Supermarket giant Tesco today revealed an operating profit of £2.6 billion for the year to 25 February, down 6.9% on a year earlier. Sales were 5.3% higher at £57.6 billion. Chief executive Ken Murphy said: "It's been an incredibly tough year for many of our customers, and we have been determined to do everything we can to help.”
Shareholders will receive a dividend of 7.05p a share worth £516 million in June, with the company also announcing plans for a buyback of its shares worth £750 million.
Meanwhile, the latest GDP figures showed the UK economy failed to grow in February, with weaker levels of activity in services and production offset by growth in construction.
