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| Tesco sees profit rise to £2.8bn | Tesco sees profit rise to £2.8bn |
| (10 minutes later) | |
| Tesco has reported an 11.8% rise in annual profits for 2007 to £2.846bn, meeting analysts' forecasts. | Tesco has reported an 11.8% rise in annual profits for 2007 to £2.846bn, meeting analysts' forecasts. |
| Group sales at the UK's largest retailer rose to £51.8bn, up 11%. | Group sales at the UK's largest retailer rose to £51.8bn, up 11%. |
| International sales were up 25.3%, and Tesco said that it now made half of its group trading profit from its stores overseas. | International sales were up 25.3%, and Tesco said that it now made half of its group trading profit from its stores overseas. |
| Tesco defended its plans to expand in the US, saying its Fresh & Easy stores there were "well received by customers and growing strongly". | Tesco defended its plans to expand in the US, saying its Fresh & Easy stores there were "well received by customers and growing strongly". |
| "The breadth of the group and the strength of our business model have enabled Tesco to deliver another year of double-digit sales, profit and earnings per share growth - in challenging market conditions," said Tesco chief executive Terry Leahy. | "The breadth of the group and the strength of our business model have enabled Tesco to deliver another year of double-digit sales, profit and earnings per share growth - in challenging market conditions," said Tesco chief executive Terry Leahy. |
| "We begin the new financial year confidently - with a good start in the UK, excellent progress in our established international markets and promising early performance from our investments in future growth, particularly in the United States, China and Turkey," he added. | "We begin the new financial year confidently - with a good start in the UK, excellent progress in our established international markets and promising early performance from our investments in future growth, particularly in the United States, China and Turkey," he added. |
| Tesco's expansion drive overseas will continue this year with plans to open 11.5 million square feet of new store space, with 80% of this outside the UK. | |
| This will see the supermarket group create 30,000 new jobs worldwide, with 150 Fresh & Easy stores expected to open in the US by the end of the year. | |
| Tesco's annual results cover the 12 months until the end of February. | Tesco's annual results cover the 12 months until the end of February. |