Tesco anticipates a rise in profits for the full year of 2024/25
"Tesco anticipates a rise in profits for the full year of 2024/25, reflecting positive financial outlook and strategic growth plans."
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Tesco believes it will generate more revenue next year because more people are buying from them. Revenues grew by 11% in 2023/24 as more people started shopping there.
A profit of at least £2.8 billion is expected in 2024/25. The year before, they earned £2.76 billion, slightly above concerns.
Excluding tax and fuel, their total sales rose 7.4% to £61.5 billion. In the UK, sales from stores open a year or more were up 7.7%.
Tesco now has 27.3% of gross sales in the UK, an all-time high. In Ireland, sales were up 6.8%.
More were sold in Booker sales, up 5.4%. Sales in Central Europe rose slightly, 0.2%, although sales there were strong.
Tesco shares rose 9% last year. They do well because they are price matched with Aldi on essentials, and people love their Club Card scheme which offers discounted memberships.
Chief executive Ken Murphy said the good results were down to the hard work of everyone at Tesco.
He believes people are shopping at Tesco more because they like the improvements in products and prices.
He feels positive about the future as people seem very happy, and he believes they have the right plans and a great team to make Tesco successful.