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Tesco achieves £3bn annual profit Tesco achieves £3bn annual profit
(10 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 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.The profits are the highest on record for a UK retailer.
Losing share
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. However, chief executive Terry Leahy conceded in an interview with BBC News that he was losing some market share to other retailers such as Morrisons.
US losses Tesco said like-for-like sales - which strip out the impact of new store openings - excluding petrol in the UK grew 3% in the year to 28 February.
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%.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%.
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.
'Old-fashioned bank'
In the UK, Tesco is planning to expand its banking business, including launching a current account, having bought out Royal Bank of Scotland's stake in their joint venture.
Mr Leahy said Tesco Personal Finance would be an "old-fashioned bank dealing mainly with Tesco customers who we know".
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.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. Mr Leahy said he was still committed to the business, but that it was impossible to say when it would break even.