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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 sales coming in at £59.4bn. | Its sales topped £1bn a week for the first time with group sales coming in at £59.4bn. |
| 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 | 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. |
| FROM THE TODAY PROGRAMME More from Today programme | FROM THE TODAY PROGRAMME More from Today programme |
| 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. | 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. |
| 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 strip out the impact of new store openings - excluding petrol in the UK grew 3% in the year to 28 February. |
| By comparison, Morrisons reported full year like-for-like sales growth excluding petrol of 7.9%. | By comparison, Morrisons reported full year like-for-like sales growth excluding petrol of 7.9%. |
| Tesco 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 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. | 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' | '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. | 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". | Mr Leahy said Tesco Personal Finance would be an "old-fashioned bank dealing mainly with Tesco customers who we know". |
| On the outlook for the UK, Mr Leahy said, "It looks as if the consumer is stabilising at least, so you're not seeing the situation worsening." | |
| "I think it's too early to forecast when an upturn will come." | |
| Tesco reported a trading loss of £142m from its US Fresh & Easy business, excluding the effects of currency fluctuations, which was worse than had been expected. | |
| Mr 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. |