TSCDY Tesco PLC (PK)

By Tapan Panchal

LONDON--Tesco PLC (TSCO.LN) said Wednesday it is better able to cope with currently tough market conditions after reporting fiscal 2017 adjusted operating profit in line with its expectations.

The U.K.'s biggest grocer said operating profit, before exceptional items, was 1.28 billion pounds ($1.59 billion) for the year ended Feb. 25, compared with guidance of GBP1.2 billion and a year-earlier GBP985 million.

​On a statutory basis, pretax profit fell to GBP145 million from GBP202 million a year earlier. Revenue rose to GBP55.91 billion from GBP54.4 billion.

"We are ahead of where we expected to be at this stage, having made good progress on all six of the strategic drivers we shared in October. We are confident that we can build on this strong performance in the year ahead, making further progress towards our medium-term ambitions, " said Chief Executive Dave Lewis.

-Write to Tapan Panchal at tapan.panchal@wsj.com

(END) Dow Jones Newswires

April 12, 2017 02:41 ET (06:41 GMT)

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