Executive Summary

• Exceptional items led Tesco to report a net loss of £54 million and a loss per share of 0.49 pence in FY17. Exceptional items included a £235 million charge over historical profit misstatements.
• Revenues of £55.9 billion came in ahead of the consensus estimate.
• Stripping out exceptional items, operating profit of £1.28 billion exceeded expectations of £1.26 billion.