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| Version 1 | Version 2 |
|---|---|
| Tesco achieves £3bn annual profit | Tesco achieves £3bn annual profit |
| (21 minutes later) | |
| The supermarket chain Tesco has reported underlying annual pre-tax profits of £3.13bn, an improvement of 10% on the previous year. | The supermarket chain Tesco has reported underlying annual pre-tax profits of £3.13bn, an improvement of 10% on the previous year. |
| Its sales topped £1bn a week for the first time with group revenue coming in at £54.3bn. | Its sales topped £1bn a week for the first time with group revenue coming in at £54.3bn. |
| The boss of Tesco said that he was confident the retailer would "continue to make good progress even in the current global economic environment". | |
| The profits are the highest on record for a UK retailer. | |
| Tesco said in its statement that in the UK it had "coped well with recovering competitors and a difficult non-food market" and had managed to increase both the number of customers coming into its stores and the average amount they were spending. | Tesco said in its statement that in the UK it had "coped well with recovering competitors and a difficult non-food market" and had managed to increase both the number of customers coming into its stores and the average amount they were spending. |
| The number of plastic bags used during the year fell by 50%, while the retailer said that a quarter of its transactions went through its self-service checkouts. | |
| US losses | |
| Tesco said like-for-like sales - which strips out the impact of new store openings - excluding petrol in the UK grew 3% in the year to 28 February. | |
| It described its start to the current year as "solid" with like-for-like sales excluding petrol in the past six weeks growing by 3.4%. | |
| Tesco reported a trading loss of £123m from its US Fresh & Easy business, excluding the effects of currency fluctuations, which was worse than had been expected. | |
| Chief executive Terry Leahy said he was still committed to the business, but that it was impossible to say when it would break even. |