diff --git a/reframe/core/pipeline.py b/reframe/core/pipeline.py
index 298ee257b8..6e1faa9c8e 100644
--- a/reframe/core/pipeline.py
+++ b/reframe/core/pipeline.py
@@ -1134,19 +1134,19 @@ def check_performance(self):
                         "tag `%s' not resolved in references for `%s'" %
                         (tag, self._current_partition.fullname))
 
-                self._perfvalues[key] = (tag, value, *self.reference[key])
+                self._perfvalues[key] = (value, *self.reference[key])
                 self._perf_logger.log_performance(logging.INFO, tag, value,
                                                   *self.reference[key])
 
-            for values in self._perfvalues.values():
-                tag, val, ref, low_thres, high_thres, *_ = values
+            for key, values in self._perfvalues.items():
+                val, ref, low_thres, high_thres, *_ = values
+                tag = key.split(':')[-1]
                 try:
                     evaluate(
                         assert_reference(
                             val, ref, low_thres, high_thres,
                             msg=('failed to meet reference: %s={0}, '
-                                 'expected {1} (l={2}, u={3})' % tag),
-                        )
+                                 'expected {1} (l={2}, u={3})' % tag))
                     )
                 except SanityError as e:
                     raise PerformanceError(e)
diff --git a/unittests/test_cli.py b/unittests/test_cli.py
index c89e89acfc..69ffb3c3f1 100644
--- a/unittests/test_cli.py
+++ b/unittests/test_cli.py
@@ -221,6 +221,15 @@ def test_performance_check_failure(self):
                                            ['login'], self.environs))
         self.assertTrue(self._perflog_exists('PerformanceFailureCheck'))
 
+    def test_performance_report(self):
+        self.checkpath = ['unittests/resources/checks/frontend_checks.py']
+        self.more_options = ['-t', 'PerformanceFailureCheck',
+                             '--performance-report']
+        returncode, stdout, stderr = self._run_reframe()
+
+        self.assertIn(r'PERFORMANCE REPORT', stdout)
+        self.assertIn(r'perf: 10 Gflop/s', stdout)
+
     def test_skip_system_check_option(self):
         self.checkpath = ['unittests/resources/checks/frontend_checks.py']
         self.more_options = ['--skip-system-check', '-t', 'NoSystemCheck']