Retail Systems- Tesco reports soaring sales profits

Tesco’s latest results have revealed pre-tax profits of £1.3 billion for the year to 24 February, up from £145 million for the previous year, as UK like-for-like sales rose 2.2 per cent.

This came on the back of innovations like the introduction of a contactless Clubcard, which was rolled out to 18 million Clubcard members during the period.

A statement from the supermarket chain read that it remains “firmly on track” to deliver the medium-term ambitions set out in October 2016: to reduce costs by £1.5 billion, to generate £9 billion of retail cash from operations and to improve operating margins to between 3.5 and 4 per cent by 2019/20.