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21/04/2009
Tesco Profits Soar Past £3bn
Supermarket giant Tesco has reported underlying annual pre-tax profits of £3.13bn.
The retailer rung up sales of £1bn a week with group sales coming in at of £59.4bn in the 12 months to February 28.
Today's profits are believed to be the first time a UK retailer has reached over £3bn on an underlying basis.
Like-for-like sales, excluding petrol, in the past six weeks grew by 3.4%, with growth in the fourth quarter of 2.7%,
However, Tesco fell behind rivals such as Morrisons, who reported full year like-for-like sales growth, excluding petrol of 7.9%. Sainsburys saw full-year sales rise 4.5%.
Tesco launched a Discounter range last year aimed at cash-strapped consumers which helped to boost sales in the UK.
Sir Terry Leahy, Chief Executive of Tesco, said: "At a time when customers everywhere are feeling the economic strain, we are responding to their changing needs in all our markets by lowering prices, introducing more affordable products and offering even sharper promotions."
Tesco reported a loss of £142m from its US Fresh & Easy business, citing the decision to "maintain, rather than accelerate our rate of new store expansion during the second half given the severity of the economic downturn in some geographic markets in the western US".
The senior executive spoke of commitment to the business but added it was "impossible" to say when it would break even.
Mr Leahy said he was confident that Tesco would "continue to make good progress even in the current global economic environment".
Expansion plans for Tesco UK include the launch of a current account in the banking business, following a buy-out of Royal Bank of Scotland's stake in their joint venture.
(GK/KMcA)
The retailer rung up sales of £1bn a week with group sales coming in at of £59.4bn in the 12 months to February 28.
Today's profits are believed to be the first time a UK retailer has reached over £3bn on an underlying basis.
Like-for-like sales, excluding petrol, in the past six weeks grew by 3.4%, with growth in the fourth quarter of 2.7%,
However, Tesco fell behind rivals such as Morrisons, who reported full year like-for-like sales growth, excluding petrol of 7.9%. Sainsburys saw full-year sales rise 4.5%.
Tesco launched a Discounter range last year aimed at cash-strapped consumers which helped to boost sales in the UK.
Sir Terry Leahy, Chief Executive of Tesco, said: "At a time when customers everywhere are feeling the economic strain, we are responding to their changing needs in all our markets by lowering prices, introducing more affordable products and offering even sharper promotions."
Tesco reported a loss of £142m from its US Fresh & Easy business, citing the decision to "maintain, rather than accelerate our rate of new store expansion during the second half given the severity of the economic downturn in some geographic markets in the western US".
The senior executive spoke of commitment to the business but added it was "impossible" to say when it would break even.
Mr Leahy said he was confident that Tesco would "continue to make good progress even in the current global economic environment".
Expansion plans for Tesco UK include the launch of a current account in the banking business, following a buy-out of Royal Bank of Scotland's stake in their joint venture.
(GK/KMcA)
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Northern Ireland WeatherToday:Gale, coastal severe gale, northwest winds ease from late afternoon. Scattered showers will fall as snow over the hills at first, becoming isolated from mid-afternoon. Maximum temperature 7 °C.Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Cloud will spread east towards morning. Minimum temperature 2 °C.
