Tesco is a multinational retailer of general merchandise, with its headquarters in the United Kingdom. It operates 4,752 stores across five markets: the UK, Ireland, Czech Republic, Slovakia, and Hungary through stores and online portals. The Tesco Group also includes Tesco Bank, Tesco Mobile, One Stop convenience stores, food and drink wholesaler Booker, and data-science business dunnhumby. The company added 79 stores in FY2022 and 60 stores in FY2021 due to continued growth in its operations. In FY2020, the company sold its businesses in Asia bringing down its reported segment store count to 2,380 stores from 4,613 stores in FY2019.
By the end of FY2022, Tesco operated 4,752 stores across all markets from 4,673 operational stores in FY2021. In FY2022 the Poland business was sold to Salling Group A/S in March 2021, while in FY2020, the store count declined to a total of 4,613 compared to 6,993 stores in FY2019 due to the sale of its businesses in Thailand and Malaysia in December 2020.
In the UK sales grew by 0.4%, including a growth of 1.2% in the first half and a decline of 0.5% in the second half as a result of elevated demand during the second and third national lockdowns in the prior year. The first half growth was driven by non-food and increased levels of discretionary spending compared to last year when footfall in stores was lower and customers prioritized spending on food during the first national lockdown. In the second half, food sales declined as customers were able to return to eating more in restaurants than at home. In Ireland, sales declined by 2.9% due to the COVID-19 impact last year. The impact was particularly strong in Ireland as the restrictions on hospitality were in place for a longer period than in the UK. Booker, its food and drink wholesaler delivered double-digit growth of 15% driven by a sharp recovery in catering sales as hospitality outlets reopened, with a strong contribution from Best Food Logistics, the majority of whose customers are fast-service restaurants.
In FY2022 the online sales declined by 6.5% as some customers chose to return to shopping in the stores as the pandemic eased.
Tesco adopted IFRS 16 during FY2020, hence FY2016 statistics have been re-presented to be consistent with FY2017.
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