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Global economic recovery driving stronger growth for Tesco

The company’s half-yearly report for the 26 weeks ended 28 August 2010 shows that Asian markets are boosting revenues

CITY & CORPORATE

Global economic recovery driving stronger growth for Tesco

Group sales including VAT were up 8.3% to £32,914 million with 9.1% growth in Group trading profit, including 30% growth in Asia.

 Underlying profit before tax was up 14.1% on last year at £1,792 million.

Tesco opened 2.7m sq ft of net new Group space in the first half of the year and has 6.4m planned in H2, 73% outside the UK. It also plans to create 16,000 jobs this year, including 9,000 in the UK.

Terry Leahy, Chief Executive, commented, "The global economic headwinds of the last two years are being replaced by the tailwinds of recovery in most of our markets and this is helping our International businesses to resume strong sales and profit momentum. Our important Asian markets in particular are emerging strongly from recession and we are now benefiting from the substantial investment we continued to commit to the region during the downturn.

In the UK, we have coped very well with subdued demand and modest levels of industry like-for-like growth, helped by excellent productivity, a pleasing performance from new stores and good growth from our Services businesses, particularly online and Tesco Bank. Economic recovery in the UK is slow and steady and I believe our investment in making the shopping trip even better for customers means that Tesco is well-placed to grow in this environment."

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