Financial performance

Group results 2017/18

52 weeks ended  24 February 2018

On a continuing operations basis

2017/18 2016/17 Year-on-year change (Constant exchange rates) Year-on-year change (Actual exchange rates)
Group sales  (exc. VAT, exc. fuel)(a) £50,991m £49,867m 0.6% 2.3%
Fuel £6,500m £6,050m 7.1% 7.4%
Revenue  (exc. VAT, inc. fuel) £57,491m £55,917m 1.3% 2.8%
Group operating profit before exceptional items(b) £1,644m £1,280m 25.9% 28.4%
UK & ROI £1,053m £803m 30.3% 31.1%
Central Europe £119m £58m 89.7% 105.2%
Asia £299m £262m 7.6% 14.1%
Tesco Bank £173m £157m 10.2% 10.2%
Include exceptional items £193m £(263)m
Group operating profit £1,837m £1,017m 76.6% 80.6%
Group profit before tax before exceptional items, IAS 19 finance costs and IAS 39 fair value remeasurements  £1,282m £781m   64.1%
Group statutory  profit before tax £1,298m £145m   795.2%
Diluted EPS before exceptional items, IAS 19 finance costs and IAS 39 fair value remeasurements 11.88p 7.30p    
Diluted EPS 12.08p 0.81p    
Basic EPS 12.12p 0.81p    
Dividend per share 3.0p    
Capex(c) £1.1bn £1.2bn    
Net debt(d)(e) £(2.6)bn £(3.7)bn    
Cash generated from retail operations(d) £2.8bn £2.3bn    
  1. Group sales exclude VAT and fuel. Sales growth shown on a comparable days basis.
  2. Excludes exceptional items by virtue of their size and nature in order to reflect management’s view of the performance of the Group.
  3. Capex is shown excluding property buybacks.
  4. Net debt and retail operating cash flow exclude the impact of Tesco Bank, in order to provide further analysis of the retail cash flow statement.
  5. Net debt includes both continuing and discontinued operations.

The definition and purpose of the Group’s alternative performance measures, which includes like-for-like sales, are defined on pages 150 to 153. A detailed analysis of discontinued operations can be found in Note 7.