Tesco 2017 Final Results
Positive sales and profit growth, strong cash generation
Group sales up 2.3% to £51.0bn; ninth consecutive quarter of like-for-like sales growth in Q4
UK like-for-like sales up 2.2%; consistent strength in fresh food; (0.4)% drag from GM changes
Group operating profit before exceptional items up 28.4% to £1,644m
o Includes £31m full year profits arising on property-related items (£(2)m net loss in second half)
Group operating margin 2.9% (+57bps); 3.0% (+64bps) in 2H, well on track for 3.5-4.0% 2019/20 ambition
Retail operating cash flow up 21.7% to £2.8bn; Retail free cash flow of £1,377m
Net debt reduced by £1.1bn during the year to £(2.6)bn; total indebtedness £4.4bn lower to £(12.3)bn
Final dividend of 2.0p, giving FY dividend of 3.0p - reflects improved performance and Board confidence
Statutory revenue up 2.8% to £57.5bn; Profit before tax up £1,153m to £1,298m
