Buoyed by a strong first-half performance, chief executive Ken Murphy today unveiled what he called “the next chapter for Tesco”. Four new strategic priorities: ‘magnetic value for customers’; ‘I love my Tesco Clubcard’; ‘easily the most convenient; and ‘save to invest’. 

Tesco’s aim is to generate between £1.4bn and £1.8bn of free cash flow a year. In the 2020 financial year, Tesco generated over £1.5bn in free cash.  

“The retail sector is undergoing significant change. Customers are faced with an increasing range of choices as to where, when and how to shop. The competitive environment has materially changed,” said Murphy.