CHESHUNT (dpa-AFX) - Tesco Plc (TSCO.L, TSCDY.PK) reported profit before tax of 825 million pounds for the 52 weeks ended 27 February 2021 compared to 1.03 billion pounds for the 53 weeks ended 29 February 2020. Profit for the year from continuing operations was 721 million pounds compared to 738 million pounds. Earnings per share from continuing operations was flat at 7.54 pence. Group operating profit before exceptional items and amortisation of acquired intangibles declined to 1.81 billion pounds from 2.52 billion pounds. Earnings per share before exceptional and other items declined to 11.94 pence from 18.60 pence, due to Tesco Bank operating losses and lower retail operating profits due to COVID-19 impacts.
For 52 weeks ended 27 February 2021, revenue, including fuel, was 57.9 billion pounds, down 0.4% from 53 weeks ended 29 February 2020. Group sales, excluding fuel, was 53.4 billion pounds compared to 49.9 billion pounds. Group like-for-like sales growth was 6.3%, including UK growth of 7.7%.
The Board proposed to pay a final dividend of 5.95 pence per ordinary share, taking the full-year dividend to 9.15 pence per ordinary share.
Tesco also announced that Thierry Garnier and Bertrand Bodson will join the Board as independent Non-Executive Directors with effect from 30 April and 1 June 2021, respectively. Thierry Garnier has been CEO of Kingfisher plc since 2019. Bertrand is chief digital officer at Novartis AG. The company also announced that Mark Armour, Mikael Olsson and Deanna Oppenheimer will formally retire from the Board at the conclusion of the AGM.
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