Financial performance

Group results 2016/17



52 Weeks ended 25 February 2017

On a continuing operations basis

2016/17 2015/16 Year-on-year change (Constant exchange rates) Year-on-year change (Actual exchange rates)
Group sales (exc. VAT, exc. fuel) 1 £49,867m £47,859m 1.1% 4.3%
Fuel £6,050m £6,074m (1.0)% (0.4%)
Revenue (exc. VAT, inc. fuel) £55,917 £53,933m (0.8)% 3.7%
Group operating profit before exceptional items 2 £1,280m £985m 24.9% 29.9%
- UK & ROI 3 £803m £503m 57.7% 59.6%
- International £320m £320m (12.5)% 0.0%
- Tesco Bank £157m £162m (3.1)% (3.1)%
Include exceptional items £(263)m £87m    
Group statutory operating profit/ (loss) £1,017m £1,072m (11.8%)  (5.1)%
Group profit before tax before exceptional items and net pension finance costs £842m £490m   71.8%
Group statutory profit/(loss) before tax £145m £202m   (28.2)%
Diluted EPS before exceptional items 6.75p 4.05p    
Diluted EPS before exceptional items and net pension finance costs 7.90p 5.61p    
Diluted EPS 0.81p 3.22p    
Capex 4 £1.2bn £1.0bn    
Net debt5,6 £(3.7)bn £(5.1)bn    
Cash generated from retail operations5 £2.3bn £2.1bn    
  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. The elimination of intercompany transactions between continuing operations and the discontinued Turkey operation, as required by IFRS 5 and IFRS 10, has resulted in a reduction to the prior period UK & ROI operating profit of £(2)m.
  4. Capex is shown excluding property buybacks.
  5. 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.
  6. Net debt includes both continuing and discontinued operations.