CHESHUNT (dpa-AFX) - Tesco PLC (TSCO.L, TSCDY.PK) said its fiscal 2021/22 Group adjusted operating profit grew by 58.9% at constant rates, reflecting the strong sales performance across the retail businesses, a reduction in COVID-19 related costs and a return to profitability in Tesco Bank. Group sales increased by 3.0% at constant rates, with growth across all regions. Revenue increased by 6.4% at constant rates including fuel sales growth of 48.1%.
Fiscal year adjusted operating profit increased to 2.82 billion pounds from 1.79 billion pounds, last year. Total retail adjusted operating profit was 2.65 billion pounds, an increase of 35.8% at constant rates. Adjusted earnings per share increased to 21.86 pence from 11.58 pence.
Profit before tax increased to 2.03 billion pounds from 636 million pounds, previous year. Earnings per share from continuing operations was 19.64 pence compared to 5.58 pence.
Revenue (exc. VAT, inc. fuel) was 61.3 billion pounds, an increase of 6.0% from last year. Group sales (exc. VAT, exc. fuel) was 54.77 billion pounds compared to 53.44 billion pounds.
The Group's guidance for the 2022/23 financial year is for retail adjusted operating profit of between 2.4 billion pounds and 2.6 billion pounds.
The Group proposed to pay a final dividend of 7.70 pence per ordinary share, taking the full-year dividend to 10.90 pence per ordinary share. The final dividend is up 19.1% from last year. The final dividend will be paid on 24 June 2022 to shareholders who are on the register of members at close of business on 20 May 2022.
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