LONDON -Tesco, Britain’s biggest retailer, reported a 20% drop in full-year pretax profit as the cost of adapting the business for the pandemic wiped out the benefit of “exceptionally strong” sales.
Online sales in the UK surged 77% to 6.3 billion pounds as it doubled capacity to 1.5 million delivery slots a week. Profit before tax came in at 825 million pounds, down 19.7% on the year before. At an operating profit retail level it did however come in above forecasts. Murphy, however, said Tesco had shown incredible strength and agility, and was well placed to build on the momentum in the business.
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