Interim Results 2025/26
02/10/2025 07:00
RNS Number : 7259B Tesco PLC 02 October 2025 Interim Results 2025/26 CONTINUED INVESTMENT IN value, quality and service DRIVING STRONG MARKET SHARE GAINS.
| Performance highlights(on a continuing operations basis)1,2 | H1 25/26 | H1 24/25 | Change at actual rates | Change at constant rates |
| Group sales (exc. VAT, exc. fuel)2 | £33,051m | £31,463m | 5.1% | 5.1% |
| Group adjusted operating profit2 | £1,674m | £1,649m | 1.5% | 1.6% |
| Free cash flow2 | £1,298m | £1,261m | 2.9% | |
| Net debt3 | £(9,884)m | £(9,522)m | (3.8)% | |
| Adjusted diluted EPS2 | 15.43p | 14.45p | 6.8% | |
| Dividend per share | 4.80p | 4.25p | 12.9% | |
| Statutory measures(on a continuing operations basis)1 | ||||
| Revenue (exc. VAT, inc. fuel) | £36,036m | £34,773m | 3.6% | |
| Operating profit | £1,603m | £1,612m | (0.6)% | |
| Profit before tax | £1,305m | £1,392m | (6.3)% | |
| Diluted EPS | 14.22p | 14.62p | (2.7)% | |
| Statutory measures(including discontinued operations)1 | ||||
| Profit after tax | £950m | £1,051m | (9.6)% | |
| Diluted EPS | 14.22p | 15.03p | (5.4)% | |
| · | Group LFL4 sales up +4.3%, with growth across all markets: UK +4.9%, ROI +4.8%, Booker +1.7%, CE +3.4% | |
| · | Group adjusted operating profit2 up +1.6% at constant rates to £1,674m: | |
| · | UK & ROI up +2.1% to £1,468m with volume-driven market share gains, good weather and Save to Invest progress offsetting investment in our customer offer and operating cost inflation (incl. National Insurance increase and new packaging levy) | |
| · | Booker up +0.6% to £162m with a good weather tailwind and Save to Invest progress offsetting industry-wide operating cost pressures; Booker is now reported as a separate operating segment (see page 4) | |
| · | Central Europe down (11.2)% to £44m reflecting targeted price investments to counter competitive pressures as well as lower rental income following the sale of mall properties in H2 24/25 | |
| · | Adjusted diluted EPS2 up +6.8% to 15.43p, driven by higher Group adjusted operating profit and the benefit of our ongoing share buyback programme | |
| · | Statutory operating profit of £1,603m, down (0.6)% reflecting restructuring and Bank separation adjusting items; statutory diluted EPS of 14.22p, down (2.7)%, which also reflects non-cash fair value remeasurements of financial instruments | |
| · | Free cash flow2 of £1,298m, up +2.9%, reflecting working capital inflows due to strong sales, and continued capital discipline | |
| · | Net debt3 at £(9,884)m versus £(9,454)m at year end which included the full proceeds from the disposal of the Group's Banking operations, which have been partially returned in the half; Net debt/EBITDA stable at 2.0 times | |
| Footnotes can be found at the bottom of page 4. | ||
| · | UK market share up +77bps YoY to 28.4%, having now gained share for 28 consecutive four-week periods; ROI up +11bps YoY at 23.7%, consolidating three years of consistent market share gains |
| · | Overall brand perception up +96bps YoY; with continued gains in satisfaction (+263bps), value (+89bps) and quality (+13bps); outperforming the competitor average on all six measures as tracked by YouGov |
| · | Improved price position against the market, notably on the products most frequently purchased by customers |
| · | Delivered market-leading availability and highest net promoter score in six years |
| · | Awarded first place in the Advantage supplier survey for tenth year; overall supplier satisfaction of 88%, up +1ppt YoY |
| · | Introduced additional financial incentives totalling c.£10m for over 400 UK farmers across our sustainable farming groups to achieve environmental and animal welfare goals |
| · | Insurance and Money Services adjusted operating profit of £100m, up £6m YoY, with new partnership income and strong cost control helping to offset £42m of non-recurring benefits recognised in the prior year |
| · | Over 470 new products launched and a further 560 products improved across our own-brand ranges; Finest sales up +16%, with over 300 new and improved products |
| · | Opened new semi-automated fresh food distribution centre in Aylesford; signed agreement to develop a new distribution centre at DP World London Gateway, which we expect to open in 2029 |
| · | Continued development of AI capability across our business, including improvements to in-house tools which find the most efficient journey for every Tesco lorry and delivery van, removing around 100,000 miles per week |
| · | UK online sales up +11.4%, driven by growth in orders per week, with market share up +112bps YoY to 36.9%; ROI online sales up +18.8%, supported by the launch of same day delivery last year |
| · | Tesco Whoosh rapid delivery service sales up +59%, with further growth in active customers and basket sizes, and the service now covering over 70% of UK households; Tesco Whoosh recently launched in ROI |
| · | Further build-out of digital ecosystem with recent launch of F&F online, helping more customers access our enhanced range of stylish and affordable clothing, complementing Tesco Marketplace |
| · | Over 13m customers are now receiving even more timely and relevant offers, product recommendations and recipe ideas, supported by our new partnership with Adobe |
| · | Targeted digital coupons offered to 10m customers; continuing trial of Your Clubcard Prices |
| · | Growth in advertisers using Tesco Media and Insight Platform; particularly significant growth for smaller advertisers who are building their brands through tailored product offerings; over 1,400 screens added to stores and One Stop trial underway |
| · | Retail media product launches included video advertising on the Tesco app and Express store wraps; shortlisted for eight MediaWeek awards and winner of 'Retail Media Network of the Year' at Retail MediaX Awards |
| · | Providing great value to customers through Aldi Price Match on >600 lines, Low Everyday Prices on c.1,000 lines and c.10,000 Clubcard Prices deals each week; Clubcard Prices save customers up to £375 off their annual grocery bill |
| · | In the UK, we have reduced the price of 6,500 products year-on-year, with an average reduction of around 9% |
| · | 'That's True Value' campaign inspiring customers with recipe tips and helping them better manage the cost of a weekly shop |
| · | Summer ranges benefited from product innovations including a new and improved sushi offering, enhanced Finest BBQ range and exciting launches such as Finest Gelato and iced coffee concentrates; won Free From 'Retailer of the Year' 2025 |
| · | Supporting customers to make healthy choices through new five-a-day fruit and vegetable campaign, with c.2.5m customers invited to earn personalised rewards; expanded Stronger Starts Fruit & Veg programme to 500 schools |
| · | Booker customer satisfaction increased year-on-year, with over 600 prices locked over the summer and new catering ranges launched with support from our Group product development teams |
| · | Central Europe NPS improvements across all three countries as customers responded well to our price investments |
| · | Tesco Mobile named 'Best Mobile Network for Customer Service' at USwitch Telecoms Awards for a fourth consecutive year |
| · | Clubcard penetration remains high in all markets: UK 84%, ROI 87%, Central Europe 87%, with over 24m Clubcard households in the UK; increase in Reward Partner customer awareness and satisfaction |
| · | Clubcard Challenges now in its tenth round, with growing customer and supplier engagement |
| · | Trialling use of Clubcard analytics to anticipate and remind customers when they may be running low on household products |
| · | Celebrating 30 Years of Clubcard with exclusive offers, including £100 gift cards with selected Tesco Mobile deals and cinema tickets for just £2.50 in Clubcard vouchers |
| · | New partnership with Pod, enabling customers to collect Clubcard points on EV charging at Tesco stores |
| · | Opened 38 stores across the Group including 5 large stores and 33 convenience stores: 32 total store openings in the UK, 3 in ROI and 3 in Central Europe |
| · | Expansion in UK grocery home shopping capacity including over 130 new delivery vans; Delivery Saver subscribers at 788k, up +9.3% year-on-year |
| · | Tesco Whoosh expanded to over 1,600 stores across the UK including over 180 large stores giving customers access to an even wider range of products; over 600,000 products now available on Tesco Marketplace |
| · | Tesco app and Scan as you Shop devices now able to provide customers with live stock levels, highlight in-store offers and help them navigate their shopping list in aisle order |
| · | Grew our online reach in Central Europe, with sales up +19.1%; service rolled out to nine more stores |
| · | Added 275 net new retail partners across Booker's symbol brands of Premier, Londis, Budgens and Family Shopper |
| · | On track to deliver c.£500m Save to Invest target for FY 25/26, helping offset new cost inflation, including increased National Insurance contributions (FY c.£235m) and the new Extended Producer Responsibility (EPR) packaging levy (FY c.£90m) |
| · | Continued progress across all areas, including goods & services not for resale, operations, property and central overheads |
| · | Further rollout of convertible tills that can be used by colleagues or for self-service, giving greater flexibility |
| · | Optimising in-store routines in Express stores by better aligning delivery schedules with staffing levels |
| · | Re-configuring store catchments for grocery home shopping allowing for a higher number of deliveries per hour |
| · | Remote monitoring of store equipment including refrigeration to identify early maintenance opportunities to improve reliability and reduce energy costs |
| 26 weeks ended 23 August 20252 | H1 25/26 | H1 24/25 | Change at actual rates | Change at constant rates |
| Sales (exc. VAT, exc. fuel)2 | £33,051m | £31,463m | 5.1% | 5.1% |
| Fuel | £2,985m | £3,310m | (9.8)% | (9.8)% |
| Revenue (exc. VAT, inc. fuel) | £36,036m | £34,773m | 3.6% | 3.7% |
| Group adjusted operating profit2 | £1,674m | £1,649m | 1.5% | 1.6% |
| Adjusting items | £(71)m | £(37)m | ||
| Statutory operating profit | £1,603m | £1,612m | (0.6)% | |
| Net finance costs | £(297)m | £(218)m | ||
| Joint ventures and associates | £(1)m | £(2)m | ||
| Statutory profit before tax | £1,305m | £1,392m | (6.3)% | |
| Taxation | £(355)m | £(370)m | ||
| Statutory profit after tax | £950m | £1,022m | (7.0)% | |
| Adjusted diluted EPS2 | 15.43p | 14.45p | 6.8% | |
| Statutory diluted EPS | 14.22p | 14.62p | (2.7)% | |
| Interim dividend per share | 4.80p | 4.25p | 12.9% | |
| Net debt3 | £(9,884)m | £(9,522)m | (3.8)% | |
| Free cash flow2 | £1,298m | £1,261m | 2.9% | |
| Capex5 | £667m | £530m | 25.8% |
| On a continuing operations basis1 | Sales(£m) | LFL sales change4 | Total sales change at actual rates | Total sales change at constant rates |
| -UK | 24,670 | 4.9% | 5.6% | 5.6% |
| -ROI | 1,541 | 4.8% | 6.4% | 6.5% |
| UK & ROI | 26,211 | 4.9% | 5.6% | 5.6% |
| Booker | 4,734 | 1.7% | 2.4% | 2.4% |
| Central Europe | 2,106 | 3.4% | 4.4% | 5.0% |
| Sales | 33,051 | 4.3% | 5.1% | 5.1% |
| 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 | 1,468 | 2.0% | 2.1% | 5.0% | (9) bps |
| Booker | 162 | 0.6% | 0.6% | 3.4% | (6) bps |
| Central Europe | 44 | (10.0)% | (11.2)% | 2.0% | (30) bps |
| Group | 1,674 | 1.5% | 1.6% | 4.6% | (10) bps |
| Online performance | H1 25/26 | YoY change |
| Sales inc. VAT | £3.7bn | 11.4% |
| Orders per week | 1.45m | 12.1% |
| Basket size(excluding Whoosh, Marketplace and F&F online) | £111 | 2.8% |
| Online % of UK total sales | 14.0% | 0.7ppts |
|
| H1 25/26 £m | H1 24/25 £m | |
| Amortisation of acquired intangible assets | (38) | (38) |
| Separation costs related to disposal of Banking operations | (13) | (3) |
| Restructuring and property (costs) / income | (20) | 4 |
| Total adjusting items included within operating profit | (71) | (37) |
| Net finance (costs) / income | (34) | 51 |
| Taxcredit / (charge) | 24 | (2) |
| Total adjusting items included within profit after tax from continuing operations | (81) | 12 |
| Adjusting items included within discontinued operations | - | (41) |
| Total adjusting items including discontinued operations | (81) | (29) |
| On a continuing operations basis | H1 25/26 £m | H1 24/25 £m |
| Net interest costs | (67) | (77) |
| Net finance expenses from insurance contracts | (6) | (6) |
| Finance charges payable on lease liabilities | (190) | (186) |
| Adjusted net finance costs | (263) | (269) |
| Fair value remeasurements of financial instruments | (26) | 66 |
| Net pension finance costs | (8) | (15) |
| Adjusting items in net finance (costs) / income | (34) | 51 |
| Net finance costs | (297) | (218) |
| On a continuing operations basis | H1 25/26 £m | H1 24/25 £m |
| Tax on adjusted profit | (379) | (368) |
| Tax on adjusting items | 24 | (2) |
| Tax on profit | (355) | (370) |
| On a continuing operations basis | H1 25/26 | H1 24/25 | YoY change |
| Adjusted diluted EPS | 15.43p | 14.45p | 6.8% |
| Statutory diluted EPS | 14.22p | 14.62p | (2.7)% |
| Statutory basic EPS | 14.38p | 14.76p | (2.6)% |
| On a total basis, including discontinued operations | |||
| Statutory diluted EPS | 14.22p | 15.03p | (5.4)% |
| Statutory basic EPS | 14.38p | 15.18p | (5.3)% |
| Aug-25 £m | Feb-25 £m | Movement £m | |
| Net debt before lease liabilities | (2,093) | (1,738) | (355) |
| Lease liabilities | (7,791) | (7,716) | (75) |
| Net debt | (9,884) | (9,454) | (430) |
| Net debt / EBITDA | 2.0x | 2.0x |
| Aug-25 £m | Feb-25 £m | Movement £m | |
| Defined benefit schemes in surplus | 68 | 56 | 12 |
| Defined benefit schemes in deficit | (231) | (307) | 76 |
| Deferred tax asset | 51 | 71 | (20) |
| Deficit in schemes at the end of the period (net of deferred tax) | (112) | (180) | 68 |
| On a continuing operations basis | H1 25/26 £m | H1 24/25 £m | Movement £m |
| Group adjusted operating profit | 1,674 | 1,649 | 25 |
| Less IMS adjusted operating profit | (100) | (94) | (6) |
| Retail adjusted operating profit | 1,574 | 1,555 | 19 |
| Add back: Depreciation and amortisation | 866 | 819 | 47 |
| Other reconciling items | 3 | 22 | (19) |
| Pensions | (17) | (14) | (3) |
| Decrease in working capital | 408 | 169 | 239 |
| Cash generated from operations before adjusting items | 2,834 | 2,551 | 283 |
| Cash capex | (716) | (594) | (122) |
| Net interest | (269) | (245) | (24) |
| - Interest related to Net debt before lease liabilities | (76) | (58) | (18) |
| - Interest related to lease liabilities | (193) | (187) | (6) |
| Tax paid | (226) | (176) | (50) |
| Dividends received | 52 | 2 | 50 |
| Repayment of capital element of obligations under leases | (314) | (294) | (20) |
| Own shares purchased for share schemes | (63) | 17 | (80) |
| Free cash flow | 1,298 | 1,261 | 37 |
| Memo (not included in free cash flow definition): | |||
| - Net acquisitions and disposals | (11) | (50) | 39 |
| - Property buybacks, store purchases and disposal proceeds | (11) | (14) | 3 |
| - Cash impact of adjusting items | (71) | (52) | (19) |
| UK & ROI | Booker | Central Europe | Group | |||||
| H1 25/26 | H1 24/25 | H1 25/26 | H1 24/25 | H1 25/26 | H1 24/25 | H1 25/26 | H1 24/25 | |
| Capex | £607m | £477m | £23m | £20m | £37m | £33m | £667m | £530m |
| Openings (k sq ft) | 137 | 116 | - | - | 15 | 44 | 152 | 160 |
| Closures (k sq ft) | (8) | (35) | (12) | - | (6) | - | (26) | (35) |
| Repurposed (k sq ft) | - | - | - | - | (30) | (107) | (30) | (107) |
| Net space change (k sq ft) | 129 | 81 | (12) | - | (21) | (63) | 96 | 18 |
| 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 Worldpanel by Numerator Total Grocers Total Till Roll for 12 weeks ended 7 September 2025. |
| · | UK channels market share based on Worldpanel by Numerator Total Grocery for 12 weeks ended 7 September 2025. |
| · | ROI market share based on Worldpanel by Numerator Total Take Home Grocery on 12-week rolling basis to 7 September 2025. |
| · | Relative price positioning is based on our UK Price index, 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 £375 is based on the top 25% of Tesco Clubcard members and large stores sales between 24 August 2024 and 23 August 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 24 August 2025. |
| · | Brand NPS is based on BASIS Global Brand Tracker for 13 weeks ended 23 August 2025. 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?". |
| · | Availability based on Multi channel tracker for 13 weeks ended 23 August 2025. Responses to: "I Can Get What I Want". |
| · | Number of new Booker retail partners is net of openings and closures, including national accounts. |
| 26 weeks ended 23 August 2025 | 26 weeks ended 24 August 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 | 35,622 | - | 35,622 | 34,432 | - | 34,432 | ||
| Insurance revenue* | 414 | - | 414 | 341 | - | 341 | ||
| Revenue | 2,3 | 36,036 | - | 36,036 | 34,773 | - | 34,773 | |
| Cost of sales | (32,811) | (17) | (32,828) | (31,751) | (5) | (31,756) | ||
| Insurance service expenses* | (371) | - | (371) | (272) | - | (272) | ||
| Net expenses from reinsurance contracts held* | (15) | - | (15) | (30) | - | (30) | ||
| Gross profit/(loss) | 2,839 | (17) | 2,822 | 2,720 | (5) | 2,715 | ||
| Administrative expenses | (1,165) | (54) | (1,219) | (1,071) | (32) | (1,103) | ||
| Operating profit/(loss) | 2 | 1,674 | (71) | 1,603 | 1,649 | (37) | 1,612 | |
| Share of post-tax profit/(loss) of joint ventures andassociates | (1) | - | (1) | (2) | - | (2) | ||
| Finance income | 5 | 117 | - | 117 | 132 | - | 132 | |
| Finance costs | 5 | (380) | (34) | (414) | (401) | 51 | (350) | |
| Profit/(loss) before tax from continuing operations | 1,410 | (105) | 1,305 | 1,378 | 14 | 1,392 | ||
| Taxation | 6 | (379) | 24 | (355) | (368) | (2) | (370) | |
| Profit/(loss) for the period from continuing operations | 1,031 | (81) | 950 | 1,010 | 12 | 1,022 | ||
| Discontinued operations | ||||||||
| Profit/(loss) for the period from discontinued operations | - | - | - | 70 | (41) | 29 | ||
| Profit/(loss) for the period | 1,031 | (81) | 950 | 1,080 | (29) | 1,051 | ||
| Attributable to: | ||||||||
| Owners of the parent | 1,031 | (81) | 950 | 1,080 | (29) | 1,051 | ||
| Non-controlling interests | - | - | - | - | - | - | ||
| 1,031 | (81) | 950 | 1,080 | (29) | 1,051 | |||
| Earnings per share from continuing and discontinued operations | ||||||||
| Basic | 8 | 14.38p | 15.18p | |||||
| Diluted | 8 | 14.22p | 15.03p | |||||
| Earnings per share from continuing operations | ||||||||
| Basic | 8 | 14.38p | 14.76p | |||||
| Diluted | 8 | 14.22p | 14.62p | |||||
| Notes | 26 weeks ended 23 August 2025 £m | 26 weeks ended 24 August 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 | (1) | - | |
| Remeasurements of defined benefit pension schemes | 17 | 77 | 252 |
| Net fair value gains/(losses) on inventory cash flow hedges | (81) | (33) | |
| Tax on items that will not be reclassified | (13) | (59) | |
| (18) | 160 | ||
| 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 | 5 | 13 | |
| Currency translation differences: | |||
| Retranslation of net assets of overseas subsidiaries, joint ventures and associates | 123 | (31) | |
| Impact of net investment hedges | (56) | 9 | |
| Gains/(losses) on cash flow hedges: | |||
| Net fair value gains/(losses) | 2 | 27 | |
| Reclassified and reported in the Group income statement | (12) | (36) | |
| Finance income/(expenses) from insurance contracts issued | (1) | (3) | |
| Finance income/(expenses) from reinsurance contracts held | - | 1 | |
| Tax on items that may be reclassified | (2) | - | |
| 59 | (20) | ||
| Total other comprehensive income/(loss) for the period | 41 | 140 | |
| Profit/(loss) for the period | 950 | 1,051 | |
| Total comprehensive income/(loss) for the period | 991 | 1,191 | |
| Attributable to: | |||
| Owners of the parent | 992 | 1,191 | |
| Non-controlling interests | (1) | - | |
| Total comprehensive income/(loss) for the period | 991 | 1,191 | |
| Total comprehensive income/(loss) attributable to owners of the parent arising from: | |||
| Continuing operations | 992 | 1,162 | |
| Discontinued operations | - | 29 | |
| 992 | 1,191 |
| Notes | 23 August 2025 £m | 22 February 2025 £m | 24 August 2024 £m | |
| Non-current assets | ||||
| Goodwill and other intangible assets | 5,097 | 5,087 | 5,116 | |
| Property, plant and equipment | 9 | 17,349 | 17,262 | 17,136 |
| Right of use assets | 10 | 5,689 | 5,569 | 5,434 |
| Investment property | 24 | 24 | 23 | |
| Investments in joint ventures and associates | 114 | 110 | 100 | |
| Other investments | 998 | 934 | 817 | |
| Trade and other receivables | 152 | 158 | 119 | |
| Reinsurance contract assets | 15 | 133 | 124 | 122 |
| Derivative financial instruments | 610 | 663 | 789 | |
| Post-employment benefit surplus | 17 | 68 | 56 | 42 |
| Deferred tax assets | 52 | 47 | 39 | |
| 30,286 | 30,034 | 29,737 | ||
| Current assets | ||||
| Other investments | 166 | 151 | 166 | |
| Inventories | 3,038 | 2,768 | 2,964 | |
| Trade and other receivables | 1,300 | 1,210 | 1,264 | |
| Derivative financial instruments | 165 | 172 | 10 | |
| Current tax assets | 7 | 27 | 10 | |
| Short-term investments | 11 | 1,992 | 2,223 | 1,912 |
| Cash and cash equivalents | 11 | 2,434 | 2,255 | 3,310 |
| 9,102 | 8,806 | 9,636 | ||
| Non-current assets classified as held for sale and assets of the disposal group | 13 | 123 | 50 | 8,185 |
| 9,225 | 8,856 | 17,821 | ||
| Current liabilities | ||||
| Trade and other payables | (11,465) | (10,364) | (10,884) | |
| Borrowings | 14 | (2,262) | (1,861) | (1,516) |
| Lease liabilities | 10 | (641) | (618) | (607) |
| Provisions | (246) | (300) | (259) | |
| Insurance contract liabilities | 15 | (724) | (652) | (584) |
| Deposits from central bank | - | - | (582) | |
| Derivative financial instruments | (53) | (12) | (51) | |
| Current tax liabilities | (54) | (13) | (24) | |
| (15,445) | (13,820) | (14,507) | ||
| Liabilities of the disposal group classified as held for sale | 13 | - | - | (7,512) |
| Net current liabilities | (6,220) | (4,964) | (4,198) | |
| Non-current liabilities | ||||
| Trade and other payables | (34) | (40) | (47) | |
| Borrowings | 14 | (4,914) | (5,089) | (5,580) |
| Lease liabilities | 10 | (7,150) | (7,098) | (6,935) |
| Provisions | (165) | (166) | (172) | |
| Deposits from central bank | - | - | (175) | |
| Derivative financial instruments | (181) | (205) | (210) | |
| Post-employment benefit deficit | 17 | (231) | (307) | (426) |
| Deferred tax liabilities | (586) | (503) | (415) | |
| (13,261) | (13,408) | (13,960) | ||
| Net assets | 10,805 | 11,662 | 11,579 | |
| Equity | ||||
| Share capital | 18 | 413 | 426 | 433 |
| Share premium | 5,165 | 5,165 | 5,165 | |
| Other reserves | 18 | 2,807 | 3,140 | 3,002 |
| Retained earnings | 2,425 | 2,935 | 2,985 | |
| Equity attributable to owners of the parent | 10,810 | 11,666 | 11,585 | |
| Non-controlling interests | (5) | (4) | (6) | |
| Total equity | 10,805 | 11,662 | 11,579 |
| Notes | Share capital £m | Share premium £m | Other reserves (Note 18) £m | Retained earnings £m | Total £m | Non-controlling interests £m | Total equity £m | |
| At 22 February 2025 | 426 | 5,165 | 3,140 | 2,935 | 11,666 | (4) | 11,662 | |
| Profit/(loss) for the period | - | - | - | 950 | 950 | - | 950 | |
| Other comprehensive income/(loss) | ||||||||
| Retranslation of net assets of overseas subsidiaries, joint ventures and associates | - | - | 123 | - | 123 | - | 123 | |
| Impact of net investment hedges | - | - | (56) | - | (56) | - | (56) | |
| Change in fair value of financial assets at fair value through other comprehensive income | - | - | - | 4 | 4 | - | 4 | |
| Remeasurements of defined benefit pension schemes | 17 | - | - | - | 77 | 77 | - | 77 |
| Gains/(losses) on cash flow hedges | - | - | (79) | - | (79) | - | (79) | |
| Cash flow hedges reclassified and reported in the Group income statement | - | - | (11) | - | (11) | (1) | (12) | |
| Finance income/(expenses) from insurance contracts issued | - | - | (1) | - | (1) | - | (1) | |
| Tax relating to components of other comprehensive income | - | - | 8 | (23) | (15) | - | (15) | |
| Total other comprehensive income/(loss) | - | - | (16) | 58 | 42 | (1) | 41 | |
| Total comprehensive income/(loss) | - | - | (16) | 1,008 | 992 | (1) | 991 | |
| Inventory cash flow hedge movements | ||||||||
| (Gains)/losses transferred to the cost of inventory | - | - | 42 | - | 42 | - | 42 | |
| Total inventory cash flow hedge movements | - | - | 42 | - | 42 | - | 42 | |
| Transactions with owners | ||||||||
| Own shares purchased for cancellation | 18 | - | - | (1,200) | - | (1,200) | - | (1,200) |
| Own shares cancelled | 18 | (13) | - | 786 | (773) | - | - | - |
| Own shares purchased for share schemes | 18 | - | - | (160) | - | (160) | - | (160) |
| Share-based payments | - | - | 171 | (73) | 98 | - | 98 | |
| Dividends | 7 | - | - | - | (628) | (628) | - | (628) |
| Transfer from other reserves to retained earnings | - | - | 44 | (44) | - | - | - | |
| Total transactions with owners | (13) | - | (359) | (1,518) | (1,890) | - | (1,890) | |
| At 23 August 2025 | 413 | 5,165 | 2,807 | 2,425 | 10,810 | (5) | 10,805 |
| Notes | Share capital £m | Share premium £m | Other reserves (Note 18) £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 period | - | - | - | 1,051 | 1,051 | - | 1,051 | |
| Other comprehensive income/(loss) | ||||||||
| Retranslation of net assets of overseas subsidiaries, joint ventures and associates | - | - | (31) | - | (31) | - | (31) | |
| Impact of net investment hedges | - | - | 9 | - | 9 | - | 9 | |
| Change in fair value of financial assets at fair value through other comprehensive income | - | - | - | 13 | 13 | - | 13 | |
| Remeasurements of defined benefit pension schemes | 17 | - | - | - | 252 | 252 | - | 252 |
| Gains/(losses) on cash flow hedges | - | - | (6) | - | (6) | - | (6) | |
| Cash flow hedges reclassified and reported in the Group income statement | - | - | (36) | - | (36) | - | (36) | |
| Finance income/(expenses) from insurance contracts issued | - | - | (3) | - | (3) | - | (3) | |
| Finance income/(expenses) from reinsurance contracts held | - | - | 1 | - | 1 | - | 1 | |
| Tax relating to components of other comprehensive income | - | - | 5 | (64) | (59) | - | (59) | |
| Total other comprehensive income/(loss) | - | - | (61) | 201 | 140 | - | 140 | |
| Total comprehensive income/(loss) | - | - | (61) | 1,252 | 1,191 | - | 1,191 | |
| Inventory cash flow hedge movements | ||||||||
| (Gains)/losses transferred to the cost of inventory | - | - | 9 | - | 9 | - | 9 | |
| Total inventory cash flow hedge movements | - | - | 9 | - | 9 | - | 9 | |
| Transactions with owners | ||||||||
| Own shares purchased for cancellation | 18 | - | - | (746) | - | (746) | - | (746) |
| Own shares cancelled | 18 | (12) | - | 587 | (575) | - | - | - |
| Own shares purchased for share schemes | 18 | - | - | (101) | - | (101) | - | (101) |
| Share-based payments | - | - | 183 | (46) | 137 | - | 137 | |
| Dividends | 7 | - | - | - | (576) | (576) | - | (576) |
| Total transactions with owners | (12) | - | (77) | (1,197) | (1,286) | - | (1,286) | |
| At 24 August 2024 | 433 | 5,165 | 3,002 | 2,985 | 11,585 | (6) | 11,579 |
| Notes | 26 weeks ended 23 August 2025 £m | 26 weeks ended 24 August 2024 £m | |
| Cash flows generated from/(used in) operating activities | |||
| Operating profit/(loss) of continuing operations | 1,603 | 1,612 | |
| Operating profit/(loss) of discontinued operations | - | 40 | |
| Depreciation and amortisation | 915 | 866 | |
| (Profit)/loss arising on sale of property, plant and equipment, investment property, intangible assets and assets classified as held for sale | (1) | (3) | |
| Net impairment loss/(reversal) on property, plant and equipment, right of use assets, intangible assets and investment property | 9 | - | |
| Net remeasurement loss on non-current assets held for sale | - | 44 | |
| Defined benefit pension scheme payments | 17 | (17) | (14) |
| Share-based payments | 1 | 19 | |
| Fair value movements included in operating profit/(loss) | - | 10 | |
| (Increase)/decrease in inventories | (250) | (328) | |
| (Increase)/decrease in trade and other receivables and reinsurance assets | (72) | (20) | |
| Increase/(decrease) in trade and other payables and insurance liabilities | 760 | 549 | |
| Increase/(decrease) in provisions | (58) | (52) | |
| Increase/(decrease) in deposits from central bank | - | (151) | |
| (Increase)/decrease in working capital of the Banking operations disposal group | - | 41 | |
| (Increase)/decrease in working capital(a) | 380 | 39 | |
| Cash generated from/(used in) operations | 2,890 | 2,613 | |
| Interest paid(b) | (385) | (390) | |
| Corporation tax paid | (230) | (181) | |
| Net cash generated from/(used in) operating activities | 2,275 | 2,042 | |
| 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 | 32 | 16 | |
| Purchase of property, plant and equipment and investment property | (600) | (480) | |
| Purchase of intangible assets | (151) | (141) | |
| Acquisition of subsidiaries, net of cash acquired | (9) | (46) | |
| Proceeds from sale of joint ventures and associates | 1 | - | |
| Investments in joint ventures and associates | (5) | (6) | |
| Dividends received from joint ventures and associates | 2 | 2 | |
| Cash inflows from maturing short-term investments - deposits(c) | 683 | 942 | |
| Cash outflows on investing in short-term investments - deposits(c) | (833) | (781) | |
| (Investments in)/proceeds from other short-term investments(c) | 381 | 55 | |
| Proceeds from sale of other investments(b) | 91 | 893 | |
| Purchase of other investments | (167) | (91) | |
| Interest received | 120 | 136 | |
| Net cash generated from/(used in) investing activities | (455) | 499 | |
| Cash flows generated from/(used in) financing activities | |||
| Own shares purchased for cancellation | 18 | (773) | (575) |
| Own shares purchased for share schemes, net of cash received from employees | 18 | (63) | 17 |
| Repayment of capital element of obligations under leases(b) | (346) | (296) | |
| Cash outflows exceeding the incremental increase in assets in a property buyback | (11) | (14) | |
| Increase in borrowings | 419 | 342 | |
| Repayment of borrowings(b) | (430) | (587) | |
| Cash inflows from derivative financial instruments(b) | 46 | 24 | |
| Cash outflows from derivative financial instruments(b) | (36) | (25) | |
| Dividends paid to equity owners | 7 | (627) | (575) |
| Net cash generated from/(used in) financing activities | (1,821) | (1,689) | |
| Net increase/(decrease) in cash and cash equivalents | (1) | 852 | |
| Cash and cash equivalents at the beginning of the period | 1,399 | 1,874 | |
| Effect of foreign exchange rate changes | 2 | (8) | |
| Cash and cash equivalents, including cash held in the disposal group, at the end of the period | 1,400 | 2,718 | |
| Less: Cash held in the disposal group | - | (381) | |
| Cash and cash equivalents at the end of the period | 11 | 1,400 | 2,337 |
| 26 weeks ended 23 August 2025 At constant exchange rates | Notes | UK & ROI £m | Booker £m | Central Europe £m | Total at constant exchange £m | Foreign exchange £m | Total at actual exchange £m |
| Revenue | 3 | 29,116 | 4,734 | 2,150 | 36,000 | 36 | 36,036 |
| Less: Fuel sales | (2,916) | - | (68) | (2,984) | (1) | (2,985) | |
| Sales | 26,200 | 4,734 | 2,082 | 33,016 | 35 | 33,051 | |
| Adjusted operating profit | 1,469 | 162 | 44 | 1,675 | (1) | 1,674 | |
| Adjusting items | 4 | (26) | (39) | (6) | (71) | - | (71) |
| Operating profit | 1,443 | 123 | 38 | 1,604 | (1) | 1,603 | |
| Adjusted operating margin | 5.0% | 3.4% | 2.0% | 4.7% | 4.6% |
| 26 weeks ended 23 August 2025 At actual exchange rates | Notes | UK & ROI £m | Booker £m | Central Europe £m | Total £m |
| Revenue | 3 | 29,127 | 4,734 | 2,175 | 36,036 |
| Less: Fuel sales | (2,916) | - | (69) | (2,985) | |
| Sales | 26,211 | 4,734 | 2,106 | 33,051 | |
| Adjusted operating profit | 1,468 | 162 | 44 | 1,674 | |
| Adjusting items | 4 | (26) | (39) | (6) | (71) |
| Operating profit | 1,442 | 123 | 38 | 1,603 | |
| Adjusted operating margin | 5.0% | 3.4% | 2.0% | 4.6% | |
| Share of post-tax profit/(loss) of joint ventures and associates | (1) | ||||
| Finance income | 5 | 117 | |||
| Finance costs | 5 | (414) | |||
| Profit before tax | 1,305 |
| 26 weeks ended 24 August 2024 At actual exchange rates | Notes | UK & ROI (restated*) £m | Booker £m | Central Europe £m | Total £m |
| Revenue | 3 | 28,045 | 4,623 | 2,105 | 34,773 |
| Less: Fuel sales | (3,232) | - | (78) | (3,310) | |
| Sales | 24,813 | 4,623 | 2,027 | 31,463 | |
| Adjusted operating profit | 1,439 | 161 | 49 | 1,649 | |
| Adjusting items | 4 | 1 | (38) | - | (37) |
| Operating profit | 1,440 | 123 | 49 | 1,612 | |
| Adjusted operating margin | 5.1% | 3.5% | 2.3% | 4.7% | |
| Share of post-tax profit/(loss) of joint ventures and associates | (2) | ||||
| Finance income | 5 | 132 | |||
| Finance costs | 5 | (350) | |||
| Profit before tax | 1,392 |
| 26 weeks ended 23 August 2025 | UK & ROI £m | Booker £m | Central Europe £m | Total £m |
| Capital expenditure (including acquisitions through business combinations): | ||||
| Property, plant and equipment(a) | 492 | 23 | 32 | 547 |
| Goodwill and other intangible assets(b) | 151 | - | 4 | 155 |
| Depreciation and amortisation: | ||||
| Property, plant and equipment | (414) | (25) | (41) | (480) |
| Right of use assets | (217) | (45) | (25) | (287) |
| Other intangible assets | (104) | (39) | (5) | (148) |
| 26 weeks ended 24 August 2024 | UK & ROI (restated(c)) £m | Booker £m | Central Europe £m | Total £m |
| Capital expenditure (including acquisitions through business combinations): | ||||
| Property, plant and equipment(a) | 371 | 24 | 28 | 423 |
| Goodwill and other intangible assets(b) | 129 | 56 | 4 | 189 |
| Depreciation and amortisation: | ||||
| Property, plant and equipment | (392) | (25) | (42) | (459) |
| Right of use assets | (206) | (40) | (23) | (269) |
| Other intangible assets | (95) | (38) | (5) | (138) |
| Continuing operations | Notes | 26 weeks 2025 £m | 26 weeks 2024 £m |
| UK | 27,586 | 26,596 | |
| ROI | 1,541 | 1,449 | |
| UK & ROI | 2 | 29,127 | 28,045 |
| Booker | 2 | 4,734 | 4,623 |
| Hungary | 744 | 705 | |
| Czech Republic | 733 | 710 | |
| Slovakia | 698 | 690 | |
| Central Europe | 2 | 2,175 | 2,105 |
| Total Group | 2 | 36,036 | 34,773 |
| Cost of sales £m | Administrative expenses £m | Total adjusting items included within operating profit £m | Finance income/ (costs) £m | Taxation £m | Total adjusting items £m | |
| Property transactions(a) | (10) | - | (10) | - | 1 | (9) |
| Net impairment (loss)/reversal of non-current assets(b) | - | (9) | (9) | - | - | (9) |
| Restructuring(c) | 1 | (2) | (1) | - | - | (1) |
| Amortisation of acquired intangible assets(d) | - | (38) | (38) | - | 10 | (28) |
| Separation programme costs related to disposal of Banking operations(e) | (8) | (5) | (13) | - | 3 | (10) |
| Net pensionfinance income/(costs)(f) | - | - | - | (8) | 2 | (6) |
| Fair value remeasurements of financial instruments(f) | - | - | - | (26) | 8 | (18) |
| Total adjusting items | (17) | (54) | (71) | (34) | 24 | (81) |
| 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 | - | 7 | 7 | - | (1) | - | 6 |
| Restructuring | (3) | - | (3) | - | 1 | - | (2) |
| Amortisation of acquired intangible assets | - | (38) | (38) | - | 9 | - | (29) |
| Separation programme costs related to disposal of Banking operations | (2) | (1) | (3) | - | 1 | - | (2) |
| Net pension finance income/(costs) | - | - | - | (15) | 4 | - | (11) |
| Fair value remeasurements of financial instruments | - | - | - | 66 | (16) | - | 50 |
| Total adjusting items from continuing operations | (5) | (32) | (37) | 51 | (2) | - | 12 |
| Adjusting items relating to discontinued operations | - | - | - | - | - | (41) | (41) |
| Total adjusting items | (5) | (32) | (37) | 51 | (2) | (41) | (29) |
| Cash flows from operating activities | Cash flows from investing activities | Cash flows from financing activities | ||||||
| 26 weeks 2025 £m | 26 weeks 2024 £m | 26 weeks 2025 £m | 26 weeks 2024 £m | 26 weeks 2025 £m | 26 weeks 2024 £m | |||
| Property transactions(a) | (10) | - | 30 | 15 | (31) | - | ||
| Restructuring(b) | (30) | (52) | - | - | - | - | ||
| Separation programme costs related to disposal of Banking operations(c) | (12) | - | - | - | - | - | ||
| Total adjusting items | (52) | (52) | 30 | 15 | (31) | - | ||
| Continuing operations | Notes | 26 weeks 2025 £m | 26 weeks 2024 £m |
| Finance income | |||
| Interest income on: | |||
| Bank balances | 49 | 55 | |
| Short-term investments | 56 | 65 | |
| Loans to joint ventures and associates | 4 | 4 | |
| Other investments | 6 | 6 | |
| Net investment in leases | 1 | 1 | |
| Finance income on reinsurance contracts held | 1 | 1 | |
| Total finance income | 117 | 132 | |
| Finance costs | |||
| GBP MTNs and loans | (91) | (102) | |
| EUR MTNs | (37) | (46) | |
| USD bonds | (7) | (9) | |
| Interest expense on lease liabilities* | (190) | (186) | |
| Finance expense on insurance contracts issued | (7) | (7) | |
| Interest expense on bank overdrafts | (43) | (46) | |
| Undrawn committed facility fee | (2) | (2) | |
| Unwind of discount on provisions | (3) | (3) | |
| Total finance costs before adjusting items | (380) | (401) | |
| Fair value remeasurements of financial instruments | (26) | 66 | |
| Net pension finance income/(costs) | 17 | (8) | (15) |
| Total finance costs | (414) | (350) | |
| Net finance costs | (297) | (218) |
| 26 weeks 2025 £m | 26 weeks 2024 £m | |
| Current tax charge | ||
| UK corporation tax | 257 | 256 |
| Overseas tax | 36 | 39 |
| 293 | 295 | |
| Deferred tax charge | ||
| Origination and reversal of temporary differences | 62 | 75 |
| 62 | 75 | |
| Total income tax charge | 355 | 370 |
| Analysed as: | ||
| Tax charge/(credit) on adjusted profit | 379 | 368 |
| Tax charge/(credit) on adjusting items | (24) | 2 |
| Total income tax charge | 355 | 370 |
| Effective tax rate | 27.2% | 26.6% |
| Adjusted effective tax rate | 26.9% | 26.7% |
| 26 weeks ended 23 August 2025 | 26 weeks ended 24 August 2024 | ||||
| Pence/share | £m | Pence/share | £m | ||
| Paid prior financial year final dividend* | 9.45 | 628 | 8.25 | 576 | |
| (Increase)/decrease in unclaimed dividends | - | (1) | - | (1) | |
| Dividends paid in the financial period | 627 | 575 | |||
| Interim dividend declared for the current period | 4.80 | 314 | 4.25 | 291 | |
| 26 weeks ended 23 August 2025 | 26 weeks ended 24 August 2024 | ||||||
| Basic | Dilutive share options and awards | Diluted | Basic | Dilutive share options and awards | Diluted | ||
| Profit/(loss) (£m) | |||||||
| Continuing operations | 950 | - | 950 | 1,022 | - | 1,022 | |
| Discontinued operations | - | - | - | 29 | - | 29 | |
| Total | 950 | - | 950 | 1,051 | - | 1,051 | |
| Weighted average number of shares (millions) | 6,606 | 74 | 6,680 | 6,922 | 70 | 6,992 | |
| Earnings/(losses) per share (pence) | |||||||
| Continuing operations | 14.38 | (0.16) | 14.22 | 14.76 | (0.14) | 14.62 | |
| Discontinued operations | - | - | - | 0.42 | (0.01) | 0.41 | |
| Total | 14.38 | (0.16) | 14.22 | 15.18 | (0.15) | 15.03 | |
| Continuing operations | Notes | 26 weeks 2025 | 26 weeks 2024 |
| Profit before tax (£m) | 1,305 | 1,392 | |
| Exclude: Adjusting items (£m) | 4 | 105 | (14) |
| Adjusted profit before tax (£m) | 1,410 | 1,378 | |
| Adjusted profit before tax attributable to the owners of the parent (£m) | 1,410 | 1,378 | |
| Taxation on adjusted profit before tax attributable to the owners of the parent (£m) | 6 | (379) | (368) |
| Adjusted profit after tax attributable to the owners of the parent (£m) | 1,031 | 1,010 | |
| Basic weighted average number of shares (millions) | 6,606 | 6,922 | |
| Adjusted basic earnings per share (pence) | 15.61 | 14.59 | |
| Diluted weighted average number of shares (millions) | 6,680 | 6,992 | |
| Adjusted diluted earnings per share APM (pence) | 15.43 | 14.45 |
| 23 August 2025 | 24 August 2024 | ||||||
| Land and buildings £m | Other(a) £m | Total £m | Land and buildings £m | Other(a) £m | Total £m | ||
| Net carrying value | |||||||
| Opening balance | 14,759 | 2,503 | 17,262 | 14,997 | 2,224 | 17,221 | |
| Foreign currency translation | 117 | 23 | 140 | (15) | (4) | (19) | |
| Additions(b) | 183 | 364 | 547 | 158 | 264 | 422 | |
| Acquired through business combinations | - | - | - | - | 1 | 1 | |
| Reclassification | - | - | - | 3 | (2) | 1 | |
| Transfers (to)/from assets classified as held for sale(c) | (91) | (2) | (93) | (18) | - | (18) | |
| Disposals | (14) | (4) | (18) | (11) | (2) | (13) | |
| Depreciation charge for the period | (231) | (249) | (480) | (230) | (229) | (459) | |
| Impairment losses | (7) | (2) | (9) | - | - | - | |
| Closing balance | 14,716 | 2,633 | 17,349 | 14,884 | 2,252 | 17,136 | |
| Construction in progress included above(d) | 175 | 365 | 540 | 114 | 247 | 361 | |
| 23 August 2025 | 24 August 2024 | ||||||
| Land and buildings £m | Other £m | Total £m | Land and buildings £m | Other £m | Total £m | ||
| Net carrying value | |||||||
| Opening balance | 5,431 | 138 | 5,569 | 5,365 | 113 | 5,478 | |
| Additions (including sale and leaseback transactions) | 112 | 51 | 163 | 87 | 31 | 118 | |
| Acquired through business combinations | - | - | - | 5 | - | 5 | |
| Depreciation charge for the period | (263) | (24) | (287) | (251) | (18) | (269) | |
| Other movements* | 244 | - | 244 | 102 | - | 102 | |
| Closing balance | 5,524 | 165 | 5,689 | 5,308 | 126 | 5,434 |
| 23 August 2025 £m | 22 February 2025 £m | 24 August 2024 £m | |
| Current | 641 | 618 | 607 |
| Non-current | 7,150 | 7,098 | 6,935 |
| Total lease liabilities | 7,791 | 7,716 | 7,542 |
| Total undiscounted lease payments | 10,950 | 10,876 | 10,570 |
| 23 August 2025 £m | 22 February 2025 £m | 24 August 2024 £m | |
| Cash at bank and on hand | 2,345 | 2,190 | 3,223 |
| Short-term deposits | 89 | 65 | 87 |
| Cash and cash equivalents in the Group balance sheet* | 2,434 | 2,255 | 3,310 |
| Bankoverdrafts | (1,034) | (856) | (973) |
| Cash and cash equivalents in the Group cash flow statement | 1,400 | 1,399 | 2,337 |
| 23 August 2025 £m | 22 February 2025 £m | 24 August 2024 £m | |
| Money market funds, deposits and similar instruments | 1,992 | 2,223 | 1,912 |
| 23 August 2025 £m | 22 February 2025 £m | 24 August 2024 £m | |
| Current assets | |||
| Inventories | (15) | (14) | (12) |
| Trade and other receivables | |||
| Trade/other receivables | 93 | 110 | 81 |
| Accrued income | 126 | 142 | 114 |
| Current liabilities | |||
| Trade payables | 135 | 173 | 108 |
| 23 August 2025 | 22 February 2025 | 24 August 2024 | |||||
| Other(a) £m | Other(a) £m | Banking operations £m | Other(a) £m | Total £m | |||
| Assets of the disposal group(b) | - | - | 8,084 | - | 8,084 | ||
| Non-current assetsclassified as held for sale(c) | 123 | 50 | - | 101 | 101 | ||
| Total non-current assets classified as held for sale and assets of the disposal group | 123 | 50 | 8,084 | 101 | 8,185 | ||
| Liabilities of the disposal group(b) | - | - | (7,512) | - | (7,512) | ||
| Total non-current assets classified asheldforsale and net assets of the disposal group | 123 | 50 | 572 | 101 | 673 | ||
| 23 August 2025 £m | 22 February 2025 £m | 24 August 2024 £m | |
| Bank loans and overdrafts | 1,059 | 882 | 998 |
| Borrowings | 1,203 | 979 | 518 |
| 2,262 | 1,861 | 1,516 |
| 23 August 2025 £m | 22 February 2025 £m | 24 August 2024 £m | |
| Borrowings | 4,914 | 5,089 | 5,580 |
| At 23 August 2025 | At 22 February 2025 | At 24 August 2024 | |||||||||
| Insurance contract liabilities £m | Reinsurance contracts held £m | Net (liabilities)/ assets £m | Insurance contract liabilities £m | Reinsurance contracts held £m | Net (liabilities)/ assets £m | Insurance contract liabilities(a) £m | Reinsurance contracts held(b) £m | Net (liabilities)/ assets(b) £m | |||
| (Liabilities)/assets for remaining coverage | (276) | 185 | (91) | (270) | 181 | (89) | (258) | 173 | (85) | ||
| (Liabilities)/assets for incurred claims | (448) | (52) | (500) | (382) | (57) | (439) | (326) | (51) | (377) | ||
| (724) | 133 | (591) | (652) | 124 | (528) | (584) | 122 | (462) | |||
| Contracts measured under PAA | (582) | 80 | (502) | (510) | 71 | (439) | (440) | 68 | (372) | ||
| Contracts not measured under PAA(c) | (142) | 53 | (89) | (142) | 53 | (89) | (144) | 54 | (90) | ||
| (724) | 133 | (591) | (652) | 124 | (528) | (584) | 122 | (462) | |||
| At 23 August 2025 | At 22 February 2025 | At 24 August 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 | Present value of future cash flows £m | Risk adjustment £m | CSM* £m | Total £m | |||
| Insurance contract liabilities | (625) | (28) | (71) | (724) | (557) | (24) | (71) | (652) | (495) | (18) | (71) | (584) | ||
| Reinsurance contract assets | 90 | 9 | 34 | 133 | 83 | 7 | 34 | 124 | 89 | 6 | 27 | 122 | ||
| Net (liabilities)/assets | (535) | (19) | (37) | (591) | (474) | (17) | (37) | (528) | (406) | (12) | (44) | (462) | ||
| 23 August 2025 | 22 February 2025 | 24 August 2024 | ||||||||
| Level | Carrying value £m | Fair value(a) £m | Carrying value £m | Fair value(a) £m | Carrying value £m | Fair value(a) £m | ||||
| Financial assets measured at amortised cost | ||||||||||
| Investment securities at amortised cost(b) | 1 and 2 | 194 | 198 | 196 | 201 | 197 | 209 | |||
| Joint ventures and associates loan receivables | 2 | 97 | 107 | 97 | 105 | 96 | 107 | |||
| Financial liabilities measured at amortised cost | ||||||||||
| Borrowings | ||||||||||
| Amortised cost | 1 | (5,506) | (5,260) | (4,916) | (4,651) | (5,079) | (4,871) | |||
| Bonds in fair value hedge relationships | 1 | (1,670) | (1,723) | (2,034) | (2,088) | (2,017) | (2,067) | |||
| At 23 August 2025 | Level 1 £m | Level 2 £m | Level 3 £m | Total £m |
| Assets | ||||
| Investments at fair value through other comprehensive income | 953 | - | 17 | 970 |
| Short-term investments at fair value through profit or loss | 1,082 | - | - | 1,082 |
| Cash and cash equivalents at fair value through profit or loss | - | 61 | - | 61 |
| Derivative financial instruments: | ||||
| Interest rate swaps | - | - | 15 | 15 |
| Cross-currency swaps | - | - | 124 | 124 |
| Index-linked swaps | - | - | 620 | 620 |
| Foreign currency forward contracts | - | 16 | - | 16 |
| Total assets | 2,035 | 77 | 776 | 2,888 |
| Liabilities | ||||
| Derivative financial instruments: | ||||
| Interest rate swaps | - | - | (77) | (77) |
| Cross-currency swaps | - | - | (99) | (99) |
| Foreign currency forward contracts | - | (54) | - | (54) |
| Commodity derivatives | - | (4) | - | (4) |
| Total liabilities | - | (58) | (176) | (234) |
| Net assets | 2,035 | 19 | 600 | 2,654 |
| 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) |
| Commodity derivatives | - | (2) | - | (2) |
| Total liabilities | - | (13) | (204) | (217) |
| Net assets | 2,241 | 75 | 638 | 2,954 |
| At 24 August 2024 | Level 1 £m | Level 2 £m | Level 3 £m | Total £m |
| Assets | ||||
| Investments at fair value through other comprehensive income | 751 | - | 19 | 770 |
| Short-term investments at fair value through profit or loss | 949 | - | - | 949 |
| Cash and cash equivalents at fair value through profit or loss | - | 63 | - | 63 |
| Other investments at fair value through profit or loss | - | - | 16 | 16 |
| Derivative financial instruments: | ||||
| Interest rate swaps | - | - | 11 | 11 |
| Cross-currency swaps | - | - | 141 | 141 |
| Index-linked swaps | - | - | 636 | 636 |
| Foreign currency forward contracts | - | 11 | - | 11 |
| Total assets | 1,700 | 74 | 823 | 2,597 |
| Liabilities | ||||
| Derivative financial instruments: | ||||
| Interest rate swaps | - | - | (88) | (88) |
| Cross-currency swaps | - | - | (130) | (130) |
| Foreign currency forward contracts | - | (38) | - | (38) |
| Commodity derivatives | - | (5) | - | (5) |
| Total liabilities | - | (43) | (218) | (261) |
| Net assets | 1,700 | 31 | 605 | 2,336 |
| 26 weeks ended 23 August 2025 | 26 weeks ended 24 August 2024 | ||||
| Uncollateralised derivatives £m | Unlisted investments £m | Uncollateralised derivatives £m | Unlisted investments £m | ||
| At the beginning of the period | 604 | 34 | 545 | 37 | |
| Gains/(losses) recognised in finance costs(a) | (22) | - | 36 | (1) | |
| Gains/(losses) recognised in other comprehensive income not reclassified to the income statement | - | (1) | - | - | |
| Gains/(losses) recognised in other comprehensive income that may subsequently be reclassified to the income statement | - | - | 26 | - | |
| Disposals | - | (16) | - | - | |
| Settlements | 1 | - | (37) | - | |
| Transfer of assets from Level 3(b) | - | - | - | (1) | |
| At the end of the period | 583 | 17 | 570 | 35 | |
| Net defined benefit surplus/(deficit) | |||
| 23 August 2025 £m | 22 February 2025 £m | 24 August 2024 £m | |
| Opening balance | (248) | (631) | (631) |
| Administration costs | (9) | (17) | (9) |
| Finance income/(cost) | (8) | (32) | (15) |
| Included in the Group income statement | (17) | (49) | (24) |
| Remeasurement gain/(loss): | |||
| Financial assumptions gain/(loss) | 725 | 981 | (74) |
| Demographic assumptions gain/(loss) | 129 | 17 | (7) |
| Experience gain/(loss) | (80) | (62) | (62) |
| Return on plan assets excluding finance income | (696) | (550) | 395 |
| Foreign currency translation | 2 | (1) | - |
| Included in the Group statement of comprehensive income/(loss) | 80 | 385 | 252 |
| Employer contributions | 9 | 17 | 9 |
| Additional employer contributions | 13 | 23 | 12 |
| Benefits paid | 4 | 7 | 2 |
| Other movements | 26 | 47 | 23 |
| Closing balance | (159) | (248) | (380) |
| Withholding tax on surplus(a) | (4) | (3) | (4) |
| Closing balance, net of withholding tax | (163) | (251) | (384) |
| Consisting of: | |||
| Schemes in deficit | (231) | (307) | (426) |
| Schemes in surplus(b) | 68 | 56 | 42 |
| Deferred tax asset/(liability)(c) | 51 | 71 | 102 |
| Surplus/(deficit) in schemes at the end of the period, net of deferredtax | (112) | (180) | (282) |
| 23 August 2025 % | 22 February 2025 % | 24 August 2024 % | |
| Discount rate(a) | 6.0 | 5.7 | 5.1 |
| Price inflation | 2.8 | 3.0 | 2.9 |
| Rate of increase in deferred pensions(b) | 2.4 | 2.6 | 2.5 |
| Rate of increase in pensions in payment(b) | |||
| Benefits accrued before 1 June 2012 | 2.7 | 2.9 | 2.8 |
| Benefits accrued after 1 June 2012 | 2.4 | 2.6 | 2.5 |
| 23 August 2025 | 24 August 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 | (138) | 127 | (182) | 170 | |
| Impact of 0.1% decrease of the assumption | 148 | (127) | 195 | (158) | |
| Impact of 1.0% increase of the assumption | (1,302) | 1,312 | (1,690) | 1,763 | |
| Impact of 1.0% decrease of the assumption | 1,609 | (1,132) | 2,152 | (1,484) | |
| 26 weeks ended 23 August 2025 | 52 weeks ended 22 February 2025 | |||
| 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 | 6,736,841,762 | 426 | 7,038,930,440 | 445 |
| Shares cancelled | (199,836,693) | (13) | (302,088,678) | (19) |
| At the end of the financial period | 6,537,005,069 | 413 | 6,736,841,762 | 426 |
| Capital redemption reserve £m | Hedging reserve £m | Translation reserve £m | Own shares held* £m | Merger reserve £m | Insurance finance reserve £m | Total £m | ||
| At 22 February 2025 | 80 | 49 | 186 | (280) | 3,090 | 15 | 3,140 | |
| Other comprehensive income/(loss) | ||||||||
| Retranslation of net assets of overseas subsidiaries, joint ventures and associates | - | - | 123 | - | - | - | 123 | |
| Impact of net investment hedges | - | - | (56) | - | - | - | (56) | |
| Gains/(losses) on cash flow hedges | - | (79) | - | - | - | - | (79) | |
| Cash flow hedges reclassified and reported in the Group income statement | - | (11) | - | - | - | - | (11) | |
| Finance income/(expenses) from insurance contracts issued | - | - | - | - | - | (1) | (1) | |
| Tax relating to components of other comprehensive income | - | 8 | - | - | - | - | 8 | |
| Total other comprehensive income/(loss) | - | (82) | 67 | - | - | (1) | (16) | |
| Inventory cash flow hedge movements | ||||||||
| (Gains)/losses transferred to the cost of inventory | - | 42 | - | - | - | - | 42 | |
| Total inventory cash flow hedge movements | - | 42 | - | - | - | - | 42 | |
| Transactions with owners | ||||||||
| Own shares purchased for cancellation | - | - | - | (1,200) | - | - | (1,200) | |
| Own shares cancelled | 13 | - | - | 773 | - | - | 786 | |
| Own shares purchased for share schemes | - | - | - | (160) | - | - | (160) | |
| Share-based payments | - | - | - | 171 | - | - | 171 | |
| Transfer from own shares held to retained earnings | - | - | - | 44 | - | - | 44 | |
| Total transactions with owners | 13 | - | - | (372) | - | - | (359) | |
| At 23 August 2025 | 93 | 9 | 253 | (652) | 3,090 | 14 | 2,807 |
| 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 | - | - | (31) | - | - | - | (31) | |
| Impact of net investment hedges | - | - | 9 | - | - | - | 9 | |
| Gains/(losses) on cash flow hedges | - | (6) | - | - | - | - | (6) | |
| Cash flow hedges reclassified and reported in the Group income statement | - | (36) | - | - | - | - | (36) | |
| Finance income/(expenses) from insurance contracts issued | - | - | - | - | - | (3) | (3) | |
| Finance income/(expenses) from reinsurance contracts held | - | - | - | - | - | 1 | 1 | |
| Tax relating to components of other comprehensive income | - | 5 | - | - | - | - | 5 | |
| Total other comprehensive income/(loss) | - | (37) | (22) | - | - | (2) | (61) | |
| Inventory cash flow hedge movements | ||||||||
| (Gains)/losses transferred to the cost of inventory | - | 9 | - | - | - | - | 9 | |
| Total inventory cash flow hedge movements | - | 9 | - | - | - | - | 9 | |
| Transactions with owners | ||||||||
| Own shares purchased for cancellation | - | - | - | (746) | - | - | (746) | |
| Own shares cancelled | 12 | - | - | 575 | - | - | 587 | |
| Own shares purchased for share schemes | - | - | - | (101) | - | - | (101) | |
| Share-based payments | - | - | - | 183 | - | - | 183 | |
| Total transactions with owners | 12 | - | - | (89) | - | - | (77) | |
| At 24 August 2024 | 73 | 47 | 184 | (404) | 3,090 | 12 | 3,002 |
| 23 August 2025 | 24 August 2024 | ||
| Own shares purchased for cancellation | £m | £m | |
| Included in the Group statement of changes in equity | (1,200) | (746) | |
| Outstanding amount recognised as financial liabilities(a) | 427 | 171 | |
| Included in the Group cash flow statement(b) | (773) | (575) |
| 23 August 2025 | 24 August 2024 | ||
| Own shares purchased for share schemes | £m | £m | |
| Included in the Group statement of changes in equity | (160) | (101) | |
| Shares withheld to settle employee tax | 49 | 54 | |
| Cash received from employees exercising SAYE options | 48 | 64 | |
| Included in the Group cash flow statement | (63) | 17 |
| 23 August 2025 £m | 22 February 2025 £m | 24 August 2024 £m | |
| Borrowings, excluding overdrafts | (6,142) | (6,094) | (6,123) |
| Lease liabilities | (7,791) | (7,716) | (7,542) |
| Net financing derivatives | 585 | 602 | 567 |
| Share purchase obligations | (427) | - | (171) |
| Liabilities from financing activities | (13,775) | (13,208) | (13,269) |
| Cash and cash equivalents in the balance sheet | 2,434 | 2,255 | 3,310 |
| Overdrafts(a) | (1,034) | (856) | (973) |
| Cash and cash equivalents (including overdrafts) in the cash flow statement | 1,400 | 1,399 | 2,337 |
| Short-term investments | 1,992 | 2,223 | 1,912 |
| Joint venture loans | 97 | 97 | 96 |
| Interest and other receivables | 19 | 19 | 17 |
| Net operating and investing derivatives | (44) | 16 | (29) |
| Exclude: Share purchase obligations | 427 | - | 171 |
| Exclude: Cash and cash equivalents held to settle deposits from central bank(b) | - | - | (757) |
| Net debt APM(c) | (9,884) | (9,454) | (9,522) |
| Borrowings, excluding overdrafts £m | Lease liabilities £m | Net financing derivative financial instruments(a) £m | Share purchase obligations(b) £m | Liabilities from Group financing activities(b) £m | |
| At 22 February 2025 | (6,094) | (7,716) | 602 | - | (13,208) |
| Cash flows arising from financing activities(c) | 11 | 348 | (12) | 773 | 1,120 |
| Cash flows arising from operating activities: | |||||
| Interest paid(c) | 141 | 191 | 3 | - | 335 |
| Non-cash movements: | |||||
| Fair value gains/(losses) | (24) | - | 19 | - | (5) |
| Foreign exchange | (71) | (46) | - | - | (117) |
| Interest income/(charge) | (105) | (195) | (27) | - | (327) |
| Lease additions, terminations, modifications and reassessments | - | (373) | - | - | (373) |
| Share purchase agreements | - | - | - | (1,200) | (1,200) |
| At 23 August 2025 | (6,142) | (7,791) | 585 | (427) | (13,775) |
| Borrowings, excluding overdrafts £m | Lease liabilities £m | Net financing derivative financial instruments(a) £m | Share purchase obligations(b) £m | Liabilities from Group financing activities(b) £m | |
| At 24 February 2024 | (6,407) | (7,622) | 544 | - | (13,485) |
| Cash flows arising from financing activities(c)(d) | 280 | 296 | (35) | 575 | 1,116 |
| Cash flows arising from operating activities: | |||||
| Interest paid(c)(d)(e) | 142 | 186 | 15 | - | 343 |
| Non-cash movements: | |||||
| Fair value gains/(losses) | (59) | - | 93 | - | 34 |
| Foreign exchange | 29 | 4 | - | - | 33 |
| Interest income/(charge)(e) | (108) | (186) | (50) | - | (344) |
| Acquisitions and disposals | - | (5) | - | - | (5) |
| Lease additions, terminations, modifications and reassessments | - | (215) | - | - | (215) |
| Share purchase agreements | - | - | - | (746) | (746) |
| At 24 August 2024 | (6,123) | (7,542) | 567 | (171) | (13,269) |
| As reported £m | Adjustment £m | Re-presented £m | |
| Interest paid | (389) | (1) | (390) |
| Cash flows generated from/(used in) investing activities | 2,043 | (1) | 2,042 |
| Proceeds from sale of other investments | 866 | 27 | 893 |
| Investing cash inflows from derivative financial instruments | 27 | (27) | - |
| Net cash generated from/(used in) investingactivities | 499 | - | 499 |
| Repayment of capital element of obligations under leases | (297) | 1 | (296) |
| Repayment of borrowings | (622) | 35 | (587) |
| Financing cash inflows from derivative financial instruments | 438 | (414) | 24 |
| Financing cash outflows from derivative financial instruments | (404) | 379 | (25) |
| Net cash generated from/(used in) financing activities | (1,690) | 1 | (1,689) |
| Net increase/(decrease) in cash and cash equivalents | 852 | - | 852 |
| Free cash flow | 1,261 | - | 1,261 |
| 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 26 weeks. 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 and mall rental income 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. - Amortisation of acquired intangibles is included within adjusting items because it relates to 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. | |
| 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 | - 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 the following cash flows (excluding Insurance and Money Services and adjusting cash flows): - Continuing cash flows from operating activities of the business. - Investing cash flows 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; the purchase of intangible assets; dividends received from Insurance and Money Services (excluding special dividends); dividends received from joint ventures and associates; and interest received. - Financing cash flows 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 | 26 weeks ended 23 August 2025 | 26 weeks ended 24 August 2024 |
| Revenue - current period (£m) | 2,3 | 36,036 | 34,773 |
| Revenue - prior period (£m) | 34,773 | 33,801 | |
| Revenue growth | 3.6% | 2.9% | |
| Include: Central Europe comparable days adjustment | 0.1% | - | |
| Exclude: Fuel impact | 1.4% | 0.6% | |
| Growth in sales at actual rate | 5.1% | 3.5% | |
| Exclude: Foreign exchange | - | 0.5% | |
| Growth in sales at constant rate | 5.1% | 4.0% | |
| Exclude: Revenue from dunnhumby,Insurance and Money Services, and mall rental income(a) | (0.3)% | (0.6)% | |
| Exclude: Underlying net new space impact | (0.3)% | (0.5)% | |
| Exclude: Impact of retail partnerships reclassification(b) | (0.2)% | - | |
| Like-for-like sales growth | 4.3% | 2.9% |
| Continuing operations | 52 weeks ended 23 August 2025 £m | 52 weeks ended 22 February 2025 £m | |
| Operating profit | 2,702 | 2,711 | |
| Exclude: Adjusting items | 451 | 417 | |
| Adjusted operating profit | 3,153 | 3,128 | |
| Include: Depreciation and amortisation before adjusting items | 1,744 | 1,697 | |
| EBITDA | 4,897 | 4,825 |
| Notes | 23 August 2025 £m | 24 August 2024 (restated(a)) £m | |
| Opening Net debt | 19 | (9,454) | (9,684) |
| Free cash flow | 1,298 | 1,261 | |
| Other cash movements: | |||
| Own shares purchased for cancellation | (773) | (575) | |
| Dividends paid to equity owners | (627) | (575) | |
| Adjusting items included in operating cash flow activities | (52) | (52) | |
| Repayments of capital element of obligations under leases | 346 | 295 | |
| Interest paid on lease liabilities | 193 | 187 | |
| Net other interest paid/(received) | 72 | 66 | |
| Proceeds from sale of property, plant and equipment, investment property, intangible assets and assets held for sale | 32 | 16 | |
| Cash outflows attributable to property buybacks and store purchases | (43) | (30) | |
| Proceeds from/(purchase of) other investments | (76) | 802 | |
| Cash and cash equivalents held to settle deposits from central bank(b) | 19 | - | (757) |
| Other cash movements | 10 | (27) | |
| Non-cash movements in Net debt: | |||
| Fair value movements | (68) | 4 | |
| Foreign exchange movements | (69) | 21 | |
| Net interest charge | (59) | (72) | |
| Non-cash movements in lease liabilities | (614) | (397) | |
| Non-cash movement arising from acquisitions and disposals | - | (5) | |
| Closing Net debt | 19 | (9,884) | (9,522) |
| Notes | 23 August 2025 £m | 22 February 2025 £m | |
| Net debt | 19 | 9,884 | 9,454 |
| EBITDA | 4,897 | 4,825 | |
| Net debt/EBITDA ratio | 2.0 | 2.0 |
| 52 weeks ended 23 August 2025 £m | 52 weeks ended 22 February 2025 £m | ||
| Net finance costs | 571 | 492 | |
| Exclude: Net pension finance income/(costs) | (25) | (32) | |
| Exclude: Fair value remeasurements of financial instruments | (16) | 76 | |
| Adjusted net finance costs | 530 | 536 | |
| Exclude: Interest expense on lease liabilities* | (386) | (377) | |
| Adjusted net finance costs, excluding interest expense on lease liabilities | 144 | 159 | |
| Include: Total lease liability payments | 1,006 | 980 | |
| Exclude: Discontinued operations total lease liability payments | (1) | (3) | |
| 1,149 | 1,136 | ||
| EBITDA | 4,897 | 4,825 | |
| Fixed charge cover (ratio) | 4.3 | 4.2 |
| Notes | 23 August 2025 £m | 24 August 2024 £m | |
| Property, plant and equipment additions* | 9 | 547 | 422 |
| Goodwill and other intangible asset additions* | 152 | 133 | |
| Exclude: Additions from property buybacks | (27) | (22) | |
| Exclude: Additions from store purchases and associated refits | (6) | (3) | |
| Exclude: Additions from refits associated with business combinations | (2) | - | |
| Exclude: Additions relating to decommissioning provisions and similar items | 3 | - | |
| Capex | 667 | 530 |
| Notes | 52 weeks ended 23 August 2025 £m | 52 weeks ended 22 February 2025 £m | |
| Adjusted operating profit | 3,153 | 3,128 | |
| Capital employed from continuing operations: | |||
| Net assets | 10,805 | 11,662 | |
| Exclude: Pension deficit/(surplus) gross of deferred tax | 17 | 163 | 251 |
| Exclude: Non-current assets classified as held for sale | 13 | (123) | (50) |
| Exclude: Net current tax (asset)/liability | 47 | (14) | |
| Exclude: Deferred tax assets | (52) | (47) | |
| Exclude: Deferred tax liabilities | 586 | 503 | |
| Exclude: Adjustment to remove the impact of deferred tax liabilities recorded against identified assets acquired in business combinations | (133) | (133) | |
| Exclude: Net debt | 19 | 9,884 | 9,454 |
| Capital employed | 21,177 | 21,626 | |
| Average capital employed | 20,744 | 21,475 | |
| Return on capital employed (ROCE) | 15.2% | 14.6% |
| Continuing operations excluding Insurance and Money Services | Insurance and Money Services | Tesco Group | ||||||
| 26 weeks ended 23 August 2025 | Before adjusting items £m | Adjusting items £m | Total £m | Total £m | Total £m | |||
| Operating profit/(loss) | 1,574 | (58) | 1,516 | 87 | 1,603 | |||
| Depreciation and amortisation | 866 | 40 | 906 | 9 | 915 | |||
| Net impairment loss/(reversal) on property, plant and equipment, right of use assets, intangible assets and investment property | - | 9 | 9 | - | 9 | |||
| Defined benefit pension scheme payments | (17) | - | (17) | - | (17) | |||
| Share-based payments | 2 | - | 2 | (1) | 1 | |||
| Other reconciling items(a) | 1 | (2) | (1) | - | (1) | |||
| Cash generated from/(used in) operations excluding working capital | 2,426 | (11) | 2,415 | 95 | 2,510 | |||
| (Increase)/decrease in working capital | 408 | (29) | 379 | 1 | 380 | |||
| Cash generated from/(used in) operations | 2,834 | (40) | 2,794 | 96 | 2,890 | |||
| Interest paid | (385) | - | (385) | - | (385) | |||
| Corporation tax paid | (226) | - | (226) | (4) | (230) | |||
| Net cash generated from/(used in) operating activities | 2,223 | (40) | 2,183 | 92 | 2,275 | |||
| Include the following cash flows generated from/(used in) investing activities: | ||||||||
| Purchase of property, plant and equipment and investment property(b) | (567) | - | (567) | (1) | (568) | |||
| Purchase of intangible assets | (149) | - | (149) | (2) | (151) | |||
| Ordinary dividends received from Insurance and Money Services | 50 | - | 50 | (50) | - | |||
| Dividends received from joint ventures and associates | 2 | - | 2 | - | 2 | |||
| Interest received | 116 | - | 116 | 4 | 120 | |||
| Include the following cash flows generated from/(used in) financing activities: | ||||||||
| Own shares purchased for share schemes, net of cash received from employees | (63) | - | (63) | - | (63) | |||
| Repayment of capital element of obligations under leases | (314) | (31) | (345) | (1) | (346) | |||
| Free cash flow | 1,298 | |||||||
| Continuing operations excluding Insurance and Money Services | Insurance and Money Services | Discontinued operations | Tesco Group | ||||||
| 26 weeks ended 24 August 2024 | Before adjusting items £m | Adjusting items £m | Total £m | Total £m | Total £m | Total £m | |||
| Operating profit/(loss) | 1,555 | (33) | 1,522 | 90 | 40 | 1,652 | |||
| Depreciation and amortisation | 819 | 38 | 857 | 9 | - | 866 | |||
| Net remeasurement (gain)/loss on non-current assets held for sale | - | - | - | - | 44 | 44 | |||
| Defined benefit pension scheme payments | (14) | - | (14) | - | - | (14) | |||
| Share-based payments | 19 | - | 19 | (2) | 2 | 19 | |||
| Fair value movements included in operating profit/(loss) | - | - | - | (3) | 13 | 10 | |||
| Other reconciling items(a) | 3 | (10) | (7) | 4 | - | (3) | |||
| Cash generated from/(used in) operations excluding working capital | 2,382 | (5) | 2,377 | 98 | 99 | 2,574 | |||
| (Increase)/decrease in working capital | 169 | (47) | 122 | (124) | 41 | 39 | |||
| Cash generated from/(used in) operations | 2,551 | (52) | 2,499 | (26) | 140 | 2,613 | |||
| Interest paid(c) | (381) | - | (381) | (8) | (1) | (390) | |||
| Corporation tax paid | (176) | - | (176) | (5) | - | (181) | |||
| Net cash generated from/(used in) operating activities | 1,994 | (52) | 1,942 | (39) | 139 | 2,042 | |||
| Include the following cash flows generated from/(used in) investing activities: | |||||||||
| Purchase of property, plant and equipment and investment property(b) | (464) | - | (464) | - | - | (464) | |||
| Purchase of intangible assets | (130) | - | (130) | (5) | (6) | (141) | |||
| Dividends received from joint ventures and associates | 2 | - | 2 | - | - | 2 | |||
| Interest received | 136 | - | 136 | - | - | 136 | |||
| Include the following cash flows generated from/(used in) financing activities: | |||||||||
| Own shares purchased for share schemes, net of cash received from employees | 17 | - | 17 | - | - | 17 | |||
| Repayment of capital element of obligations under leases(c) | (294) | - | (294) | (1) | (1) | (296) | |||
| Free cash flow | 1,261 | ||||||||
| Like-for-like sales | ||||||
| H1 2024/25 | H2 2024/25 | FY 2024/25 | Q1 2025/26 | Q2 2025/26 | HY 2025/26 | |
| UK & ROI* | 4.1% | 4.1% | 4.1% | 5.1% | 4.6% | 4.9% |
| UK | 4.0% | 4.1% | 4.0% | 5.1% | 4.6% | 4.9% |
| ROI | 4.7% | 4.4% | 4.6% | 5.5% | 4.0% | 4.8% |
| Booker | (1.9)% | (1.6)% | (1.8)% | 2.0% | 1.3% | 1.7% |
| Central Europe | 0.6% | 3.8% | 2.2% | 4.1% | 2.9% | 3.4% |
| Like-for-like sales growth | 2.9% | 3.2% | 3.1% | 4.6% | 4.0% | 4.3% |
| Actual rates | Constant rates | ||||||||
| H1 2024/25 | H2 2024/25 | FY 2024/25 | H1 2025/26 | H1 2024/25 | H2 2024/25 | FY 2024/25 | H1 2025/26 | ||
| UK & ROI* | 5.3% | 4.6% | 5.0% | 5.6% | 5.4% | 4.8% | 5.1% | 5.6% | |
| UK | 5.4% | 4.8% | 5.1% | 5.6% | 5.4% | 4.8% | 5.1% | 5.6% | |
| ROI | 3.6% | 2.2% | 2.9% | 6.4% | 5.6% | 5.6% | 5.6% | 6.5% | |
| Booker | (1.7)% | (0.3)% | (1.0)% | 2.4% | (1.7)% | (0.3)% | (1.0)% | 2.4% | |
| Central Europe | (4.2)% | (1.9)% | (3.0)% | 4.4% | 0.9% | 4.0% | 2.5% | 5.0% | |
| Growth in sales | 3.5% | 3.5% | 3.5% | 5.1% | 4.0% | 4.1% | 4.0% | 5.1% | |
| 23 August 2025 | 22 February 2025 | ||||||
| Store size (sq. ft.) | No. of stores | Million sq. ft. | % of total sq. ft. | No. of stores | Million sq. ft. | % of total sq. ft. | |
| 0-3,000 | 2,743 | 6.0 | 15.5% | 2,716 | 5.9 | 15.4% | |
| 3,001-20,000 | 282 | 3.0 | 7.8% | 281 | 3.0 | 7.7% | |
| 20,001-40,000 | 302 | 9.0 | 23.2% | 302 | 9.0 | 23.3% | |
| 40,001-60,000 | 192 | 9.7 | 25.1% | 192 | 9.7 | 25.2% | |
| 60,001-80,000 | 111 | 7.6 | 19.6% | 111 | 7.6 | 19.6% | |
| 80,001-100,000 | 31 | 2.7 | 7.0% | 31 | 2.7 | 7.0% | |
| Over 100,000 | 6 | 0.7 | 1.8% | 6 | 0.7 | 1.8% | |
| Total* | 3,667 | 38.7 | 100.0% | 3,639 | 38.6 | 100.0% | |
| 2024/25 year end | Openings | Closures/ disposals | Net gain/ (reduction)(a) | As at 23 August2025 | Repurposing/ extensions(b) | |
| Large | 809 | 1 | - | 1 | 810 | - |
| Convenience | 2,094 | 24 | (1) | 23 | 2,117 | - |
| Dotcom only | 6 | - | - | - | 6 | - |
| UK excluding One Stop | 2,909 | 25 | (1) | 24 | 2,933 | - |
| One Stop(c) | 730 | 7 | (3) | 4 | 734 | - |
| UK(c)(d) | 3,639 | 32 | (4) | 28 | 3,667 | - |
| ROI | 182 | 3 | - | 3 | 185 | - |
| UK & ROI(c)(d) | 3,821 | 35 | (4) | 31 | 3,852 | - |
| Booker | 190 | - | (1) | (1) | 189 | - |
| Czech Republic(c) | 184 | - | (1) | (1) | 183 | 3 |
| Hungary | 198 | 1 | (1) | - | 198 | 2 |
| Slovakia(c) | 179 | 2 | - | 2 | 181 | 4 |
| Central Europe(c) | 561 | 3 | (2) | 1 | 562 | 9 |
| Groupexcluding franchise stores(c) | 4,572 | 38 | (7) | 31 | 4,603 | 9 |
| UK (One Stop) | 354 | 23 | (10) | 13 | 367 | - |
| Czech Republic | 114 | 1 | (1) | - | 114 | - |
| Franchise stores | 468 | 24 | (11) | 13 | 481 | - |
| Total Group | 5,040 | 62 | (18) | 44 | 5,084 | 9 |
| 2024/25 year end | Openings | Closures/ disposals | Repurposing/ extensions(b) | Net gain/ (reduction)(a) | As at 23 August 2025 | |
| Large | 31,092 | 15 | - | - | 15 | 31,107 |
| Convenience | 5,615 | 70 | (3) | - | 67 | 5,682 |
| Dotcom only | 716 | - | - | - | - | 716 |
| UKexcluding One Stop | 37,423 | 85 | (3) | - | 82 | 37,505 |
| One Stop(c) | 1,205 | 13 | (5) | - | 8 | 1,213 |
| UK(c)(d) | 38,628 | 98 | (8) | - | 90 | 38,718 |
| ROI | 3,572 | 39 | - | - | 39 | 3,611 |
| UK & ROI(c)(d) | 42,200 | 137 | (8) | - | 129 | 42,329 |
| Booker(e) | 7,653 | - | (12) | - | (12) | 7,641 |
| Czech Republic(c) | 4,085 | - | (3) | (17) | (20) | 4,065 |
| Hungary | 5,316 | 3 | (3) | - | - | 5,316 |
| Slovakia(c) | 3,179 | 12 | - | (13) | (1) | 3,178 |
| Central Europe(c) | 12,580 | 15 | (6) | (30) | (21) | 12,559 |
| Groupexcluding franchise stores(c)(e) | 62,433 | 152 | (26) | (30) | 96 | 62,529 |
| UK (One Stop) | 509 | 32 | (12) | - | 20 | 529 |
| Czech Republic | 103 | 1 | (1) | - | - | 103 |
| Franchise stores | 612 | 33 | (13) | - | 20 | 632 |
| Total Group(e) | 63,045 | 185 | (39) | (30) | 116 | 63,161 |
| As at 23 August 2025 | Openings | Closures/ disposals | Repurposing/ extensions(b) | Net gain/ (reduction)(a) | 2025/26 year end | |
| Large | 31,107 | 65 | - | 8 | 73 | 31,180 |
| Convenience | 5,682 | 123 | (21) | 3 | 105 | 5,787 |
| Dotcom only | 716 | - | - | - | - | 716 |
| UK excluding One Stop | 37,505 | 188 | (21) | 11 | 178 | 37,683 |
| One Stop(c) | 1,213 | 2 | (60) | - | (58) | 1,155 |
| UK(c)(d) | 38,718 | 190 | (81) | 11 | 120 | 38,838 |
| ROI | 3,611 | 55 | - | 3 | 58 | 3,669 |
| UK & ROI(c)(d) | 42,329 | 245 | (81) | 14 | 178 | 42,507 |
| Booker | 7,641 | - | - | - | - | 7,641 |
| Czech Republic(c) | 4,065 | 20 | - | - | 20 | 4,085 |
| Hungary | 5,316 | 11 | - | (17) | (6) | 5,310 |
| Slovakia(c) | 3,178 | 14 | - | 1 | 15 | 3,193 |
| Central Europe(c) | 12,559 | 45 | - | (16) | 29 | 12,588 |
| Groupexcluding franchise stores(c) | 62,529 | 290 | (81) | (2) | 207 | 62,736 |
| UK (One Stop) | 529 | 72 | (5) | - | 67 | 596 |
| Czech Republic | 103 | - | - | - | - | 103 |
| Franchise stores | 632 | 72 | (5) | - | 67 | 699 |
| Total Group | 63,161 | 362 | (86) | (2) | 274 | 63,435 |
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