Tesco full-year sales climb, profits dampened by rates relief return

The Tesco board was grilled at its AGM

Tesco boss Ken Murphy hailed the grocer’s “incredible strength” as it reported a rise in full-year sales and profits notwithstanding its business rates repayment.

Tesco has recorded a 20% fall in pre-tax profit to £825m in the 52 weeks to February 27, a decline the retailer attributed to forgoing £535m of business rates relief.

The supermarket giant said its UK and ROI operating profit of £1.86bn represented an 11% uplift year on year prior to returning its rates relief.

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