fresh food brands are performing ahead of expectations, improving our value proposition and further removing reasons for customers to shop elsewhere.

"Whilst the market is uncertain, we have made significant progress against the priorities we set out two years ago, stabilising the business and positioning us well for the future.

"Today, we are sharing the plans we have in place to become even more competitive for our customers, even simpler for colleagues and an even better partner for our suppliers, whilst creating long-term, sustainable value for our shareholders."