Britain’s Tesco says net annual profit soars to £1.2 bn

London (AFP) – British supermarket giant Tesco said Wednesday that it surged back into annual net profit on strong sales and restructuring, after it was hit by a costly accounting scandal.

The nation’s biggest retailer revealed in statement that earnings after taxation rebounded sharply to £1.2 billion ($1.7 billion, 1.4 billion euros) in its 2017/2018 financial year that ran to the end of February. 

That contrasted with a net loss of £40 million in 2016/2017.