Tesco Reports Record Annual Profits

Tesco has delivered a 12 per cent surge in underlying pre-tax profit to £2.85 billion and an 11.2 per cent rise in group sales to £51.8 billion for the 12 months to February 23.
The bumper annual figures have hit back at mounting negative speculation about the business in recent weeks.
In the UK, Tesco delivered like-for-like sales up 3.5 per cent, excluding petrol, while total sales rose 6.7 per cent to £37.9 billion which the group said was slightly head of its planned performance despite what it described as “challenging market conditions”.
Trading profit increased 7.1 per cent to £2.05 billion, with trading margins at 5.9 per cent, slightly up on last year’s figures.
The supermarket’s international sales rocketed 25.3 per cent to £13.8 billion at actual exchange rates thanks largely to the opening of its US-based “Fresh and Easy” convenience stores venture. Launched last November, the chain has made steady progress with over 60 stores now open for business .
Tesco chief executive Sir Terry Leahy said: “We began the new financial year confidently, with a good start in the UK, excellent progress in our established international markets and promising early performance from our investments in future growth, particularly in the US, China and Turkey .”
In addition, the UK’s largest retailer also announced plans for 30,000 new jobs across the group.
Last year saw Tesco open 19 new Extra stores, 17 superstores and 103 new Express convenience stores across the UK, taking its total number of outlets to 1,608.

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