Tesco has posted record full-year profits of £1.6 billion lifted by rising sales.
The group said pre-tax profits had surged 17.6 per cent for the year to February 28. UK sales surged 16.3 per cent to £26.9bn, while sales at its overseas business jumped 29 per cent to £6.7bn.
The figures include like-for-like sales growth of 6.7 per cent in the UK - a performance described by the store as of it strongest in recent times.
Its online business continued to strengthen with profits more than doubling from £12 million last year to £28m this year. The store now delivers to more than 120,000 customers a week, racking up sales of £577m.
The group’s Tesco Express outlets have also increased their market share to 5.9 per cent and Tesco now has 277 stores around the UK.
Chief Terry Leahy said the figures demonstrate what a great British success Tesco is at home and abroad.
Analysts now expect the group’s annual profits to have broken the £2bn mark in two years’ time.
No comments yet