TSCDY Tesco PLC (PK)

LONDON—Tesco PLC swung to a full-year profit as the British supermarket giant bounced back from a year-earlier period weighed down by property write-downs, even as revenue continued to decline.

Under Dave Lewis who became chief executive in 2014, Tesco has been working to reverse a period of slumping sales and falling market share in the U.K. Mr. Lewis has made moves to cut costs, shed noncore assets and simplify Tesco's range and store operations. He recently launched a new fresh food "Farm" range to compete with the step up in this area by discounters Aldi and Lidl.

For the year to Feb. 27, Tesco's pre-tax profit was £ 162 million ($230.8 million), compared with a loss of £ 6.33 billion a year ago.

Tesco's operating profit excluding one-time items, a figure closely watched by investors, rose 1.1% to £ 944 million from a year earlier. Tesco had guided to a trading profit of £ 940 million to £ 950 million.

Adjusted per-share earnings, stripping out one-time items, were 3.41 pence from 4.14 pence a year earlier.

Revenue excluding VAT was down to £ 54.43 billion from £ 56.93 billion a year earlier.

Write to Saabira Chaudhuri at saabira.chaudhuri@wsj.com

(END) Dow Jones Newswires

April 13, 2016 02:45 ET (06:45 GMT)

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