Tesco achieves record £3.13bn profit

Tesco has today announced annual pre-tax profits of £3.13bn, 10% up on those of the previous year and the highest ever achieved by a UK retailer.

Tesco achieves record £3.13bn profit

The supermarket retailer also achieved sales of £1bn a week for the first time, with total sales for the year to February 28 at £59.4bn.

In the UK, sales grew 9.5% to £41.5bn from last year’s £37.9bn, with like-for-like growth, excluding petrol, of 3.0%.

Commenting on the results, chief executive Sir Terry Leahy 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.”

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