Tesco, based in Welwyn Garden City, United Kingdom is one of the biggest grocery shops in the UK with revenue of £57,887m in the 2021 Fiscal year.

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Incisiv Digital Performance Rank About Tesco Financial Year 2021: Key Takeaways Current Financial Performance Digital Timeline
 

Incisiv Digital Performance Rank

Overall Rank: Challenger

Research & Discovery: Leader

Online Ordering: Follower

Fulfillment: Challenger

Service: Follower

 

About Tesco

Tesco, based in Welwyn Garden City, United Kingdom is one of the biggest grocery shops in the UK with revenue of £57,887m in the 2021 Fiscal year.

Number of Tesco stores: 2794

Number of Countries: 5

Number of Cities: 986 

Source: Reports archive - Tesco PLC

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Financial Year: Key Takeaways

2022
  • Tesco’s group sales accounted for $65.8 billion, 3% up from $64.1 billion in 2021
  • This 3% rise was primarily due to United Kingdom's continued growth and Booker's double-digit growth
  • Strong sales performance, lower COVID-19 expenses, and a profit at Tesco Bank all contributed to the adjusted operating profit's increase of nearly 59% at constant rates to $3.1 billion
  • The Group's net promoter score went up three points to 18 points

Source: Reports archive - Tesco PLC

2021
  • Total retail adjusted operating profit increased by 35.8% to £2,649m
  • Strong cash flow resulted in a net debt reduction of +£1.4 billion from last year
  • Total revenue increased from £57.9bn to £61.3bn
  • One-year like-for-like sales grew by +0.4%, including growth of +1.2% in the first half before sales declined by (0.5)% in the second half
  • Central Europe adjusted operating profit was £168m, an increase of +41.1% at constant rates
  • Tax on adjusted Group profit was £(502)m, £(253)m higher than last year, which reflects the higher levels of both retail and Tesco Bank operating profit

Source: Reports archive - Tesco PLC

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Digital Timeline

2022
  • From about two million users in 2020, there are now nine million Clubcard app customers
  • In the UK, Tesco Bank and Tesco Mobile introduced Clubcard Prices, which were later expanded to Ireland and Central Europe
  • A million customers participated in a trial of an in-app personalized digital summary of their Tesco experience and value
2021
  • Tesco grew its capacity for online shopping to 1.5 million slots a week in the UK, and supported more than 850,000 vulnerable customers with priority access
  • Tesco launched a pilot partnership with Loop for online delivery of products using only reusable packaging
2020
  • Tesco focused on the use of new technology to make shopping ‘frictionless’, where items were now automatically added to a digital shopping basket as customers picked them up from the shelf
2019
  • For online or wholesale sales of goods, revenue was recognised on collection by, or delivery to, the customer
2018
  • In online business, Tesco improved the economics of its offerings, while giving customers greater choice and flexibility 
  • At Tesco Bank, the award-winning Tesco Pay+ digital wallet continued to prove popular with customers, with over 450,000 downloads of the app
  • Tesco also developed a training programme to ensure that all its colleagues have the digital competence and confidence to succeed
2017
  • Tesco relaunched its online Supplier Network, which comprised over 5,000 members 
  • Tesco Supplier Network is an online community of over 5,000 Tesco suppliers, where one can share ideas, innovate, and drive sustainability through its supply chain and in the products Tesco sells
  • Tesco published a set of regularly updated corporate responsibility policies, available to view online 
  • The company focused on Like-for-Like sales - a widely used indicator of a retailer’s current trading performance. It measures growth in Group online sales and sales from stores that have been open for at least a year (but excludes prior year sales of stores closed during the year) at constant foreign exchange rates
2016
  • An IT impairment and asset write-off of £(275)m was recorded, as Tesco moved towards a single online platform for customers and a net non-cash property impairment and onerous lease provision of £(133)m was recorded, including write-downs of construction-in-progress and non-trading sites of £(109)m
  • Tesco also refreshed its UK colleague policies, and made them accessible through a dedicated online colleague portal

Source: Reports archive - Tesco PLC

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Tesco Moves Forward with Redefined Purpose and Strategic Priorities

Tesco turned the pages on a new chapter in 2022. With new strategic priorities and purpose, Tesco strives to build on its existing work and be even more competitive moving forward. Tesco’s group sales accounted for $65.8 billion, 3% up from $64.1 billion in 2021.