Preliminary Results 2024/25
10/04/2025 07:00
RNS Number : 4125E Tesco PLC 10 April 2025 Preliminary Results 2024/25 Strong performance POSITIONS US to continue winning with customers.
| Performance highlights(on a continuing operations basis)1,2 | FY 24/25 | FY 23/24 | Change at actual rates | Change at constant rates |
| Group sales (exc. VAT, exc. fuel)3 | £63,636m | £61,477m | 3.5% | 4.0% |
| Group adjusted operating profit4 | £3,128m | £2,829m | 10.6% | 10.9% |
| of which: Retail adjusted operating profit | £2,973m | £2,760m | 7.7% | 8.1% |
| Free cash flow5 | £1,750m | £2,063m | (15.2)% | |
| Net debt6 | £(9,454)m | £(9,684)m | 2.4% | |
| Adjusted diluted EPS4 | 27.38p | 23.41p | 17.0% | |
| Dividend per share | 13.70p | 12.10p | 13.2% | |
| Statutory measures(on a continuing operations basis)1 | ||||
| Revenue (exc. VAT, inc. fuel) | £69,916m | £68,187m | 2.5% | |
| Operating profit | £2,711m | £2,821m | (3.9)% | |
| Profit before tax | £2,215m | £2,289m | (3.2)% | |
| Diluted EPS | 23.13p | 24.53p | (5.7)% | |
| Statutory measures(including discontinued operations)1 | ||||
| Profit for the year (after tax) | £1,630m | £1,192m | 36.7% | |
| Diluted EPS | 23.51p | 16.56p | 42.0% |
| Ken Murphy, Chief Executive "Our continued focus on value and quality, coupled with market-leading availability, has contributed to another year of increased customer satisfaction and our highest market share for nearly a decade. We have invested in bringing great prices to our customers throughout the year, and continued to innovate with over 1,600 new or improved products including 400 new Finest lines, where overall sales grew 15%. We are also making significant progress on our long-term growth opportunities, further enhancing our digital capabilities with increased personalisation, further improvements to our online experience and an expanded retail media offering. None of this would be possible without the dedication of our 340,000 colleagues and I want to thank them for all their hard work. We continue to invest in our market-leading package of colleague benefits, including over £900m in pay increases across the last three years. Building on our strong financial performance, robust balance sheet and positive momentum, we are setting ourselves up for the year ahead with the flexibility to continue to win in a highly competitive market. Despite inflationary headwinds, we are committed to ensuring customers get the best possible value by shopping at Tesco, and see further opportunities to strengthen our competitiveness. By putting customers first, we will continue to create sustainable value for every stakeholder in Tesco." |
| • | Group LFL7 sales up +3.1%, including UK +4.0%, ROI +4.6% and CE +2.2%; Booker LFL sales down (1.8)%, reflecting growth in core retail and catering, offset by ongoing decline in tobacco market and lower Best Food Logistics volumes | |
| • | Group adjusted operating profit4 up +10.9% at constant rates to £3,128m includes strong progress across both segments: | |
| • | UK & ROI up +10.3% to £3,016m, supported by strong volume performance and Save to Invest delivery; includes £155m contribution from IMS, with £46m of non-recurring items primarily due to a new five-year pet insurance contract | |
| • | Central Europe up +28.9% to £112m, driven by improved category mix, volume growth and further Save to Invest progress | |
| • | Adjusted diluted EPS1,4 up +17.0% to 27.38p, driven by higher Group adjusted operating profit, lower adjusted net finance costs and the benefit of our ongoing share buyback programme | |
| • | Statutory operating profit1 of £2,711m, down (3.9)% and statutory diluted EPS of 23.13p, down (5.7)%, include a £(286)m non-cash net impairment charge (LY: £28m release), reflecting higher discount rates, driven by increased government bond rates | |
| • | Free cash flow5 of £1,750m, towards top end of guidance range, reflecting strong trading performance; compares to £2,063m last year which benefited from higher trade payables due to elevated input cost inflation; Net debt6 down 2.4% to £(9,454)m | |
| • | Return on capital employed5 of 14.6%, reflecting growth in Group adjusted operating profit and disciplined capital allocation | |
| • | UK market share +67bps YoY to 28.3%, with share gains for 21 consecutive four-week periods and reaching highest level since 2016 during the year; ROI market share +29bps YoY to 23.9%, with share gains for 37 consecutive four-week periods |
| • | Overall brand perception in UK increased by +185bps YoY, stepping forward across all drivers, including reputation (+282bps), value (+242bps) and quality (+153bps) |
| • | Cheapest full-line grocer throughout the year; further improvement in price position against the market since January 2025 |
| • | Delivered market-leading availability and highest net promoter score in five years |
| • | Announced a +5.2% increase in UK store colleague pay, with hourly rate rising to £12.64 by end of August 2025 |
| • | Launched over 1,000 new products and improved over 600, underscoring our commitment to quality and innovation |
| • | Finest annual sales of £2.5bn, up 15% YoY; 400 new Finest products launched |
| • | Save to Invest progress, delivering c.£510m of savings in FY 24/25 as we simplified operations across the Group |
| • | Supporting our communities through Stronger Starts, awarding funding of £13m since July 2023 to over 12,200 projects; launch of 'Fruit & Veg for Schools' campaign, supporting 400 schools with over 5m portions of fruit & veg to date |
| • | Progress towards ambitious climate change targets, with a 65% reduction in Scope 1 and Scope 2 emissions versus 2015/16 baseline; signed our largest power purchase agreement to date, at Cleve Hill Solar Park in Kent |
| • | Increase in Clubcard sales penetration across all markets: UK 84%, ROI 87%, Central Europe 88%; Group-wide Tesco app users at 18.0m, up +12% YoY, with proportion of digital Clubcard scans in UK +11ppts to 63% of Clubcard transactions |
| • | Increasingly personalised offer: rollout of Clubcard Challenges to 10m customers and trial of Your Clubcard Prices |
| • | Growing the Tesco Media and Insight Platform, with over 5,000 in-store screens; launched video advertising on Tesco.com and app, introduced store wrap advertising at scale and further enhanced self-serve platform for brands and agencies |
| • | Expanded Tesco Whoosh rapid-delivery service to over 1,500 stores, including launch into 42 large stores, helping expand depth of range and reach; active customers up 48% with further growth in basket size |
| • | Launch of Tesco Marketplace, now offering >400,000 third-party products across homeware, furniture and electronics, helping us expand our online range in a capital-light way, with commission earned on the value of each order |
| • | Online launch of F&F clothing scheduled to go live for customers in the year ahead |
| • | Winning value combination of Aldi Price Match on >600 lines, Low Everyday Prices on >1,000 lines and around 8,000 Clubcard Prices deals each week; Clubcard Prices save customers up to £392 off their annual grocery bill |
| • | Exclusive Clubcard deals on everyday services such as no mid-contract price rises with Tesco Mobile and Clubcard Prices available for car, home, pet and travel insurance policies |
| • | Further own-brand innovation across all tiers, including launches of the Taste Discoveries dinner-for-tonight range inspired by Japanese and Korean cuisine, and health-led High Protein and Gut Sense ranges |
| • | Further progress in customer satisfaction scores at Booker, with 700 prices locked until June 2025 |
| • | Expanded our Low Price Guarantee in Central Europe, adding an average of c.650 products per market |
| • | Clubcard celebrates 30 years with unrivalled customer reach; over 23m Clubcard households in the UK with new campaigns including 10,000 bonus points for customers who use Clubcard vouchers when booking with easyJet Holidays |
| • | Expanding the UK's largest and most generous supermarket reward partner scheme, with Virgin Red and five new visitor attractions becoming reward partners; customers can now earn Clubcard Points with the purchase of a new Vauxhall car |
| • | Tesco Media and Insight Platform saw growth in active advertisers and spend per campaign, with the team ranked joint #1 in Flywheel's European retail media rankings and shortlisted for Media Brand of the Year at the Media Week Awards |
| • | Over 9,000 retail media campaigns delivered; creativity enhancements included fully integrated Coca-Cola campaign over Christmas, comprising onsite and offsite media, exclusive competitions and products, and wrapping home delivery vans |
| • | Opened 90 stores across the Group: 64 in the UK, 12 in ROI and 14 in Central Europe |
| • | Refreshed a further 463 stores across the Group including 100 large stores and 245 convenience stores in the UK |
| • | UK online sales up +10.2%, driven by growth in orders per week, with market share up +173bps YoY to 35.5% |
| • | Increase in UK online customer satisfaction, +8pts YoY and 150 new delivery vans launched, as we increase capacity; Delivery Saver subscribers at 770k, up +9% YoY |
| • | Integrated a further 566 net new Booker retail partners, taking the total outlets to just under 8,000; integration of Venus acquisition progressing well, with a new Venus distribution hub opened at our Makro branch in Manchester |
| • | Save to Invest progress, delivering c.£510m of savings for FY 24/25 |
| • | Continued progress across all areas, including goods & services not for resale, operations, property and central overheads |
| • | New robotic automation implemented at our Peterborough distribution centre, with Aylesford semi-automated distribution centre on track to open summer 2025 |
| • | End-to-end review of stock flow from suppliers to store, optimising waste performance and improving availability |
| • | Simplifying in-store routines, supported by the roll-out of new fresh-food fixtures which enable faster replenishment |
| • | Taking action to reduce stock loss, including security system enhancements at checkouts and investments in new technology at our Daventry security hub |
| • | Extending Save to Invest programme; seeking further c.£500m in FY 25/26 to help offset new operating cost inflation, including the impact of an increase in National Insurance contributions of £235m |
| 52 weeks ended 22 February 20252,8 | FY 24/25 | FY 23/24 | Change at actual rates | Change at constant rates | |
| Sales (exc. VAT, exc. fuel)3 | £63,636m | £61,477m | 3.5% | 4.0% | |
| Fuel | £6,280m | £6,710m | (6.4)% | (6.3)% | |
| Revenue (exc. VAT, inc. fuel) | £69,916m | £68,187m | 2.5% | 3.0% | |
| Group adjusted operating profit4 | £3,128m | £2,829m | 10.6% | 10.9% | |
| Adjusting items | £(417)m | £(8)m | |||
| Statutory operating profit | £2,711m | £2,821m | (3.9)% | ||
| Net finance costs | £(492)m | £(538)m | |||
| Joint ventures and associates | £(4)m | £6m | |||
| Statutory profit before tax | £2,215m | £2,289m | (3.2)% | ||
| Taxation | £(611)m | £(525)m | |||
| Statutory profit after tax | £1,604m | £1,764m | (9.1)% | ||
| Adjusted diluted EPS4 | 27.38p | 23.41p | 17.0% | ||
| Statutory diluted EPS | 23.13p | 24.53p | (5.7)% | ||
| Dividend per share | 13.70p | 12.10p | 13.2% | ||
| Net debt6 | £(9,454)m | £(9,684)m | 2.4% | ||
| Free cash flow5 | £1,750m | £2,063m | (15.2)% | ||
| Capex9 | £1,457m | £1,314m | 10.9% |
| 1. | The performance of the Banking operations has been presented as a discontinued operation to the date of disposal. The Insurance and Money Services business (IMS) has been presented on a continuing operations basis and therefore within headline performance measures. Further details on discontinued operations can be found in Note 7, starting on page 25. |
| 2. | The Group has defined and outlined the purpose of its alternative performance measures, including its performance highlights, in the Glossary starting on page 39. |
| 3. | Group sales exclude VAT and fuel. |
| 4. | Adjusted operating profit and Adjusted diluted EPS exclude adjusting items. |
| 5. | Free cash flow and return on capital employed (ROCE) are alternative performance measures defined and outlined in the Glossary starting on page 39. |
| 6. | Net debt now includes Insurance and Money Services, with the prior year reported on a consistent basis. The impact on the prior year is to reduce Net debt by £80m. Further information on Net debt can be found in Note 22, starting on page 37. |
| 7. | Like-for-like (LFL) sales growth is a measure of growth in Group sales from stores that have been open for at least a year and online sales (at constant exchange rates, excluding VAT and fuel). LFL excludes revenue from dunnhumby, Insurance and Money Services as this revenue is not directly linked to the sale of goods. |
| 8. | All measures are shown on a continuing operations basis unless otherwise stated. |
| 9. | Capex excludes additions arising from business combinations, property buybacks (typically stores) and other store purchases and their associated refit costs. Refer to page 44 for further details. |
| On a continuing operations basis1 | Sales (£m) | LFL sales change7 | Total sales change at actual rates | Total sales change at constant rates | |
| - UK | 47,486 | 4.0% | 5.1% | 5.1% | |
| - ROI | 2,974 | 4.6% | 2.9% | 5.6% | |
| - Booker | 8,990 | (1.8)% | (1.0)% | (1.0)% | |
| UK & ROI | 59,450 | 3.1% | 4.0% | 4.2% | |
| Central Europe | 4,186 | 2.2% | (3.0)% | 2.5% | |
| Sales | 63,636 | 3.1% | 3.5% | 4.0% |
| Profit (£m) | ||||||
| On a continuing operations basis1 | Change at actual rates | Change at constant rates | Margin % at actual rates | Margin % change at actual rates | ||
| UK & ROI | 3,016 | 10.1% | 10.3% | 4.6% | 30 bps | |
| Central Europe | 112 | 24.4% | 28.9% | 2.6% | 58 bps | |
| Group | 3,128 | 10.6% | 10.9% | 4.5% | 33 bps | |
| Online performance | FY 24/25 | YoY change | |
| Sales inc. VAT | £6.8bn | 10.2% | |
| Orders per week | 1.33m | 10.8% | |
| Basket size(excluding Whoosh) | £109 | 3.6% | |
| Online % of UK total sales | 13.5% | 0.6ppts | |
| Sales £m | LFL | |
| Core retail | 3,234 | 0.9% |
| Core catering* | 2,621 | 2.1% |
| Tobacco | 1,694 | (8.8)% |
| Best Food Logistics | 1,441 | (5.1)% |
| Total Booker | 8,990 | (1.8)% |
| FY 24/25 £m | FY 23/24 £m | |
| Net impairment (charge)/release on non-current assets | (286) | 28 |
| Amortisation of acquired intangible assets | (76) | (74) |
| Save to Invest restructuring provisions | (43) | (50) |
| Property transactions | 2 | 75 |
| Other* | (14) | 13 |
| Total adjusting items included within operating profit | (417) | (8) |
| Net finance income | 44 | 20 |
| Taxation | 79 | 68 |
| Total adjusting items included within profit after tax from continuing operations | (294) | 80 |
| Adjusting items included within discontinued operations | (65) | (628) |
| Total adjusting items (including discontinued operations) | (359) | (548) |
| On a continuing operations basis | FY 24/25 £m | FY 23/24 £m |
| Net interest costs | (157) | (179) |
| Net finance expenses from insurance contracts | (9) | (6) |
| Interest expense on lease liabilities | (370) | (373) |
| Adjusted net finance costs | (536) | (558) |
| Fair value remeasurements of financial instruments | 76 | 38 |
| Net pension finance costs | (32) | (18) |
| Adjusting items in net finance costs | 44 | 20 |
| Net finance costs | (492) | (538) |
| On a continuing operations basis | FY 24/25 £m | FY 23/24 £m |
| Tax on adjusted profit | (690) | (593) |
| Tax on adjusting items | 79 | 68 |
| Tax on profit | (611) | (525) |
| On a continuing operations basis | FY 24/25 | FY 23/24 | YoY change |
| Adjusted diluted EPS | 27.38p | 23.41p | 17.0% |
| Statutory diluted EPS | 23.13p | 24.53p | (5.7)% |
| Statutory basic EPS | 23.41p | 24.80p | (5.6)% |
| On a total basis, including discontinued operations | |||
| Statutory diluted EPS | 23.51p | 16.56p | 42.0% |
| Statutory basic EPS | 23.79p | 16.74p | 42.1% |
| Feb-25 £m | Feb-24* £m | Movement £m | |
| Net debt before lease liabilities | (1,738) | (2,062) | 324 |
| Lease liabilities | (7,716) | (7,622) | (94) |
| Net debt | (9,454) | (9,684) | 230 |
| Net debt/EBITDA | 2.0x | 2.2x |
| Feb-25 £m | Feb-24 £m | Movement £m | |
| Defined benefit schemes in surplus | 56 | 22 | 34 |
| Defined benefit schemes in deficit | (307) | (657) | 350 |
| Deferred tax asset/(liability) | 71 | 162 | (91) |
| Deficit in schemes at the end of the year (net of deferred tax) | (180) | (473) | 293 |
| On a continuing operations basis | FY 24/25 £m | FY 23/24 £m |
| Group adjusted operating profit | 3,128 | 2,829 |
| Less: Insurance and Money Services adjusted operating (profit)/loss | (155) | (69) |
| Retail adjusted operating profit | 2,973 | 2,760 |
| Add back: Depreciation and amortisation | 1,680 | 1,602 |
| Other reconciling items | 69 | 82 |
| Pensions | (30) | (29) |
| (Increase)/decrease in working capital | (45) | 418 |
| Cash generated from operations before adjusting items | 4,647 | 4,833 |
| Cash capex | (1,392) | (1,289) |
| Net interest | (500) | (560) |
| - Interest related to Net debt before lease liabilities | (123) | (188) |
| - Interest related to lease liabilities | (377) | (372) |
| Tax paid | (355) | (214) |
| Dividends received | 2 | 9 |
| Repayment of capital element of obligations under leases | (598) | (623) |
| Own shares purchased for share schemes | (54) | (93) |
| Free cash flow | 1,750 | 2,063 |
| Memo (not included in free cash flow definition): | ||
| - Special dividend received from Tesco Bank | - | 250 |
| - Net acquisitions and disposals* | (61) | (2) |
| - Property buybacks, store purchases and associated refits, and disposal proceeds | (93) | (66) |
| - Cash impact of adjusting items | (55) | (98) |
| UK & ROI | Central Europe | Group | ||||
| FY 24/25 | FY 23/242 | FY 24/25 | FY 23/24 | FY 24/25 | FY 23/24 | |
| Capex | £1,347m | £1,201m | £110m | £113m | £1,457m | £1,314m |
| Openings (k sq ft) | 311 | 366 | 84 | 87 | 395 | 453 |
| Closures (k sq ft) | (98) | (204) | (45) | (22) | (143) | (226) |
| Repurposed (k sq ft)1 | (235) | - | (145) | (342) | (380) | (342) |
| Net space change (k sq ft) | (22) | 162 | (106) | (277) | (128) | (115) |
| UK & ROI | Central Europe | Group | ||||
| Feb-25 | Feb-24 | Feb-25 | Feb-24 | Feb-25 | Feb-24 | |
| Property1 - fully owned | ||||||
| - Estimated market value | £15.4bn | £15.1bn | £1.6bn | £1.8bn | £17.0bn | £16.9bn |
| - Net book value | £15.3bn | £15.2bn | £1.3bn | £1.5bn | £16.6bn | £16.7bn |
| % store selling space owned | 58% | 58% | 64% | 68% | 59% | 60% |
| % property owned by value2 | 60% | 59% | 55% | 65% | 60% | 60% |
| Investor Relations: | Chris Griffith | 01707 940 900 |
| Andrew Gwynn | 01707 942 409 | |
| Media: | Christine Heffernan | 0330 6780 639 |
| Teneo | 0207 4203 143 |
| • | UK market share based on Kantar Total Grocers Total Till Roll for 12 weeks ended 23 February 2025. |
| • | UK volume growth based on Kantar Total Grocery for 12 weeks ended 23 February 2025. |
| • | UK convenience market share based on Kantar Total Grocery convenience channel for 12 weeks ended 23 February 2025. |
| • | UK online market share based on Kantar Total Grocery online channel for 12 weeks ended 23 February 2025. |
| • | ROI market share based on Kantar Total Till Roll on 12-week rolling basis to 23 February 2025. |
| • | 'Full-line grocers' refers to Tesco, Sainsbury's, Asda and Morrisons and 'Limited-range discounters' refers to Aldi and Lidl. |
| • | UK Price index is an internal measure calculated using the retail selling price of each item on a per unit or unit of measure basis. Competitor retail selling prices are collected weekly by a third party. The price index includes price cut promotions and is weighted by sales to reflect customer importance. |
| • | Clubcard Prices saving of up to £392 is based on the top 25% of Tesco Clubcard members and large stores sales between 6 January 2024 and 4 January 2025. Tesco Clubcard Price savings versus regular Tesco price. |
| • | Customer satisfaction and Brand Perception based on YoY changes in YouGov BrandIndex scores for 12 weeks ended 23 February 2025. |
| • | Availability based on Multi channel tracker. 3 period rolling data. Responses to: "I Can Get What I Want". |
| • | Number of new Booker retail partners is net of openings and closures, including national accounts. |
| • | Booker availability is an internal measure, based on the customer's online order versus delivered. |
| • | Brand NPS is based on BASIS Global Brand Tracker. 3 period rolling data. Responses to the question: "How likely is it that you would recommend the following company to a friend or colleague as a place to shop?" |
| • | Colleague satisfaction based on Every Voice Matters colleague engagement survey result for January 2025. Refers to responses of agreement to 'I would recommend Tesco as a great place to work'. |
| Group income statement | ||||||||
| 52 weeks ended 22 February 2025 | 52 weeks ended 24 February 2024 | |||||||
| Notes | Before adjusting items £m | Adjusting items (Note 4) £m | Total £m | Before adjusting items £m | Adjusting items (Note 4) £m | Total £m | ||
| Continuing operations | ||||||||
| Revenue from sale of goods and services | 69,191 | - | 69,191 | 67,673 | - | 67,673 | ||
| Insurance revenue | 725 | - | 725 | 514 | - | 514 | ||
| Revenue | 2, 3 | 69,916 | - | 69,916 | 68,187 | - | 68,187 | |
| Cost of sales | (63,886) | (319) | (64,205) | (62,832) | (4) | (62,836) | ||
| Insurance service expenses | (598) | - | (598) | (454) | - | (454) | ||
| Net expenses from reinsurance contracts held | (62) | - | (62) | (48) | - | (48) | ||
| Gross profit/(loss) | 5,370 | (319) | 5,051 | 4,853 | (4) | 4,849 | ||
| Administrative expenses | (2,242) | (98) | (2,340) | (2,024) | (4) | (2,028) | ||
| Operating profit/(loss) | 2 | 3,128 | (417) | 2,711 | 2,829 | (8) | 2,821 | |
| Share of post-tax profit/(loss) of joint ventures andassociates | (4) | - | (4) | 6 | - | 6 | ||
| Finance income | 5 | 254 | - | 254 | 267 | - | 267 | |
| Finance costs | 5 | (790) | 44 | (746) | (825) | 20 | (805) | |
| Profit/(loss) before tax from continuing operations | 2,588 | (373) | 2,215 | 2,277 | 12 | 2,289 | ||
| Taxation | 6 | (690) | 79 | (611) | (593) | 68 | (525) | |
| Profit/(loss) for the year from continuing operations | 1,898 | (294) | 1,604 | 1,684 | 80 | 1,764 | ||
| Discontinued operations | ||||||||
| Profit/(loss) for the year from discontinued operations | 7 | 91 | (65) | 26 | 56 | (628) | (572) | |
| Profit/(loss) for the year | 1,989 | (359) | 1,630 | 1,740 | (548) | 1,192 | ||
| Attributable to: | ||||||||
| Owners of the parent | 1,985 | (359) | 1,626 | 1,736 | (548) | 1,188 | ||
| Non-controlling interests | 4 | - | 4 | 4 | - | 4 | ||
| 1,989 | (359) | 1,630 | 1,740 | (548) | 1,192 | |||
| Earnings per share from continuing and discontinued operations | ||||||||
| Basic | 9 | 23.79p | 16.74p | |||||
| Diluted | 9 | 23.51p | 16.56p | |||||
| Earnings per share from continuing operations | ||||||||
| Basic | 9 | 23.41p | 24.80p | |||||
| Diluted | 9 | 23.13p | 24.53p | |||||
| Group statement of comprehensive income/(loss) | |||
| Notes | 52 weeks ended 22 February 2025 £m | 52 weeks ended 24 February 2024 £m | |
| Items that will not be reclassified to the Group income statement | |||
| Change in fair value of financial assets at fair value through other comprehensive income | 4 | - | |
| Remeasurements of defined benefit pension schemes | 19 | 387 | (251) |
| Net fair value gains/(losses) on inventory cash flow hedges | 7 | (38) | |
| Tax on items that will not be reclassified | (95) | 62 | |
| 303 | (227) | ||
| Items that may subsequently be reclassified to the Group income statement | |||
| Change in fair value of financial assets at fair value through other comprehensive income | 14 | 16 | |
| Currency translation differences: | |||
| Retranslation of net assets of overseas subsidiaries, joint ventures and associates | (89) | (157) | |
| Impact of net investment hedges | 33 | 41 | |
| Gains/(losses) on cash flow hedges: | |||
| Net fair value gains/(losses) | 33 | 25 | |
| Reclassified and reported in the Group income statement | (71) | (56) | |
| Finance income/(expenses) from insurance contracts issued | - | (4) | |
| Finance income/(expenses) from reinsurance contracts held | 1 | 1 | |
| Tax on items that may be reclassified | 6 | (6) | |
| (73) | (140) | ||
| Total other comprehensive income/(loss) for the year | 230 | (367) | |
| Profit/(loss) for the year | 1,630 | 1,192 | |
| Total comprehensive income/(loss) for the year | 1,860 | 825 | |
| Attributable to: | |||
| Owners of the parent | 1,858 | 820 | |
| Non-controlling interests | 2 | 5 | |
| Total comprehensive income/(loss) for the year | 1,860 | 825 | |
| Total comprehensive income/(loss) attributable to owners of the parent arising from: | |||
| Continuing operations | 1,832 | 1,392 | |
| Discontinued operations | 7 | 26 | (572) |
| 1,858 | 820 |
| Group balance sheet | |||
| Notes | 22 February 2025 £m | 24 February 2024 £m | |
| Non-current assets | |||
| Goodwill and other intangible assets | 5,087 | 5,066 | |
| Property, plant and equipment | 10 | 17,262 | 17,221 |
| Right of use assets | 11 | 5,569 | 5,478 |
| Investment property | 24 | 24 | |
| Investments in joint ventures and associates | 110 | 102 | |
| Other investments | 934 | 1,546 | |
| Trade and other receivables | 158 | 36 | |
| Reinsurance contract assets | 16 | 124 | 125 |
| Derivative financial instruments | 663 | 781 | |
| Post-employment benefit surplus | 19 | 56 | 22 |
| Deferred tax assets | 47 | 32 | |
| 30,034 | 30,433 | ||
| Current assets | |||
| Other investments | 151 | 206 | |
| Inventories | 2,768 | 2,635 | |
| Trade and other receivables | 1,210 | 1,349 | |
| Derivative financial instruments | 172 | 55 | |
| Current tax assets | 27 | 110 | |
| Short-term investments | 13 | 2,223 | 2,128 |
| Cash and cash equivalents | 13 | 2,255 | 2,340 |
| 8,806 | 8,823 | ||
| Assets of the disposal group and non-current assets classified as held for sale | 7 | 50 | 7,783 |
| 8,856 | 16,606 | ||
| Current liabilities | |||
| Trade and other payables | (10,364) | (10,264) | |
| Borrowings | 15 | (1,861) | (1,536) |
| Lease liabilities | 11 | (618) | (584) |
| Provisions | (300) | (306) | |
| Insurance contract liabilities | 16 | (652) | (526) |
| Deposits from central bank | - | (108) | |
| Derivative financial instruments | (12) | (25) | |
| Current tax liabilities | (13) | (1) | |
| (13,820) | (13,350) | ||
| Liabilities of the disposal group classified as held for sale | 7 | - | (7,122) |
| Net current liabilities | (4,964) | (3,866) | |
| Non-current liabilities | |||
| Trade and other payables | (40) | (39) | |
| Borrowings | 15 | (5,089) | (5,683) |
| Lease liabilities | 11 | (7,098) | (7,038) |
| Provisions | (166) | (175) | |
| Deposits from central bank | - | (800) | |
| Derivative financial instruments | (205) | (241) | |
| Post-employment benefit deficit | 19 | (307) | (657) |
| Deferred tax liabilities | (503) | (269) | |
| (13,408) | (14,902) | ||
| Net assets | 11,662 | 11,665 | |
| Equity | |||
| Share capital | 20 | 426 | 445 |
| Share premium | 5,165 | 5,165 | |
| Other reserves | 20 | 3,140 | 3,131 |
| Retained earnings | 2,935 | 2,930 | |
| Equity attributable to owners of the parent | 11,666 | 11,671 | |
| Non-controlling interests | (4) | (6) | |
| Total equity | 11,662 | 11,665 |
| Group statement of changes in equity | ||||||||
| Notes | Share capital £m | Share premium £m | Other reserves (Note 20) £m | Retained earnings £m | Total £m | Non-controlling interests £m | Total equity £m | |
| At 24 February 2024 | 445 | 5,165 | 3,131 | 2,930 | 11,671 | (6) | 11,665 | |
| Profit/(loss) for the year | - | - | - | 1,626 | 1,626 | 4 | 1,630 | |
| Other comprehensive income/(loss) | ||||||||
| Retranslation of net assets of overseas subsidiaries, joint ventures and associates | - | - | (89) | - | (89) | - | (89) | |
| Impact of net investment hedges | - | - | 33 | - | 33 | - | 33 | |
| Change in fair value of financial assets at fair value through other comprehensive income | - | - | - | 18 | 18 | - | 18 | |
| Remeasurements of defined benefit pension schemes | 19 | - | - | - | 387 | 387 | - | 387 |
| Gains/(losses) on cash flow hedges | - | - | 40 | - | 40 | - | 40 | |
| Cash flow hedges reclassified and reported in the Group income statement | - | - | (69) | - | (69) | (2) | (71) | |
| Finance income/(expenses) from reinsurance contracts held | - | - | 1 | - | 1 | - | 1 | |
| Tax relating to components of other comprehensive income | - | - | 7 | (96) | (89) | - | (89) | |
| Total other comprehensive income/(loss) | - | - | (77) | 309 | 232 | (2) | 230 | |
| Total comprehensive income/(loss) | - | - | (77) | 1,935 | 1,858 | 2 | 1,860 | |
| Transfer from translation reserve to retained earnings | - | - | 36 | (36) | - | - | - | |
| Inventory cash flow hedge movements | ||||||||
| (Gains)/losses transferred to the cost of inventory | - | - | (4) | - | (4) | - | (4) | |
| Total inventory cash flow hedge movements | - | - | (4) | - | (4) | - | (4) | |
| Transactions with owners | ||||||||
| Own shares purchased for cancellation | 20 | - | - | (1,016) | - | (1,016) | - | (1,016) |
| Own shares cancelled | 20 | (19) | - | 1,035 | (1,016) | - | - | - |
| Own shares purchased for share schemes | - | - | (204) | - | (204) | - | (204) | |
| Share-based payments | - | - | 239 | (49) | 190 | - | 190 | |
| Dividends | 8 | - | - | - | (865) | (865) | - | (865) |
| Tax on items charged/(credited) to equity | - | - | - | 36 | 36 | - | 36 | |
| Total transactions with owners | (19) | - | 54 | (1,894) | (1,859) | - | (1,859) | |
| At 22 February 2025 | 426 | 5,165 | 3,140 | 2,935 | 11,666 | (4) | 11,662 |
| Notes | Share capital £m | Share premium £m | Other reserves (Note 20) £m | Retained earnings £m | Total £m | Non-controlling interests £m | Total equity £m | |
| At 25 February 2023 | 463 | 5,165 | 3,139 | 3,469 | 12,236 | (11) | 12,225 | |
| Profit/(loss) for the year | - | - | - | 1,188 | 1,188 | 4 | 1,192 | |
| Other comprehensive income/(loss) | ||||||||
| Retranslation of net assets of overseas subsidiaries, joint ventures and associates | - | - | (157) | - | (157) | - | (157) | |
| Impact of net investment hedges | - | - | 41 | - | 41 | - | 41 | |
| Change in fair value of financial assets at fair value through other comprehensive income | - | - | - | 16 | 16 | - | 16 | |
| Remeasurements of defined benefit pension schemes | 19 | - | - | - | (251) | (251) | - | (251) |
| Gains/(losses) on cash flow hedges | - | - | (14) | - | (14) | 1 | (13) | |
| Cash flow hedges reclassified and reported in the Group income statement | - | - | (56) | - | (56) | - | (56) | |
| Finance income/(expenses) from insurance contracts issued | - | - | (4) | - | (4) | - | (4) | |
| Finance income/(expenses) from reinsurance contracts held | - | - | 1 | - | 1 | - | 1 | |
| Tax relating to components of other comprehensive income | - | - | (4) | 60 | 56 | - | 56 | |
| Total other comprehensive income/(loss) | - | - | (193) | (175) | (368) | 1 | (367) | |
| Total comprehensive income/(loss) | - | - | (193) | 1,013 | 820 | 5 | 825 | |
| Transfer from hedging reserve to retained earnings | - | - | 44 | (44) | - | - | - | |
| Inventory cash flow hedge movements | ||||||||
| (Gains)/losses transferred to the cost of inventory | - | - | 79 | - | 79 | - | 79 | |
| Total inventory cash flow hedge movements | - | - | 79 | - | 79 | - | 79 | |
| Transactions with owners | ||||||||
| Own shares purchased for cancellation | 20 | - | - | (752) | - | (752) | - | (752) |
| Own shares cancelled | 20 | (18) | - | 770 | (752) | - | - | - |
| Own shares purchased for share schemes | - | - | (140) | - | (140) | - | (140) | |
| Share-based payments | - | - | 184 | 11 | 195 | - | 195 | |
| Dividends | 8 | - | - | - | (777) | (777) | - | (777) |
| Tax on items charged/(credited) to equity | - | - | - | 10 | 10 | - | 10 | |
| Total transactions with owners | (18) | - | 62 | (1,508) | (1,464) | - | (1,464) | |
| At 24 February 2024 | 445 | 5,165 | 3,131 | 2,930 | 11,671 | (6) | 11,665 |
| Group cash flow statement | |||
| Notes | 52 weeks ended 22 February 2025 £m | 52 weeks ended 24 February 2024 £m | |
| Cash flows generated from/(used in) operating activities | |||
| Operating profit/(loss) of continuing operations | 2,711 | 2,821 | |
| Operating profit/(loss) of discontinued operations | 7 | 35 | (659) |
| Depreciation and amortisation | 1,775 | 1,723 | |
| (Profit)/loss arising on sale of property, plant and equipment, investment property, intangible assets, assets classified as held for sale and early termination of leases | 1 | (53) | |
| (Profit)/loss arising on sale of joint ventures and associates | - | (9) | |
| (Profit)/loss arising on sale of subsidiaries and businesses | - | (12) | |
| Net impairment loss/(reversal) on property, plant and equipment, right of use assets, intangible assets and investment property | 12 | 298 | (28) |
| Impairment loss on other investments | 10 | - | |
| Net remeasurement loss on non-current assets held for sale | 7 | 64 | 720 |
| Defined benefit pension scheme payments | 19 | (30) | (29) |
| Share-based payments | 18 | 37 | 78 |
| Fair value movements included in operating profit/(loss) | 9 | 71 | |
| (Increase)/decrease in inventories | (141) | (150) | |
| (Increase)/decrease in trade and other receivables and reinsurance assets | (5) | (129) | |
| Increase/(decrease) in trade and other payables and insurance liabilities | 158 | 698 | |
| Increase/(decrease) in provisions | (10) | (77) | |
| Increase/(decrease) in deposits from central bank | (908) | (72) | |
| Increase/(decrease) in working capital of the Banking operations disposal group | 53 | (7) | |
| (Increase)/decrease in working capital(a) | (853) | 263 | |
| Cash generated from/(used in) operations | 4,057 | 4,886 | |
| Interest paid | (769) | (824) | |
| Corporation tax paid | (366) | (223) | |
| Net cash generated from/(used in) operating activities | 2,922 | 3,839 | |
| Cash flows generated from/(used in) investing activities | |||
| Proceeds from sale of property, plant and equipment, investment property, intangible assets and assets classified as held for sale | 137 | 55 | |
| Purchase of property, plant and equipment and investment property | (1,247) | (1,108) | |
| Purchase of intangible assets | (292) | (278) | |
| Disposal of subsidiaries, net of cash disposed | - | 15 | |
| Disposal of Banking operations, net of cash disposed | 7 | 157 | - |
| Acquisition of subsidiaries, net of cash acquired | (46) | (17) | |
| Proceeds from sale of joint ventures and associates | - | 9 | |
| Increase in loans to joint ventures and associates | (1) | (61) | |
| Investments in joint ventures and associates | (15) | (9) | |
| Dividends received from joint ventures and associates | 2 | 9 | |
| Cash inflows from maturing short-term investments - deposits(b) | 1,910 | 1,900 | |
| Cash outflows on investing in short-term investments - deposits(b) | (1,771) | (2,432) | |
| (Investments in)/proceeds from other short-term investments(b) | (234) | 25 | |
| Proceeds from sale of other investments | 966 | 352 | |
| Purchase of other investments | (290) | (390) | |
| Interest received | 255 | 249 | |
| Cash inflows from derivative financial instruments | 29 | 5 | |
| Cash outflows from derivative financial instruments | (1) | (24) | |
| Net cash generated from/(used in) investing activities | (441) | (1,700) | |
| Cash flows generated from/(used in) financing activities | |||
| Own shares purchased for cancellation | 20 | (1,016) | (752) |
| Own shares purchased for share schemes, net of cash received from employees | 18 | (54) | (93) |
| Repayment of capital element of obligations under leases | (602) | (627) | |
| Cash outflows exceeding the incremental increase in assets in a property buyback | (92) | (62) | |
| Increase in borrowings | 462 | 1,232 | |
| Repayment of borrowings | (809) | (775) | |
| Cash inflows from derivative financial instruments | 485 | 98 | |
| Cash outflows from derivative financial instruments | (453) | (102) | |
| Dividends paid to equity owners | 8 | (864) | (778) |
| Net cash generated from/(used in) financing activities | (2,943) | (1,859) | |
| Net increase/(decrease) in cash and cash equivalents | (462) | 280 | |
| Cash and cash equivalents at the beginning of the year | 1,874 | 1,565 | |
| Effect of foreign exchange rate changes | (13) | 29 | |
| Cash and cash equivalents, including cash held in the disposal group, at the end of the year | 1,399 | 1,874 | |
| Less: Cash held in the disposal group | - | (346) | |
| Cash and cash equivalents at the end of the year | 13 | 1,399 | 1,528 |
| 52 weeks ended 22 February 2025 At constant exchange rates | Notes | UK & ROI £m | Central Europe £m | Continuing operations at constant exchange £m | Foreign exchange £m | Continuing operations at actual exchange £m |
| Revenue | 3 | 65,667 | 4,580 | 70,247 | (331) | 69,916 |
| Less: Fuel sales | (6,133) | (155) | (6,288) | 8 | (6,280) | |
| Sales | 59,534 | 4,425 | 63,959 | (323) | 63,636 | |
| Adjusted operating profit | 3,022 | 116 | 3,138 | (10) | 3,128 | |
| Adjusting items | 4 | (287) | (137) | (424) | 7 | (417) |
| Operating profit | 2,735 | (21) | 2,714 | (3) | 2,711 | |
| Adjusted operating margin | 4.6% | 2.5% | 4.5% | 4.5% |
| 52 weeks ended 22 February 2025 At actual exchange rates | Notes | UK & ROI £m | Central Europe £m | Continuing operations at actual exchange £m |
| Revenue | 3 | 65,583 | 4,333 | 69,916 |
| Less: Fuel sales | (6,133) | (147) | (6,280) | |
| Sales | 59,450 | 4,186 | 63,636 | |
| Adjusted operating profit | 3,016 | 112 | 3,128 | |
| Adjusting items | 4 | (287) | (130) | (417) |
| Operating profit | 2,729 | (18) | 2,711 | |
| Adjusted operating margin | 4.6% | 2.6% | 4.5% | |
| Share of post-tax profit/(loss) of joint ventures and associates | (4) | |||
| Finance income | 5 | 254 | ||
| Finance costs | 5 | (746) | ||
| Profit before tax | 2,215 |
| 52 weeks ended 24 February 2024 At actual exchange rates | Notes | UK & ROI (restated*) £m | Central Europe £m | Continuing operations at actual exchange £m |
| Revenue | 3 | 63,691 | 4,496 | 68,187 |
| Less: Fuel sales | (6,536) | (174) | (6,710) | |
| Sales | 57,155 | 4,322 | 61,477 | |
| Adjusted operating profit | 2,739 | 90 | 2,829 | |
| Adjusting items | 4 | 16 | (24) | (8) |
| Operating profit | 2,755 | 66 | 2,821 | |
| Adjusted operating margin | 4.3% | 2.0% | 4.1% | |
| Share of post-tax profit/(loss) of joint ventures and associates | 6 | |||
| Finance income | 5 | 267 | ||
| Finance costs | 5 | (805) | ||
| Profit before tax | 2,289 |
| 52 weeks ended 22 February 2025 | UK & ROI £m | Central Europe £m | Total segments £m |
| Capital expenditure (including acquisitions through business combinations): | |||
| Property, plant and equipment(a) | 1,264 | 98 | 1,362 |
| Goodwill and other intangible assets(b) | 332 | 10 | 342 |
| Depreciation and amortisation: | |||
| Property, plant and equipment | (850) | (87) | (937) |
| Right of use assets | (501) | (49) | (550) |
| Other intangible assets | (276) | (11) | (287) |
| 52 weeks ended 24 February 2024 | UK & ROI (restated(c)) £m | Central Europe £m | Total segments £m |
| Capital expenditure (including acquisitions through business combinations): | |||
| Property, plant and equipment(a) | 1,099 | 99 | 1,198 |
| Goodwill and other intangible assets(b) | 258 | 12 | 270 |
| Depreciation and amortisation: | |||
| Property, plant and equipment | (810) | (86) | (896) |
| Right of use assets | (497) | (46) | (543) |
| Other intangible assets | (243) | (12) | (255) |
| Continuing operations | Notes | 52 weeks 2025 £m | 52 weeks 2024 £m |
| UK | 53,619 | 51,718 | |
| ROI | 2,974 | 2,891 | |
| Booker | 8,990 | 9,082 | |
| UK & ROI | 2 | 65,583 | 63,691 |
| Hungary | 1,445 | 1,512 | |
| Czech Republic | 1,471 | 1,554 | |
| Slovakia | 1,417 | 1,430 | |
| Central Europe | 2 | 4,333 | 4,496 |
| Total Group | 2 | 69,916 | 68,187 |
| Cost of sales £m | Administrative expenses £m | Total adjusting items included within operating profit £m | Finance income/ (costs) £m | Taxation £m | Adjusting items included within discontinued operations £m | Total adjusting items £m | |
| Property transactions(a) | 1 | 1 | 2 | - | - | - | 2 |
| Net impairment (loss)/reversal of non-current assets(b) | (274) | (12) | (286) | - | 57 | - | (229) |
| Restructuring(c) | (38) | (5) | (43) | - | 11 | - | (32) |
| Amortisation of acquired intangible assets(d) | - | (76) | (76) | - | 19 | - | (57) |
| Banking operations disposal costs(e) | (8) | (6) | (14) | - | 4 | - | (10) |
| Net pensionfinance income/(costs)(f) | - | - | - | (32) | 8 | - | (24) |
| Fair value remeasurements of financial instruments(f) | - | - | - | 76 | (20) | - | 56 |
| Total adjusting items from continuing operations | (319) | (98) | (417) | 44 | 79 | - | (294) |
| Adjusting items relating to discontinued operations(g) | - | - | - | - | - | (65) | (65) |
| Total adjusting items | (319) | (98) | (417) | 44 | 79 | (65) | (359) |
| Cost of sales £m | Administrative expenses £m | Total adjusting items included within operating profit £m | Finance income/ (costs) £m | Taxation £m | Adjusting items included within discontinued operations £m | Total adjusting items £m | |
| Property transactions | 6 | 69 | 75 | - | (18) | - | 57 |
| Disposal of China associate in a prior year | - | 9 | 9 | - | 23 | - | 32 |
| Net impairment (loss)/reversal of non-current assets | 35 | (7) | 28 | - | 38 | - | 66 |
| Restructuring | (45) | (5) | (50) | - | 12 | - | (38) |
| Amortisation of acquired intangible assets | - | (74) | (74) | - | 18 | - | (56) |
| Disposal of subsidiary | - | 12 | 12 | - | - | - | 12 |
| Banking operations disposal costs | - | (8) | (8) | - | - | - | (8) |
| Net pension finance income/(costs) | - | - | - | (18) | 5 | - | (13) |
| Fair value remeasurements of financial instruments | - | - | - | 38 | (10) | - | 28 |
| Total adjusting items from continuing operations | (4) | (4) | (8) | 20 | 68 | - | 80 |
| Adjusting items relating to discontinued operations | - | - | - | - | - | (628) | (628) |
| Total adjusting items | (4) | (4) | (8) | 20 | 68 | (628) | (548) |
| Cash flows from operating activities | Cash flows from investing activities | Cash flows from financing activities | ||||||
| | 52 weeks 2025 £m | 52 weeks 2024 £m | 52 weeks 2025 £m | 52 weeks 2024 £m | 52 weeks 2025 £m | 52 weeks 2024 £m | ||
| Property transactions(a) | - | - | 130 | 53 | - | - | ||
| Disposal of subsidiaries(b) | - | - | - | 15 | - | - | ||
| Restructuring(c) | (55) | (100) | - | - | - | - | ||
| Disposal of China associate | - | - | - | 9 | - | - | ||
| Acquisition of property joint venture | - | - | - | 7 | - | - | ||
| Special dividend | - | - | - | - | - | (1) | ||
| Disposal of Banking operations(d) | (26) | - | 586 | - | - | - | ||
| Total adjusting items from continuing operations | (81) | (100) | 716 | 84 | - | (1) | ||
| Adjusting items relating to discontinued operations(e) | - | (1) | (429) | - | - | - | ||
| Total | (81) | (101) | 287 | 84 | - | (1) | ||
| Continuing operations | Notes | 52 weeks 2025 £m | 52 weeks 2024 £m |
| Finance income | |||
| Interest income on bank balances | 113 | 133 | |
| Interest income on short-term investments | 119 | 117 | |
| Interest income on loans to joint ventures and associates | 7 | 2 | |
| Interest income on other investments | 12 | 12 | |
| Interest income on net investment in leases | 1 | 2 | |
| Finance income on reinsurance contracts held | 2 | 1 | |
| Total finance income | 254 | 267 | |
| Finance costs | |||
| GBP MTNs and loans | (204) | (190) | |
| EUR MTNs | (82) | (113) | |
| USD bonds | (16) | (15) | |
| Interest expense on lease liabilities* | (370) | (373) | |
| Finance expense on insurance contracts issued | (11) | (7) | |
| Interest expense on bank overdrafts | (97) | (116) | |
| Undrawncommittedfacilityfee | (5) | (5) | |
| Unwindofdiscountonprovision | (5) | (6) | |
| Total finance costs before adjusting items | (790) | (825) | |
| Fair value remeasurements of financial instruments | 76 | 38 | |
| Net pension finance income/(costs) | 19 | (32) | (18) |
| Total finance costs | (746) | (805) | |
| Net finance costs | (492) | (538) |
| Continuing operations | 52 weeks 2025 £m | 52 weeks 2024 £m |
| Current tax (credit)/charge | ||
| UK corporation tax | 394 | 351 |
| Overseas tax | 88 | 71 |
| Adjustments in respect of prior years | (18) | (29) |
| 464 | 393 | |
| Deferred tax (credit)/charge | ||
| Origination and reversal of temporary differences | 137 | 133 |
| Adjustments in respect of prior years | 6 | (4) |
| Change in tax rate | 4 | 3 |
| 147 | 132 | |
| Total income tax (credit)/charge | 611 | 525 |
| Continuing operations | 52 weeks 2025 £m | 52 weeks 2024 £m |
| Profit/(loss) before tax | 2,215 | 2,289 |
| Tax credit/(charge) at the UK corporation tax rate of 25% (2024: 24.45%) | (554) | (560) |
| Effect of: | ||
| Non-qualifying depreciation | (41) | (39) |
| Expenses not deductible | (20) | (24) |
| Property items taxed on a different basis to accounting entries | - | 6 |
| Net impairment (loss)/reversal of non-current assets | (8) | 46 |
| Unrecognised tax losses | (3) | - |
| Differences in overseas taxation rates | 11 | 15 |
| Adjustments in respect of prior years | 12 | 33 |
| Share of profits/(losses) of joint ventures and associates | (1) | 2 |
| Change in tax rate | (4) | (3) |
| Irrecoverable withholding tax | (3) | (1) |
| Total income tax credit/(charge) | (611) | (525) |
| Effective tax rate (statutory) | 27.6% | 22.9% |
| Continuing operations | 52 weeks 2025 £m | 52 weeks 2024 £m |
| Profit/(loss) before tax | 2,215 | 2,289 |
| Exclude: Adjusting items | 373 | (12) |
| Adjusted profit before tax | 2,588 | 2,277 |
| Tax credit/(charge) at the UK corporation tax rate of25% (2024: 24.45%) | (647) | (557) |
| Effect of: | ||
| Non-qualifying depreciation | (41) | (39) |
| Expenses not deductible | (21) | (23) |
| Unrecognised tax losses | (3) | - |
| Differences in overseas taxation rates | 20 | 19 |
| Adjustments in respect of prior years | 12 | 10 |
| Share of profits/(losses) of joint ventures and associates | (1) | 2 |
| Change in tax rate | (6) | (4) |
| Irrecoverable withholding tax | (3) | (1) |
| Total income tax credit/(charge) before adjusting items | (690) | (593) |
| Adjusted effective tax rate | 26.7% | 26.0% |
| Continuing operations | Property-related items(a) £m | Acquired intangibles £m | Post- employment benefits(b) £m | Share-based payments £m | Short-term timing differences £m | Tax losses £m | Financial instruments £m | Total £m |
| At 25 February 2023 | (434) | (95) | 255 | 39 | 63 | 146 | (9) | (35) |
| (Charge)/credit to the Group income statement | (85) | 18 | 2 | - | 11 | (73) | (5) | (132) |
| (Charge)/credit to the Group statement of changes in equity | - | - | - | 10 | - | - | - | 10 |
| (Charge)/credit to the Group statement of comprehensive income/(loss) | - | - | (95) | - | - | - | (8) | (103) |
| Discontinued operations | 27 | - | - | - | - | - | (3) | 24 |
| Foreign exchange and other movements | (1) | - | - | - | - | - | - | (1) |
| At 24 February 2024 | (493) | (77) | 162 | 49 | 74 | 73 | (25) | (237) |
| (Charge)/credit to the Group income statement | (100) | 19 | 2 | (5) | 8 | (68) | (3) | (147) |
| (Charge)/credit to the Group statement of changes in equity | - | - | - | 22 | - | - | - | 22 |
| (Charge)/credit to the Group statement of comprehensive income/(loss) | - | - | (93) | - | - | - | 4 | (89) |
| Acquisition | - | (5) | - | - | - | - | - | (5) |
| At 22 February 2025 | (593) | (63) | 71 | 66 | 82 | 5 | (24) | (456) |
| 2025 | 2024 | ||||
| Other* £m | Banking operations £m | Other* £m | Total £m | ||
| Assets of the disposal group | - | 7,698 | - | 7,698 | |
| Non-current assetsclassified as held for sale | 50 | - | 85 | 85 | |
| Total assets of the disposal group and non-current assets classified as held for sale | 50 | 7,698 | 85 | 7,783 | |
| Liabilities of the disposal group | - | (7,122) | - | (7,122) | |
| Total net assets of the disposal group and non-current assets classified asheldforsale | 50 | 576 | 85 | 661 | |
| 2025 Banking operations | 2024 Banking operations | ||
| £m | £m | ||
| Revenue | 547 | 710 | |
| Operating costs | (448) | (637) | |
| Operating profit(a) | 99 | 73 | |
| Net finance costs | (1) | (6) | |
| Profit before tax | 98 | 67 | |
| Taxation | (24) | (19) | |
| Profit after tax | 74 | 48 | |
| Remeasurement of the disposal group to fair value less costs to sell(a)(b) | (64) | (732) | |
| Tax on remeasurement of the disposal group to fair value less costs to sell(c) | 16 | 112 | |
| Profit after tax of discontinued operations | 26 | (572) |
| 2025 | |
| £m | |
| Gross proceeds | 614 |
| Costs to sell* | (28) |
| Proceeds less costs to sell | 586 |
| Net book value of assets disposed | |
| Loans and advances to customers | (8,071) |
| Derivative financial instruments | (34) |
| Trade and other receivables | (87) |
| Cash and cash equivalents | (429) |
| Trade and other payables | 38 |
| Borrowings | 550 |
| Provisions | 17 |
| Lease liabilities | 15 |
| Deposits from customers | 6,926 |
| Derivative financial instruments | 14 |
| Excess loss on remeasurement of the disposal group | 475 |
| Net book value of assets disposed | (586) |
| Profit/(loss) on disposal of Banking operations | - |
| 2025 | 2024 | ||
| £m | £m | ||
| Net cash flows from operating activities | 171 | 162 | |
| Net cash flows from investing activities | (436) | (22) | |
| Net cash flows from financing activities | (2) | 548 | |
| Net cash flows from discontinued operations | (267) | 688 |
| 2025 | 2024 | ||||
| Pence/share | £m | Pence/share | £m | ||
| Paid prior financial year final dividend(a) | 8.25 | 576 | 7.05 | 506 | |
| Paid interim dividend(b) | 4.25 | 289 | 3.85 | 271 | |
| Amounts recognised through equity as distributions to owners | 12.50 | 865 | 10.90 | 777 | |
| (Increase)/decrease in unclaimed dividends | - | (1) | - | - | |
| Paid 2021 special dividend | - | - | 50.93 | 1 | |
| Dividends paid in the financial year | 864 | 778 | |||
| Proposed final dividend at financial year end | 9.45 | 637 | 8.25 | 581 | |
| 52 weeks ended 22 February 2025 | 52 weeks ended 24 February 2024 | ||||||
| Basic | Dilutive share options and awards | Diluted | Basic | Dilutive share options and awards | Diluted | ||
| Profit/(loss) (£m) | |||||||
| Continuing operations* | 1,600 | - | 1,600 | 1,760 | - | 1,760 | |
| Discontinued operations | 26 | - | 26 | (572) | - | (572) | |
| Total | 1,626 | - | 1,626 | 1,188 | - | 1,188 | |
| Weighted average number of shares (millions) | 6,835 | 83 | 6,918 | 7,097 | 79 | 7,176 | |
| Earnings/(losses) per share (pence) | |||||||
| Continuing operations | 23.41 | (0.28) | 23.13 | 24.80 | (0.27) | 24.53 | |
| Discontinued operations | 0.38 | - | 0.38 | (8.06) | 0.09 | (7.97) | |
| Total | 23.79 | (0.28) | 23.51 | 16.74 | (0.18) | 16.56 | |
| Continuing operations | Notes | 52 weeks 2025 | 52 weeks 2024 |
| Profit before tax (£m) | 2,215 | 2,289 | |
| Exclude: Adjusting items (£m) | 4 | 373 | (12) |
| Adjusted profit before tax (£m) | 2,588 | 2,277 | |
| Adjusted profit before tax attributable to the owners of the parent (£m)* | 2,584 | 2,273 | |
| Taxation on adjusted profit before tax attributable to the owners of the parent (£m) | 6 | (690) | (593) |
| Adjusted profit after tax attributable to the owners of the parent (£m) | 1,894 | 1,680 | |
| Basic weighted average number of shares (millions) | 6,835 | 7,097 | |
| Adjusted basic earnings per share (pence) | 27.71 | 23.67 | |
| Diluted weighted average number of shares (millions) | 6,918 | 7,176 | |
| Adjusted diluted earnings per share APM (pence) | 27.38 | 23.41 |
| 2025 | 2024 | ||||||
| | Land and buildings(a) £m | Other(b) £m | Total £m | Land and buildings(a) £m | Other(b) £m | Total £m | |
| Net carrying value | |||||||
| Opening balance | 14,997 | 2,224 | 17,221 | 14,870 | 1,992 | 16,862 | |
| Foreign currency translation | (77) | (14) | (91) | (124) | (21) | (145) | |
| Additions(c)(d) | 504 | 857 | 1,361 | 445 | 753 | 1,198 | |
| Acquired through business combinations | - | 1 | 1 | - | - | - | |
| Reclassification | (2) | 2 | - | 11 | (7) | 4 | |
| Transfers (to)/from assets classified as held for sale | (34) | - | (34) | 103 | 5 | 108 | |
| Transfer to disposal group classified as held for sale | - | - | - | (1) | (3) | (4) | |
| Disposals | (70) | (12) | (82) | (17) | (11) | (28) | |
| Depreciation charge for the year | (464) | (473) | (937) | (449) | (450) | (899) | |
| Impairment losses(e) | (292) | (119) | (411) | (236) | (95) | (331) | |
| Reversal of Impairment losses(e) | 197 | 37 | 234 | 395 | 61 | 456 | |
| Closing balance | 14,759 | 2,503 | 17,262 | 14,997 | 2,224 | 17,221 | |
| Construction in progress included above(f) | 155 | 361 | 516 | 109 | 280 | 389 | |
| 2025 | 2024 | ||||||
| | Land and buildings £m | Other £m | Total £m | Land and buildings £m | Other £m | Total £m | |
| Net carrying value | |||||||
| Opening balance | 5,365 | 113 | 5,478 | 5,387 | 113 | 5,500 | |
| Additions (including sale and leaseback transactions) | 476 | 66 | 542 | 305 | 39 | 344 | |
| Acquired through business combinations | 5 | - | 5 | - | - | - | |
| Depreciation charge for the year | (512) | (38) | (550) | (508) | (36) | (544) | |
| Impairment losses(a) | (223) | (2) | (225) | (213) | (1) | (214) | |
| Reversal of impairment losses(a) | 130 | - | 130 | 131 | - | 131 | |
| Derecognition on acquisition of property joint venture | - | - | - | (17) | - | (17) | |
| Transfer to disposal group classified as held for sale | - | - | - | (9) | - | (9) | |
| Other movements(b) | 190 | (1) | 189 | 289 | (2) | 287 | |
| Closing balance | 5,431 | 138 | 5,569 | 5,365 | 113 | 5,478 |
| 2025 £m | 2024 £m | |
| Current | 618 | 584 |
| Non-current | 7,098 | 7,038 |
| Total lease liabilities | 7,716 | 7,622 |
| Total undiscounted lease payments | 10,876 | 10,757 |
| | UK & ROI | Central Europe | Total | Net | ||||||
| 52 weeks ended 22 February 2025 | Impairment loss £m | Impairment reversal £m | Impairment loss £m | Impairment reversal £m | Impairment loss £m | Impairment reversal £m | Impairment (loss)/reversal £m | |||
| Group balance sheet | ||||||||||
| Other intangible assets | (35) | 8 | - | - | (35) | 8 | (27) | |||
| Property, plant and equipment | (336) | 233 | (75) | 1 | (411) | 234 | (177) | |||
| Right of use assets | (165) | 125 | (60) | 5 | (225) | 130 | (95) | |||
| Investment property | - | 1 | - | - | - | 1 | 1 | |||
| Total impairment (loss)/reversal of other non-current assets | (536) | 367 | (135) | 6 | (671) | 373 | (298) | |||
| Group income statement | ||||||||||
| Cost of sales(a) | (517) | 360 | (134) | 5 | (651) | 365 | (286) | |||
| Administrative expenses(b) | (19) | 7 | (1) | 1 | (20) | 8 | (12) | |||
| Total impairment (loss)/reversal from continuing operations | (536) | 367 | (135) | 6 | (671) | 373 | (298) | |||
| UK & ROI | Central Europe | Total | Net | |||||||
| 52 weeks ended 24 February 2024 | Impairment loss £m | Impairment reversal £m | Impairment loss £m | Impairment reversal £m | Impairment loss £m | Impairment reversal £m | Impairment (loss)/reversal £m | |||
| Group balance sheet | ||||||||||
| Other intangible assets | (26) | 13 | - | - | (26) | 13 | (13) | |||
| Property, plant and equipment | (306) | 449 | (25) | 7 | (331) | 456 | 125 | |||
| Right of use assets | (187) | 122 | (27) | 9 | (214) | 131 | (83) | |||
| Investment property | - | - | (1) | - | (1) | - | (1) | |||
| Total impairment (loss)/reversal of other non-current assets | (519) | 584 | (53) | 16 | (572) | 600 | 28 | |||
| Group income statement | ||||||||||
| Cost of sales(a) | (518) | 584 | (46) | 15 | (564) | 599 | 35 | |||
| Administrative expenses(b) | (1) | - | (7) | 1 | (8) | 1 | (7) | |||
| Total impairment (loss)/reversal from continuing operations | (519) | 584 | (53) | 16 | (572) | 600 | 28 | |||
| UK | ||
| 2025 % | 2024 % | |
| Pre-tax discount rates | 9.1 | 8.6 |
| Post-tax discount rates | 6.8 | 6.4 |
| Long-term growth rates | 2.0 | 2.0 |
| UK & ROI | Central Europe | ||||
| 2025 % | 2024 % | 2025 % | 2024 % | ||
| Pre-tax discount rates | 8.2-9.1 | 7.8-8.5 | 8.9-12.9 | 8.2-12.6 | |
| Post-tax discount rates | 6.8-7.2 | 6.4-6.8 | 7.0-8.5 | 6.5-8.3 | |
| Long-term growth rates | 2.0 | 2.0 | 2.0-3.0 | 1.8-3.1 | |
| (a) | Neither a reasonably possible increase of 1.0%pt in discount rates, a 5.0% decrease in future cash flows nor a 0.5%pt decrease in long-term growth rates wouldindicate impairment in the goodwill carrying values that are significant compared to the Group's total goodwill. |
| (b) | While there is not a significant risk of an adjustment to the carrying amount of any one store cash-generating unit that would be material to the Group as a whole in the next financial year, the table below summarises the reasonably possible changes in key assumptions which most impact the impairment of the Group's entire portfolio of store cash-generating units, presented in aggregate due to the large number of individually immaterial store cash-generating units. For the probability-weighted cash flow scenarios, the impairment is most sensitive to the downside scenario relating to geopolitical and global supply issues (weighting 6.5%).Impairment is not highly sensitive to the climate or upside scenarios. The reasonably possible change below applies the corresponding change to the base scenario. |
| Key assumption | Reasonably possible change | Impact on impairment | 2025 £m |
| Post-tax discount rates* | Increase of 1.0%pt for each geographic region | Increase | (342) |
| | Decrease of 1.0%pt for each geographic region | Decrease | 316 |
| Future cash flows | Increase of 5.0% for each geographic region | Decrease | 138 |
| | Decrease of 5.0% for each geographic region | Increase | (142) |
| Long-term growth rates | Increase of 0.5%pt for each geographic region | Decrease | 94 |
| | Decrease of 0.5%pt for each geographic region | Increase | (92) |
| Property fair values | Increase of 10.0% for each geographic region | Decrease | 190 |
| | Decrease of 10.0% for each geographic region | Increase | (200) |
| Geopolitical and global supply downside scenario weighting | Increase of 5.0%pt for each geographic region | Increase | (127) |
| Decrease of 2.5%pt for each geographic region | Decrease | 63 |
| 2025 £m | 2024 £m | |
| Cash at bank and on hand | 2,190 | 2,300 |
| Short-term deposits | 65 | 40 |
| Cash and cash equivalents in the Group balance sheet | 2,255 | 2,340 |
| Bank overdrafts | (856) | (812) |
| Cash and cash equivalents in the Group cash flow statement | 1,399 | 1,528 |
| 2025 £m | 2024 £m | |
| Money market funds, deposits and similar instruments | 2,223 | 2,128 |
| 2025 £m | 2024 £m | |
| Current assets | ||
| Inventories | (14) | (12) |
| Trade and other receivables | ||
| Trade/other receivables | 110 | 86 |
| Accrued income | 142 | 136 |
| Current liabilities | ||
| Trade and other payables | ||
| Trade payables | 173 | 138 |
| 2025 £m | 2024 £m | ||||
| Bank loans and overdrafts | 882 | 838 | |||
| Borrowings | 979 | 698 | |||
| 1,861 | 1,536 |
| 2025 £m | 2024 £m | ||||
| Borrowings | 5,089 | 5,683 |
| 2025 | 2024 | ||||||
| | Insurance contract liabilities £m | Reinsurance contracts held £m | Net (liabilities)/ assets £m | Insurance contract liabilities £m | Reinsurance contracts held(a) £m | Net (liabilities)/ assets(a) £m | |
| (Liabilities)/assets for remaining coverage | (270) | 181 | (89) | (260) | 168 | (92) | |
| (Liabilities)/assets for incurred claims | (382) | (57) | (439) | (266) | (43) | (309) | |
| (652) | 124 | (528) | (526) | 125 | (401) | ||
| Contracts measured under premium allocation approach (PAA) | (510) | 71 | (439) | (364) | 62 | (302) | |
| Contracts not measured under PAA(b) | (142) | 53 | (89) | (162) | 63 | (99) | |
| (652) | 124 | (528) | (526) | 125 | (401) | ||
| At 22 February 2025 | At 24 February 2024 | |||||||||
| | Present value of future cash flows £m | Risk adjustment £m | CSM £m | Total £m | Present value of future cash flows £m | Risk adjustment £m | CSM £m | Total £m | ||
| Insurance contract liabilities | (557) | (24) | (71) | (652) | (437) | (16) | (73) | (526) | ||
| Reinsurance contract assets | 83 | 7 | 34 | 124 | 95 | 6 | 24 | 125 | ||
| Net (liabilities)/assets | (474) | (17) | (37) | (528) | (342) | (10) | (49) | (401) | ||
| | 22 February 2025 | 24 February 2024 | ||||
| | Level | Carrying value £m | Fair value(a) £m | Carrying value £m | Fair value(a) £m | |
| Financial assets measured at amortised cost | ||||||
| Investments in debt instruments at amortised cost(b)(c) | 1 and 2 | 196 | 201 | 1,033 | 838 | |
| Joint ventures and associates loan receivables | 2 | 97 | 105 | 96 | 97 | |
| Financial liabilities measured at amortised cost | ||||||
| Borrowings | ||||||
| Amortised cost | 1 | (4,916) | (4,651) | (5,067) | (4,794) | |
| Bonds in fair value hedge relationships | 1 | (2,034) | (2,088) | (2,152) | (2,211) | |
| At 22 February 2025 | Level 1 £m | Level 2 £m | Level 3 £m | Total £m |
| Assets | ||||
| Investments at fair value through other comprehensive income | 855 | - | 19 | 874 |
| Short-term investments at fair value through profit or loss | 1,386 | - | - | 1,386 |
| Cash and cash equivalents at fair value through profit or loss | - | 61 | - | 61 |
| Other investments at fair value through profit or loss | - | - | 15 | 15 |
| Derivative financial instruments: | ||||
| Interest rate swaps | - | - | 24 | 24 |
| Cross-currency swaps | - | - | 138 | 138 |
| Index-linked swaps | - | - | 646 | 646 |
| Foreign currency forward contracts | - | 27 | - | 27 |
| Total assets | 2,241 | 88 | 842 | 3,171 |
| Liabilities | ||||
| Derivative financial instruments: | ||||
| Interest rate swaps | - | - | (74) | (74) |
| Cross-currency swaps | - | - | (130) | (130) |
| Foreign currency forward contracts | - | (11) | - | (11) |
| Diesel forward contracts | - | (2) | - | (2) |
| Total liabilities | - | (13) | (204) | (217) |
| Net assets | 2,241 | 75 | 638 | 2,954 |
| At 24 February 2024 | Level 1 £m | Level 2 £m | Level 3 £m | Total £m |
| Assets | ||||
| Investments at fair value through other comprehensive income | 682 | - | 19 | 701 |
| Short-term investments at fair value through profit or loss | 889 | - | - | 889 |
| Cash and cash equivalents at fair value through profit or loss | - | 35 | - | 35 |
| Other investments at fair value through profit or loss | - | - | 18 | 18 |
| Derivative financial instruments: | ||||
| Interest rate swaps | - | 29 | 15 | 44 |
| Cross-currency swaps | - | - | 182 | 182 |
| Index-linked swaps | - | - | 583 | 583 |
| Foreign currency forward contracts | - | 25 | - | 25 |
| Diesel forward contracts | - | 2 | - | 2 |
| Total assets | 1,571 | 91 | 817 | 2,479 |
| Liabilities | ||||
| Derivative financial instruments: | ||||
| Interest rate swaps | - | (9) | (96) | (105) |
| Cross-currency swaps | - | - | (139) | (139) |
| Foreign currency forward contracts | - | (20) | - | (20) |
| Diesel forward contracts | - | (2) | - | (2) |
| Total liabilities | - | (31) | (235) | (266) |
| Net assets | 1,571 | 60 | 582 | 2,213 |
| | 2025 | 2024 | |||
| | Uncollateralised derivatives £m | Unlisted investments £m | Uncollateralised derivatives £m | Unlisted investments £m | |
| At the beginning of the year | 545 | 37 | 379 | 34 | |
| Gains/(losses) recognised in finance costs(a) | (14) | (1) | 9 | (2) | |
| Gains/(losses) recognised in other comprehensive income not reclassified to the income statement | - | 4 | - | - | |
| Gains/(losses) recognised in other comprehensive income that may subsequently be reclassified to the income statement | 35 | - | 15 | - | |
| Impairment recognised in cost of sales | - | (10) | - | - | |
| Additions | - | 5 | - | 5 | |
| Settlements | 38 | - | - | - | |
| Transfers of assets into Level 3(b) | - | - | 142 | - | |
| Transfer of assets from Level 3(c) | - | (1) | - | - | |
| At the end of the year | 604 | 34 | 545 | 37 | |
| 2025 £m | 2024 £m | ||
| Income statement | |||
| Equity-settled share-based payment charge(a) | 119 | 123 | |
| Cash-settled National Insurance contributions(b) | 17 | 5 | |
| 136 | 128 |
| 2025 £m | 2024 £m | ||
| Share-based payment charge included in operating profit/(loss) | (136) | (128) | |
| Share-based payments non-cash movement | 37 | 78 | |
| Increase/(decrease) in trade and other payables* | 99 | 50 | |
| Included in Group operating cash flows | - | - | |
| Cash paid to purchase own shares including related fees and taxes | (123) | (146) | |
| Cash received from employees exercising SAYE options | 69 | 53 | |
| Included in Group financing cash flows | (54) | (93) |
| | Net defined benefit surplus/(deficit) | |||
| | 2025 £m | 2024 £m | ||
| Opening balance | (631) | (391) | ||
| Current service cost | (17) | (15) | ||
| Finance income/(cost) | (32) | (18) | ||
| Included in the Group income statement | (49) | (33) | ||
| | ||||
| Remeasurement gain/(loss): | ||||
| Financial assumptions gain/(loss) | 981 | 720 | ||
| Demographic assumptions gain/(loss) | 17 | 261 | ||
| Experience gain/(loss) | (62) | (182) | ||
| Return on plan assets excluding finance income | (550) | (1,050) | ||
| Foreign currency translation | (1) | - | ||
| Included in the Group statement of comprehensive income/(loss) | 385 | (251) | ||
| | ||||
| Employer contributions | 17 | 15 | ||
| Additional employer contributions | 23 | 24 | ||
| Benefits paid | 7 | 5 | ||
| Other movements | 47 | 44 | ||
| Closing balance | (248) | (631) | ||
| Withholding tax on surplus(a) | (3) | (4) | ||
| Closing balance, net of withholding tax | (251) | (635) | ||
| Consisting of: | ||||
| Schemes in deficit | (307) | (657) | ||
| Schemes in surplus(b) | 56 | 22 | ||
| Deferred tax asset/(liability)(c) | 71 | 162 | ||
| Surplus/(deficit) in schemes at the end of the period, net of deferredtax | (180) | (473) | ||
| | 2025 % | 2024 % |
| Discount rate | 5.7 | 5.1 |
| Price inflation | 3.0 | 2.9 |
| Rate of increase in deferred pensions* | 2.6 | 2.5 |
| Rate of increase in pensions in payment* | ||
| Benefits accrued before 1 June 2012 | 2.9 | 2.8 |
| Benefits accrued after 1 June 2012 | 2.6 | 2.5 |
| | 2025 | 2024 | |||
| Financial assumptions - Increase/(decrease) in UK defined benefit obligation | Discount rate £m | Inflation rate £m | Discount rate £m | Inflation rate £m | |
| Impact of 0.1% increase of the assumption | (157) | 146 | (191) | 167 | |
| Impact of 0.1% decrease of the assumption | 168 | (135) | 191 | (167) | |
| Impact of 1.0% increase of the assumption | (1,459) | 1,492 | (1,686) | 1,770 | |
| Impact of 1.0% decrease of the assumption | 1,829 | (1,279) | 2,153 | (1,483) | |
| Mortality assumptions - Increase/(decrease) in UK defined benefit obligation | 2025 £m | 2024 £m |
| Impact of 1 year increase in longevity | 292 | 335 |
| Impact of 1 year decrease in longevity | (325) | (371) |
| 2025 | 2024 | |||
| Ordinary shares of 6⅓p each | Ordinary shares of 6⅓p each | |||
| Number | £m | Number | £m | |
| Allotted, called-up and fully paid: | ||||
| At the beginning of the financial period | 7,038,930,440 | 445 | 7,318,341,195 | 463 |
| Shares cancelled | (302,088,678) | (19) | (279,410,755) | (18) |
| At the end of the financial period | 6,736,841,762 | 426 | 7,038,930,440 | 445 |
| Notes | Capital redemption reserve £m | Hedging reserve £m | Translation reserve £m | Own shares held* £m | Merger reserve £m | Insurance finance reserve £m | Total £m | |
| At 24 February 2024 | 61 | 75 | 206 | (315) | 3,090 | 14 | 3,131 | |
| Other comprehensive income/(loss) | ||||||||
| Retranslation of net assets of overseas subsidiaries, joint ventures and associates | - | - | (89) | - | - | - | (89) | |
| Impact of net investment hedges | - | - | 33 | - | - | - | 33 | |
| Gains/(losses) on cash flow hedges | - | 40 | - | - | - | - | 40 | |
| Cash flow hedges reclassified and reported in the Group income statement | - | (69) | - | - | - | - | (69) | |
| Finance income/(expenses) from reinsurance contracts held | - | - | - | - | - | 1 | 1 | |
| Tax relating to components of other comprehensive income | 6 | - | 7 | - | - | - | - | 7 |
| Total other comprehensive income/(loss) | - | (22) | (56) | - | - | 1 | (77) | |
| Transfer from translation reserve to retained earnings | - | - | 36 | - | - | - | 36 | |
| Inventory cash flow hedge movements | ||||||||
| (Gains)/losses transferred to the cost of inventory | - | (4) | - | - | - | - | (4) | |
| Total inventory cash flow hedge movements | - | (4) | - | - | - | - | (4) | |
| Transactions with owners | ||||||||
| Own shares purchased for cancellation | - | - | - | (1,016) | - | - | (1,016) | |
| Own shares cancelled | 19 | - | - | 1,016 | - | - | 1,035 | |
| Own shares purchased for share schemes | - | - | - | (204) | - | - | (204) | |
| Share-based payments | 18 | - | - | - | 239 | - | - | 239 |
| Total transactions with owners | 19 | - | - | 35 | - | - | 54 | |
| At 22 February 2025 | 80 | 49 | 186 | (280) | 3,090 | 15 | 3,140 |
| Notes | Capital redemption reserve £m | Hedging reserve £m | Translation reserve £m | Own shares held* £m | Merger reserve £m | Insurance finance reserve £m | Total £m | |
| At 25 February 2023 | 43 | 27 | 322 | (359) | 3,090 | 16 | 3,139 | |
| Other comprehensive income/(loss) | ||||||||
| Retranslation of net assets of overseas subsidiaries, joint ventures and associates | - | - | (157) | - | - | - | (157) | |
| Impact of net investment hedges | - | - | 41 | - | - | - | 41 | |
| Gains/(losses) on cash flow hedges | - | (14) | - | - | - | - | (14) | |
| Cash flow hedges reclassified and reported in the Group income statement | - | (56) | - | - | - | - | (56) | |
| Finance income/(expenses) from insurance contracts issued | - | - | - | - | - | (4) | (4) | |
| Finance income/(expenses) from reinsurance contracts held | - | - | - | - | - | 1 | 1 | |
| Tax relating to components of other comprehensive income | 6 | - | (5) | - | - | - | 1 | (4) |
| Total other comprehensive income/(loss) | - | (75) | (116) | - | - | (2) | (193) | |
| Transfer from hedging reserve to retained earnings | - | 44 | - | - | - | - | 44 | |
| Inventory cash flow hedge movements | ||||||||
| (Gains)/losses transferred to the cost of inventory | - | 79 | - | - | - | - | 79 | |
| Total inventory cash flow hedge movements | - | 79 | - | - | - | - | 79 | |
| Transactions with owners | ||||||||
| Own shares purchased for cancellation | - | - | - | (752) | - | - | (752) | |
| Own shares cancelled | 18 | - | - | 752 | - | - | 770 | |
| Own shares purchased for share schemes | - | - | - | (140) | - | - | (140) | |
| Share-based payments | 18 | - | - | - | 184 | - | - | 184 |
| Total transactions with owners | 18 | - | - | 44 | - | - | 62 | |
| At 24 February 2024 | 61 | 75 | 206 | (315) | 3,090 | 14 | 3,131 |
| | Joint ventures | Associates | ||
| 2025 £m | 2024 £m | 2025 £m | 2024 £m | |
| Sales to related parties | 645 | 606 | - | - |
| Purchases from related parties | 109 | 126 | - | - |
| Dividends received | 2 | 9 | - | - |
| Injection of equity funding | 10 | 9 | 5 | - |
| | Joint ventures | Associates | ||
| 2025 £m | 2024 £m | 2025 £m | 2024 £m | |
| Amounts owed to related parties | (7) | (7) | - | - |
| Amounts owed by related parties | 57 | 80 | - | - |
| Lease liabilities payable to related parties(a) | (1,840) | (1,844) | - | - |
| Loans to related parties(b) | 97 | 96 | - | - |
| 2025 | 2024 | ||
| £m | £m | ||
| Borrowings, excluding overdrafts | (6,094) | (6,407) | |
| Lease liabilities | (7,716) | (7,622) | |
| Net financing derivatives | 602 | 544 | |
| Liabilities from financing activities | (13,208) | (13,485) | |
| Cash and cash equivalents in the balance sheet | 2,255 | 2,340 | |
| Overdrafts(a) | (856) | (812) | |
| Cash and cash equivalents (including overdrafts) in the cash flow statement | 1,399 | 1,528 | |
| Short-term investments | 2,223 | 2,128 | |
| Joint venture loans | 97 | 96 | |
| Interest and other receivables | 19 | 23 | |
| Net operating and investing derivatives | 16 | 26 | |
| Net debt APM(b) | (9,454) | (9,684) |
| Borrowings, excluding overdrafts £m | Lease liabilities £m | Net financing derivative financial instruments(a) £m | Share purchase obligations(b) £m | Liabilities from Group financing activities(a) £m | |
| At 24 February 2024 | (6,407) | (7,622) | 544 | - | (13,485) |
| Cash flows arising from financing activities | 347 | 600 | (32) | 1,016 | 1,931 |
| Cash flows arising from operating activities: | |||||
| Interest paid | 210 | 377 | 85 | - | 672 |
| Non-cash movements: | |||||
| Fair value gains/(losses) | (92) | - | 96 | - | 4 |
| Foreign exchange | 58 | 25 | - | - | 83 |
| Interest income/(charge) | (210) | (377) | (91) | - | (678) |
| Acquisitions and disposals | - | (5) | - | - | (5) |
| Lease additions, terminations, modifications and reassessments | - | (714) | - | - | (714) |
| Share purchase agreements | - | - | - | (1,016) | (1,016) |
| At 22 February 2025 | (6,094) | (7,716) | 602 | - | (13,208) |
| Borrowings, excluding overdrafts £m | Lease liabilities £m | Net financing derivatives financial instruments(a) £m | Share purchase obligations(b) £m | Liabilities from Group financing activities(a) £m | |
| At 25 February 2023 | (6,451) | (7,727) | 472 | (55) | (13,761) |
| Cash flows arising from financing activities | (457) | 627 | 4 | 807 | 981 |
| Cash flows arising from operating activities: | |||||
| Interest paid(c) | 192 | 373 | 125 | - | 690 |
| Non-cash movements: | |||||
| Fair value gains/(losses) | (124) | - | 50 | - | (74) |
| Foreign exchange | 101 | 46 | - | - | 147 |
| Interest income/(charge)(c) | (217) | (373) | (108) | - | (698) |
| Acquisitions and disposals | - | 3 | - | - | 3 |
| Lease additions, terminations, modifications and reassessments | - | (588) | - | - | (588) |
| Share purchase agreements | - | - | - | (752) | (752) |
| Transfer to disposal group | 549 | 17 | 1 | - | 567 |
| At 24 February 2024 | (6,407) | (7,622) | 544 | - | (13,485) |
| APM | Closest equivalent IFRS measure | Adjustments to reconcile to IFRS measure | Definition and purpose | |
| Income statement | ||||
| Revenue measures | | | | |
| Sales | Revenue | Fuel sales | - Excludes the impact of fuel sales made at petrol filling stations. This removes volatilities outside of the control of management, associated with the movement in fuel prices. - This measure is presented on a country, segmental and Group continuing operations basis. - This is a key management incentive metric. | |
| Growth in sales | No direct equivalent | Ratio N/A | - Growth in sales is a ratio that measures year-on-year movement in Group sales for continuing operations for 52 weeks ended 22 February 2025 (52 weeks ended 24 February 2024). It shows the annual rate of increase in the Group's sales and is considered a good indicator of how rapidly the Group's core business is growing. - This measure is presented at both actual and constant foreign exchange rates. | |
| Like-for-like (LFL) sales growth | No direct equivalent | Ratio N/A | - LFLsalesgrowthisameasureofgrowthinGrouponlinesalesandsalesfromstoresthathavebeenopenforatleastayear(butexcludesprioryearsalesofstoresclosedduringtheyear)atconstantforeignexchangerates. - Itexcludesrevenuefromdunnhumby,Insurance and Money Services as this revenue is not directly linked to the sale of goods. - It is a widely used indicator of a retailer's current trading performance and is important when comparing growth between retailers that have different profiles of expansion, disposals and closures. | |
| Profit measures | ||||
| Adjusted operating profit | Operating profit from continuing operations(a) | Adjusting items(b) | - Adjusted operating profit is the headline measure of the Group's performance, based on operating profit from continuing operations before the impact of adjusting items. Refer to the APM Purpose section of the Glossary for further information on adjusting items. - Amortisation of acquired intangibles is included within adjusting items because it relates to inorganic business combinations and does not reflect the Group's ongoing trading performance (related revenue and other costs from acquisitions are not adjusted). - This measure is presented on a segmental and Group continuing operations basis. - This is a key management incentive metric. | |
| Adjusted net finance costs | Net finance costs | Adjusting items(b) | - Adjusting items within net finance costs include net pension finance income/(costs) and fair value remeasurements on financial instruments. Net pension finance income/(costs) are impacted by corporate bond yields, which can fluctuate significantly and are reset each year based on external market factors that are outside management's control. Fair value remeasurements are impacted by changes to credit risk and various market indices, applying to financial instruments resulting from liability management exercises, which can fluctuate significantly outside of management's control. This measure helps to provide an alternative view of year-on-year trends in the Group's net finance costs. | |
| Adjusted profit before tax | Profit before tax | Adjusting items(b) | - This measure is the summation of the impact of all adjusting items on profit before tax. Refer to the APM Purpose section of the Glossary. | |
| Adjusted operating margin | No direct equivalent | Ratio N/A | - Adjusted operating margin is calculated as adjusted operating profit divided by revenue. Progression in Adjusted operating margin is an important indicator of the Group's operating efficiency. | |
| Adjusted diluted earnings per share | Diluted earnings per share from continuing operations | Adjusting items(b) | - This metric shows the adjusted profit after tax from continuing operations attributable to owners of the parent divided by the weighted average number of ordinary shares inissue during the financial period, adjusted for the effects of dilutive share options. | |
| EBITDA (earnings before adjusting items, interest, tax, depreciation and amortisation) | Operating profit from continuing operations(a) | Adjusting items(b) Depreciation and amortisation | - This measure is widely used by analysts, investors and other users of the accounts to evaluate comparable profitability of companies, as it excludes the impact of differing capital structures and tax positions, variations in tangible asset portfolios, and differences in identification and recognition of intangible assets. It is used to derive the Net debt/EBITDA ratio, and Fixed charge cover APMs. | |
| Tax measures | ||||
| Adjusted effective tax rate | Effective tax rate | Adjusting items(b) | - Adjusted effective tax rate is calculated as total income tax credit/(charge) excluding the tax impact of adjusting items, divided by adjusted profit before tax. This APM provides an indication of the ongoing tax rate across the Group. | |
| APM | Closest equivalent IFRS measure | Adjustments to reconcile to IFRS measure | Definition and purpose | |
| Balance sheet measures | ||||
| Net debt | No direct equivalent | N/A | - Netdebtexcludesthenetdebtofdiscontinuedoperationstoreflectthenetdebtobligationsofthecontinuingbusiness. - Netdebtcomprisesborrowings,leaseliabilitiesandnetderivativefinancialinstruments,offsetbycashandcashequivalents,short-terminvestments, joint venture loans, and interest and other receivables. - ItisausefulmeasureoftheprogressingeneratingcashandstrengtheningoftheGroup'sbalancesheetposition,andisameasurewidelyusedby credit rating agencies. | |
| Net debt/EBITDA ratio | No direct equivalent | Ratio N/A | - Net debt/EBITDA ratio is calculated as Net debt divided by the rolling 12-month EBITDA. It is a measure of the Group's ability to meet its payment obligations, showing how long it would take the Group to repay its current net debt if both net debt and EBITDA remained constant. It is widely used by analysts and credit rating agencies. | |
| Fixed charge cover | No direct equivalent | Ratio N/A | - Fixed charge cover is calculated as the rolling 12-month EBITDA divided by the sum of net finance costs (excluding net pension finance costs, finance charges payable on lease liabilities, capitalised interest and fair value remeasurements on financial instruments) and all lease liability payments from continuing operations. It is a measure of the Group's ability to meet its payment obligations and is widely used by analysts andcredit rating agencies. | |
| Capex | Property, plant and equipment, intangible asset, and investment property additions, excluding those from business combinations | Additions relating to property buybacks and store purchases Additions relating to decommissioning provisions and similar items | - Capex excludes additions arising from business combinations, buybacks of properties (typically stores), purchases of store properties, refits associated with business combinations and purchases of store properties, as well as additions relating to decommissioning provisions and similar items. - Property buybacks and purchases of store properties are variable in timing, with the number and value of transactions dependent on opportunities that arise within any given financial year. Excluding property buybacks and store property purchases therefore gives an alternative view of trends in capital expenditure in the Group's ongoing trading operations. - Additions relating to decommissioning provisions and similar items are adjusted because they do not result in near-term cash outflows. | |
| Return on capital employed (ROCE) | No direct equivalent | Ratio N/A | - Return on capital employed (ROCE) is Adjusted operating profit divided by the average of opening and closing capital employed from continuing operations. - Capital employed from continuing operations is defined as net assets of the Group excluding: the pension deficit/surplus; net assets of the disposal group and non-current assets classified as held for sale; current and deferred tax balances and an adjustment to remove the impact of deferred tax liabilities recorded against identified assets acquired in business combinations; and Net debt. - This metric represents the profit generated as a proportion of the total average capital that the business has utilised in the period. - Management believes this is a useful measure to assess performance. | |
| Cash flow measures | ||||
| Free cash flow | No direct equivalent | N/A | - Free cash flow includes: - Continuing cash flows from operating activities of the business, excluding Insurance and Money Services and adjusting operating cash flows. - Investing cash flows excluding Insurance and Money Services relating to: the purchase of property, plant and equipment (excluding property buybacks and store purchases and refits associated with both store purchases and business combinations) and investment property; purchase of intangible assets; dividends received from Tesco Insurance and Money Services (excluding special dividends); dividends received from joint ventures and associates; and interest received. - Financing cash flows excluding Insurance and Money Services relating to: market purchase of shares net of proceeds from shares issued in relation to share schemes; and repayment of obligations under leases. - Directors and management believe this provides a view of free cash flow generated by the Group's trading operations, excluding Insurance and Money Services, that is more predictable and comparable over time, and reflects the cash available to shareholders. Insurance and Money Services is excluded because free cash flow is not a common metric within this industry. - This is a key management incentive metric. | |
| Continuing operations | Notes | 2025 | 2024 |
| Revenue - current year (£m) | 2, 3 | 69,916 | 68,187 |
| Revenue - prior year (£m) | 2, 3 | 68,187 | 65,322 |
| Revenue growth | 2.5% | 4.4% | |
| Exclude: Fuel impact | 1.0% | 3.0% | |
| Growth in sales at actual rate | 3.5% | 7.4% | |
| Exclude: Foreign exchange | 0.5% | (0.2)% | |
| Growth in sales at constant rate | 4.0% | 7.2% | |
| Exclude: Revenue from dunnhumby and Insurance and Money Services | (0.4)% | (0.2)% | |
| Exclude: Underlying net new space impact | (0.5)% | (0.2)% | |
| Like-for-like sales growth | | 3.1% | 6.8% |
| Continuing operations | Notes | 2025 £m | 2024 (restated*) £m |
| Operating profit | 2 | 2,711 | 2,821 |
| Exclude: Adjusting items | 4 | 417 | 8 |
| Adjusted operating profit | 2 | 3,128 | 2,829 |
| Include: Depreciation and amortisation before adjusting items | 1,697 | 1,619 | |
| EBITDA | | 4,825 | 4,448 |
| Notes | 2025 £m | 2024 (restated*) £m | |
| Opening Net debt | 22 | (9,684) | (10,049) |
| Free cash flow | 1,750 | 2,063 | |
| Other cash movements: | |||
| Own shares purchased for cancellation | (1,016) | (752) | |
| Dividends paid to equity owners | (864) | (778) | |
| Adjusting items included in operating cash flow activities | (81) | (100) | |
| Repayments of capital element of obligations under leases | 600 | 625 | |
| Interest paid on lease liabilities | 377 | 373 | |
| Net other interest paid/(received) | 136 | 202 | |
| Proceeds from sale of property, plant and equipment, investment property, intangible assets and assets held for sale | 137 | 55 | |
| Cash outflows attributable to property buybacks and store purchases | (225) | (121) | |
| Disposal of Banking operations, net of costs to sell | 7 | 586 | - |
| Other cash movements | (21) | (91) | |
| Non-cash movements in Net debt: | |||
| Fair value movements | 20 | (80) | |
| Foreign exchange movements | 44 | 126 | |
| Net interest charge | (144) | (175) | |
| Non-cash movements in lease liabilities | (1,066) | (916) | |
| Non-cash movement arising from acquisitions and disposals | (5) | (68) | |
| Other non-cash movements | 2 | 2 | |
| Closing Net debt | 22 | (9,454) | (9,684) |
| | Notes | 2025 £m | 2024 (restated*) £m |
| Net debt | 22 | 9,454 | 9,684 |
| EBITDA | 4,825 | 4,448 | |
| Net debt/EBITDA ratio | 2.0 | 2.2 |
| | Notes | 2025 £m | 2024 (restated(a)) £m |
| Net finance costs | 5 | 492 | 538 |
| Exclude: Net pension finance income/(costs) | 5 | (32) | (18) |
| Exclude: Fair value remeasurements of financial instruments | 5 | 76 | 38 |
| Adjusted net finance costs(b) | 536 | 558 | |
| Exclude: Interest expense on lease liabilities(c) | 5 | (377) | (373) |
| Adjusted net finance cost, excluding finance charges payable on lease liabilities | 159 | 185 | |
| Include: Total lease liability payments | 980 | 1,000 | |
| Exclude: Discontinued operations total lease liability payments | (3) | (3) | |
| 1,136 | 1,182 | ||
| EBITDA | 4,825 | 4,448 | |
| Fixed charge cover (ratio) | 4.2 | 3.8 |
| | Notes | 2025 £m | 2024 £m |
| Property, plant and equipment additions(a) | 10 | 1,361 | 1,198 |
| Goodwill and other intangible asset additions(a) | 286 | 275 | |
| Exclude: Additions from obtaining control of property joint venture(b) | 10 | - | (65) |
| Exclude: Additions from property buybacks | 10 | (157) | (78) |
| Exclude: Additions from store purchases and associated refits | 10 | (24) | (29) |
| Exclude: Additions from refits associated with business combinations | 10 | (18) | - |
| Exclude: Additions relating to decommissioning provisions and similar items | 9 | 13 | |
| Capex | 1,457 | 1,314 |
| | Notes | 2025 £m | 2024 £m |
| Adjusted operating profit | 2 | 3,128 | 2,829 |
| Capital employed from continuing operations: | |||
| Net assets | 11,662 | 11,665 | |
| Exclude: Pension deficit/(surplus) gross of deferred tax | 19 | 251 | 635 |
| Exclude: Assets of the disposal group and non-current assets classified as held for sale | (50) | (7,783) | |
| Exclude: Liabilities of the disposal group classified as held for sale | - | 7,122 | |
| Exclude: Net current tax (asset)/liability | (14) | (109) | |
| Exclude: Deferred tax assets | (47) | (32) | |
| Exclude: Deferred tax liabilities | 503 | 269 | |
| Exclude: Adjustment to remove the impact of deferred tax liabilities recorded against identified assets acquired in business combinations | (133) | (128) | |
| Exclude: Net debt | 22 | 9,454 | 9,684 |
| Capital employed | 21,626 | 21,323 | |
| Average capital employed from continuing operations* | 21,475 | 21,072 | |
| Return on capital employed (ROCE) | 14.6% | 13.4% |
| Continuing operations excluding Insurance and Money Services | Insurance and Money Services | Discontinued operations | Tesco Group | ||||||
| 52 weeks ended 22 February 2025 | Before adjusting items £m | Adjusting items £m | Total £m | Total £m | Total £m | Total £m | |||
| Operating profit/(loss) of continuing operations | 2,973 | (403) | 2,570 | 141 | - | 2,711 | |||
| Operating profit/(loss) of discontinued operations | - | - | - | - | 35 | 35 | |||
| Depreciation and amortisation | 1,680 | 78 | 1,758 | 17 | - | 1,775 | |||
| Net impairment loss/(reversal) on property, plant and equipment, right of use assets, intangible assets and investment property | 12 | 286 | 298 | - | - | 298 | |||
| Net remeasurement (gain)/loss on non-current assets held for sale | - | - | - | - | 64 | 64 | |||
| Defined benefit pension scheme payments | (30) | - | (30) | - | - | (30) | |||
| Share-based payments | 39 | - | 39 | (6) | 4 | 37 | |||
| Fair value movements included in operating profit/(loss) | - | - | - | (7) | 16 | 9 | |||
| Other reconciling items(a) | 18 | (15) | 3 | 8 | - | 11 | |||
| Cash generated from/(used in) operations excluding working capital | 4,692 | (54) | 4,638 | 153 | 119 | 4,910 | |||
| (Increase)/decrease in working capital | (45) | (1) | (46) | (860) | 53 | (853) | |||
| Cash generated from/(used in) operations | 4,647 | (55) | 4,592 | (707) | 172 | 4,057 | |||
| Interest paid | (755) | - | (755) | (13) | (1) | (769) | |||
| Corporation tax paid | (355) | - | (355) | (11) | - | (366) | |||
| Net cash generated from/(used in) operating activities | 3,537 | (55) | 3,482 | (731) | 171 | 2,922 | |||
| Include the following cash flows generated from/(used in) investing activities: | |||||||||
| Purchase of property, plant and equipment and investment property(b) | (1,112) | - | (1,112) | (2) | - | (1,114) | |||
| Purchase of intangible assets | (280) | - | (280) | (5) | (7) | (292) | |||
| Dividends received from joint ventures and associates | 2 | - | 2 | - | - | 2 | |||
| Interest received | 255 | - | 255 | - | - | 255 | |||
| Include the following cash flows generated from/(used in) financing activities: | |||||||||
| Own shares purchased for share schemes, net of cash received from employees | (54) | - | (54) | - | - | (54) | |||
| Repayment of capital element of obligations under leases | (598) | - | (598) | (2) | (2) | (602) | |||
| Free cash flow | 1,750 | ||||||||
| Continuing operations excluding Insurance and Money Services | Insurance and Money Services | Discontinued operations | Tesco Group | ||||||
| 52 weeks ended 24 February 2024 | Before adjusting items £m | Adjusting items £m | Total £m | Total £m | Total £m | Total £m | |||
| Operating profit/(loss) of continuing operations | 2,760 | (5) | 2,755 | 66 | - | 2,821 | |||
| Operating profit/(loss) of discontinued operations | - | - | - | - | (659) | (659) | |||
| Depreciation and amortisation | 1,602 | 75 | 1,677 | 17 | 29 | 1,723 | |||
| Net impairment loss/(reversal) on property, plant and equipment, right of use assets, intangible assets and investment property | - | (28) | (28) | - | - | (28) | |||
| Net remeasurement (gain)/loss on non-current assets held for sale | - | (12) | (12) | - | 732 | 720 | |||
| Defined benefit pension scheme payments | (29) | - | (29) | - | - | (29) | |||
| Share-based payments | 75 | - | 75 | (3) | 6 | 78 | |||
| Fair value movements included in operating profit/(loss) | 6 | - | 6 | 3 | 62 | 71 | |||
| Other reconciling items(a) | 1 | (84) | (83) | 9 | - | (74) | |||
| Cash generated from/(used in) operations excluding working capital | 4,415 | (54) | 4,361 | 92 | 170 | 4,623 | |||
| (Increase)/decrease in working capital | 418 | (44) | 374 | (104) | (7) | 263 | |||
| Cash generated from/(used in) operations | 4,833 | (98) | 4,735 | (12) | 163 | 4,886 | |||
| Interest paid | (809) | - | (809) | (14) | (1) | (824) | |||
| Corporation tax paid | (214) | - | (214) | (9) | - | (223) | |||
| Net cash generated from/(used in) operating activities | 3,810 | (98) | 3,712 | (35) | 162 | 3,839 | |||
| Include the following cash flows generated from/(used in) investing activities: | |||||||||
| Purchase of property, plant and equipment and investment property(b) | (1,039) | - | (1,039) | (10) | - | (1,049) | |||
| Purchase of intangible assets | (250) | - | (250) | (6) | (22) | (278) | |||
| Dividends received from joint ventures and associates | 9 | - | 9 | - | - | 9 | |||
| Interest received | 249 | - | 249 | - | - | 249 | |||
| Include the following cash flows generated from/(used in) financing activities: | |||||||||
| Own shares purchased for share schemes, net of cash received from employees | (93) | - | (93) | - | - | (93) | |||
| Repayment of capital element of obligations under leases | (623) | - | (623) | (2) | (2) | (627) | |||
| Free cash flow | 2,063 | ||||||||
| Like-for-like sales | |||||||
| | Q1 2024/25 | Q2 2024/25 | Q3 2024/25 | Q4 2024/25 | H1 2024/25 | H2 2024/25 | FY 2024/25 |
| UK & ROI | 3.6% | 2.5% | 2.8% | 3.6% | 3.1% | 3.2% | 3.1% |
| UK | 4.6% | 3.5% | 3.8% | 4.3% | 4.0% | 4.1% | 4.0% |
| ROI | 4.4% | 5.1% | 4.2% | 4.5% | 4.7% | 4.4% | 4.6% |
| Booker | (1.3)% | (2.5)% | (2.6)% | (0.6)% | (1.9)% | (1.6)% | (1.8)% |
| Central Europe | 0.6% | 0.6% | 2.8% | 4.8% | 0.6% | 3.8% | 2.2% |
| Like-for-like sales growth | 3.4% | 2.4% | 2.8% | 3.7% | 2.9% | 3.2% | 3.1% |
| Actual rates | Constant rates | ||||||
| H1 2024/25 | H2 2024/25 | FY 2024/25 | H1 2024/25 | H2 2024/25 | FY 2024/25 | ||
| UK & ROI* | 4.1% | 3.9% | 4.0% | 4.2% | 4.1% | 4.2% | |
| UK* | 5.4% | 4.8% | 5.1% | 5.4% | 4.8% | 5.1% | |
| ROI | 3.6% | 2.2% | 2.9% | 5.6% | 5.6% | 5.6% | |
| Booker | (1.7)% | (0.3)% | (1.0)% | (1.7)% | (0.3)% | (1.0)% | |
| Central Europe | (4.2)% | (1.9)% | (3.0)% | 0.9% | 4.0% | 2.5% | |
| Growth in sales* | 3.5% | 3.5% | 3.5% | 4.0% | 4.1% | 4.0% | |
| 22 February 2025 | 24 February 2024 | ||||||
| Store size (sq. ft.) | No. of stores | Million sq. ft. | % of total sq. ft. | No. of stores(a) | Million sq. ft.(a) | % of total sq. ft. | |
| 0-3,000 | 2,716 | 5.9 | 15.4% | 2,675 | 5.8 | 15.0% | |
| 3,001-20,000 | 281 | 3.0 | 7.7% | 279 | 2.9 | 7.5% | |
| 20,001-40,000 | 302 | 9.0 | 23.3% | 279 | 7.6 | 19.6% | |
| 40,001-60,000 | 192 | 9.7 | 25.2% | 174 | 8.5 | 22.0% | |
| 60,001-80,000 | 111 | 7.6 | 19.6% | 139 | 9.4 | 24.3% | |
| 80,001-100,000 | 31 | 2.7 | 7.0% | 40 | 3.5 | 9.0% | |
| Over 100,000 | 6 | 0.7 | 1.8% | 10 | 1.0 | 2.6% | |
| Total(b) | 3,639 | 38.6 | 100.0% | 3,596 | 38.7 | 100.0% | |
| | 2023/24 year end | Openings | Closures/ disposals | Net gain/ (reduction)(b) | 2024/25 year end | Repurposing/ extensions(c) |
| Large | 809 | 2 | (2) | - | 809 | 30 |
| Convenience | 2,048 | 55 | (9) | 46 | 2,094 | - |
| Dotcom only | 6 | - | - | - | 6 | - |
| Total Tesco | 2,863 | 57 | (11) | 46 | 2,909 | 30 |
| One Stop(d) | 733 | 7 | (10) | (3) | 730 | - |
| Booker | 190 | - | - | - | 190 | - |
| UK(d) | 3,786 | 64 | (21) | 43 | 3,829 | 30 |
| ROI | 170 | 12 | - | 12 | 182 | - |
| UK & ROI(d) | 3,956 | 76 | (21) | 55 | 4,011 | 30 |
| Czech Republic(d) | 184 | 3 | (3) | - | 184 | 14 |
| Hungary | 197 | 1 | - | 1 | 198 | 49 |
| Slovakia(d) | 169 | 10 | - | 10 | 179 | 16 |
| Central Europe(d) | 550 | 14 | (3) | 11 | 561 | 79 |
| Group(d) | 4,506 | 90 | (24) | 66 | 4,572 | 109 |
| UK (One Stop) | 317 | 54 | (17) | 37 | 354 | - |
| Czech Republic | 119 | 1 | (6) | (5) | 114 | - |
| Franchise stores | 436 | 55 | (23) | 32 | 468 | - |
| Total Group | 4,942 | 145 | (47) | 98 | 5,040 | 109 |
| | 2023/24 year end(e) | Openings | Closures/ disposals | Repurposing/ extensions(c) | Net gain/ (reduction)(b) | 2024/25 year end |
| Large | 31,344 | 38 | (55) | (235) | (252) | 31,092 |
| Convenience | 5,455 | 188 | (28) | - | 160 | 5,615 |
| Dotcom only | 716 | - | - | - | - | 716 |
| Total Tesco | 37,515 | 226 | (83) | (235) | (92) | 37,423 |
| One Stop(d) | 1,208 | 12 | (15) | - | (3) | 1,205 |
| Booker | 7,951 | - | - | - | - | 7,951 |
| UK(d) | 46,674 | 238 | (98) | (235) | (95) | 46,579 |
| ROI | 3,499 | 73 | - | - | 73 | 3,572 |
| UK & ROI(d) | 50,173 | 311 | (98) | (235) | (22) | 50,151 |
| Czech Republic(d) | 4,101 | 61 | (45) | (32) | (16) | 4,085 |
| Hungary | 5,372 | 4 | - | (60) | (56) | 5,316 |
| Slovakia(d) | 3,213 | 19 | - | (53) | (34) | 3,179 |
| Central Europe(d) | 12,686 | 84 | (45) | (145) | (106) | 12,580 |
| Group(d) | 62,859 | 395 | (143) | (380) | (128) | 62,731 |
| UK (One Stop) | 459 | 73 | (23) | - | 50 | 509 |
| Czech Republic | 108 | 1 | (6) | - | (5) | 103 |
| Franchise stores | 567 | 74 | (29) | - | 45 | 612 |
| Total Group | 63,426 | 469 | (172) | (380) | (83) | 63,343 |
| 2024/25 year end | Openings | Closures/ disposals | Repurposing/ extensions(c) | Net gain/ (reduction)(b) | 2025/26 year end | |
| Large | 31,092 | 73 | - | 8 | 81 | 31,173 |
| Convenience | 5,615 | 150 | (22) | 3 | 131 | 5,746 |
| Dotcom only | 716 | - | - | - | - | 716 |
| Total Tesco | 37,423 | 223 | (22) | 11 | 212 | 37,635 |
| One Stop(d) | 1,205 | 17 | (2) | - | 15 | 1,220 |
| Booker | 7,951 | - | (12) | - | (12) | 7,939 |
| UK(d) | 46,579 | 240 | (36) | 11 | 215 | 46,794 |
| ROI | 3,572 | 82 | - | - | 82 | 3,654 |
| UK & ROI(d) | 50,151 | 322 | (36) | 11 | 297 | 50,448 |
| Czech Republic(d) | 4,085 | 33 | (3) | (17) | 13 | 4,098 |
| Hungary | 5,316 | 16 | (3) | (49) | (36) | 5,280 |
| Slovakia(d) | 3,179 | 116 | - | (33) | 83 | 3,262 |
| Central Europe(d) | 12,580 | 165 | (6) | (99) | 60 | 12,640 |
| Group(d) | 62,731 | 487 | (42) | (88) | 357 | 63,088 |
| UK (One Stop) | 509 | 11 | - | - | 11 | 520 |
| Czech Republic | 103 | - | (1) | - | (1) | 102 |
| Franchise stores | 612 | 11 | (1) | - | 10 | 622 |
| Total Group | 63,343 | 498 | (43) | (88) | 367 | 63,710 |