Tesco sales and profits top market expectations
Profits in the year to 27th February surged to nearly Â£3.2bn with underlying growth of more than 10 per cent.
Like-for-like sales in UK were 2.6 per cent including petrol and 3.2 per cent without fuel, a figure slightly ahead of market forecasts. Sales overall rose by by 4.2 per cent.
Underlying profit before tax rose to £3.395bn, an increase of 10.1 per cent. Group trading profit was £3.412bn, up 12.3 per cent on last year. Tesco Bank was fully consolidated in 2009/10 and accounted for as a joint venture for most of 2008/9. Net debt was reduced to £7.9bn, ahead of plan; with further reductions planned in 2010/11.
Terry Leahy, CEO, said: 'By remaining focused on our strategy Tesco has weathered the economic storm well. 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. 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.'
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