Tesco Unveils 10 Per Cent Rise In Annual Profits

Tesco has posted record annual profits of £3.4 billion for the 12 months to the end of February.
The underlying pre-tax profits figure is 10.1 per cent up on the previous year and comes despite slowing UK sales growth in the second half of 2009.
Chief executive Sir Terry Leahy said that Tesco had “weathered the economic storm”, and was in a good position to profit as the global economy slowly recovers.
Total global sales increased by 6.8 per cent to £62.5 billion in the year to February 27. Tesco experienced strong growth in Asia where revenue grew 19.7 per cent.
“Across the Group, we have successfully adapted our cost structures and ranges to help customers save money when they’ve needed to and treat themselves when they’ve wanted to,” said Leahy.
“Our positions in international markets and non food meant we faced strong headwinds when the downturn came but it will be these parts of our business which will grow fastest as the recovery strengthens.”
Tesco, the UK’s largest retailer and supermarket chain, said it also plans to create another 9,000 jobs in Britain this year.