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Tesco records first sales growth in three years

Last year Tesco reported a record loss of £6.38 billion. Credit: PA

Supermarket giant Tesco has reported its first quarterly sales growth in three years.

The company recorded pre-tax annual profits of £162 million for the year up to February 27- a year after recording the biggest loss in its history.

It also reported a 0.9% rise in UK like-for-like sales in its fourth quarter, marking its first full quarter of growth since 2013.

Chief Executive Dave Lewis said Tesco had made "significant progress against the priorities we set in October 2014".

Last year, the supermarket reported its biggest ever bottom-line loss of £6.38 billion.

We have regained competitiveness in the UK with significantly better service, a simpler range, record levels of availability and lower and more stable prices.

Our balance sheet is stronger and we are making good progress in rebuilding trust in Tesco and our investment case.

– Dave Lewis, Tesco Chief Executive