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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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Tesco reports profits rise
Britain’s leading supermarket group, Tesco, has reported an 18.7% rise in profits in their first-half sales figures. The supermarket giant saw pre-tax profits rise to £908 million for the 24 weeks to August 13, beating average forecasts of £886 million. The group also reported a rise in sales of 14.1% to £18.
Tesco reports profits rise
Britain’s leading supermarket group, Tesco, has reported an 18.7% rise in profits in their first-half sales figures. The supermarket giant saw pre-tax profits rise to £908 million for the 24 weeks to August 13, beating average forecasts of £886 million. The group also reported a rise in sales of 14.1% to £18.
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Tesco profits top £2 billion
The UK's leading supermarket chain, Tesco, has become the first British retailer to announce annual profits in excess of £2 billion. The latest figures revealed by the company show that the group posted underlying pre-tax profits of £2.03 billion, an increase of 20.5% from 2004 figures. The supermarket reported global sales of £37.
Tesco profits top £2 billion
The UK's leading supermarket chain, Tesco, has become the first British retailer to announce annual profits in excess of £2 billion. The latest figures revealed by the company show that the group posted underlying pre-tax profits of £2.03 billion, an increase of 20.5% from 2004 figures. The supermarket reported global sales of £37.
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Fifth Tesco Executive Asked To 'Step Aside'
A fifth Tesco executive has been asked to step aside, while the supermarket continues to investigate an alleged £250 million profit forecast overstatement. Kevin Grace, commercial director at Tesco has been asked to step aside, as part of the investigation, according to a report by the Financial Times.
Fifth Tesco Executive Asked To 'Step Aside'
A fifth Tesco executive has been asked to step aside, while the supermarket continues to investigate an alleged £250 million profit forecast overstatement. Kevin Grace, commercial director at Tesco has been asked to step aside, as part of the investigation, according to a report by the Financial Times.
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Parents warned over children's internet use
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Tesco enjoy record Christmas sales
Leading UK supermarket chain, Tesco, have reported strong growth and record sales over the Christmas and New Year period. The retailer's Christmas and New Year trading statement revealed that group sales had increased by 13% in the seven weeks up to January 8. Like-for-like sales, excluding petrol, also increased by 7.
Tesco enjoy record Christmas sales
Leading UK supermarket chain, Tesco, have reported strong growth and record sales over the Christmas and New Year period. The retailer's Christmas and New Year trading statement revealed that group sales had increased by 13% in the seven weeks up to January 8. Like-for-like sales, excluding petrol, also increased by 7.
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