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| Tesco unveils profits of £2.55bn | Tesco unveils profits of £2.55bn |
| (about 1 hour later) | |
| Tesco, Britain's biggest retailer, has reported a 13% rise in full-year underlying profits to £2.55bn. | Tesco, Britain's biggest retailer, has reported a 13% rise in full-year underlying profits to £2.55bn. |
| Sales for the whole group rose 10.9% to £46.6bn with its 1,500 UK stores making sales of £35.6bn, about £1 in every £3 spent on groceries in the UK. | |
| The firm's international expansion continued, with 8.2m square feet of new store space being created abroad and total international sales up 18%. | The firm's international expansion continued, with 8.2m square feet of new store space being created abroad and total international sales up 18%. |
| The supermarket chain plans to create 25,000 new jobs worldwide this year. | The supermarket chain plans to create 25,000 new jobs worldwide this year. |
| Shares in the group rose more than 2%, or 9.75 pence, to 465.5p in early morning trade on the London market. | |
| Although Tesco has been expanding abroad, the majority of its profits still came from its UK network. | Although Tesco has been expanding abroad, the majority of its profits still came from its UK network. |
| Like-for-like sales - which exclude the impact of new stores - in the UK were up 5.8% in the three months to 24 February when petrol sales were excluded. This was up from sales growth of 5.6% in the third quarter. | Like-for-like sales - which exclude the impact of new stores - in the UK were up 5.8% in the three months to 24 February when petrol sales were excluded. This was up from sales growth of 5.6% in the third quarter. |
| The underlying profit figure of £2.55bn excludes the reduction in Tesco's pension liabilities caused by recent changes to pensions regulation. | The underlying profit figure of £2.55bn excludes the reduction in Tesco's pension liabilities caused by recent changes to pensions regulation. |
| When that is taken into account, group profit before tax came in at £2.65bn. | When that is taken into account, group profit before tax came in at £2.65bn. |
| Property value | Property value |
| Tesco's results also gave an update on its plans to realise the value of its property portfolio. | Tesco's results also gave an update on its plans to realise the value of its property portfolio. |
| Check Tesco's share price | Check Tesco's share price |
| Tesco originally said that the programme would allow it to return at least £1.5bn to shareholders through share buybacks, but it has now said it expects to return at least £3bn. | Tesco originally said that the programme would allow it to return at least £1.5bn to shareholders through share buybacks, but it has now said it expects to return at least £3bn. |
| It has already made deals with British Airways Pension Fund and British Land. | It has already made deals with British Airways Pension Fund and British Land. |
| Earlier this month, Tesco launched a robust defence of its position in response to a Competition Commission probe into Britain's £95bn grocery sector. | Earlier this month, Tesco launched a robust defence of its position in response to a Competition Commission probe into Britain's £95bn grocery sector. |
| Property ownership is a key part of the Competition Commission's investigation. | Property ownership is a key part of the Competition Commission's investigation. |
| Busy year | Busy year |
| The company currently holds a 31.2% share of the UK grocery market, according to the latest figures from market researchers TNS. | The company currently holds a 31.2% share of the UK grocery market, according to the latest figures from market researchers TNS. |
| It unveiled two new measures earlier this month to help increase the price UK dairy farmers receive for their milk. | It unveiled two new measures earlier this month to help increase the price UK dairy farmers receive for their milk. |
| Tesco also recently announced that its first US store would be based in the state of Arizona, trading under the Fresh & Easy brand. | Tesco also recently announced that its first US store would be based in the state of Arizona, trading under the Fresh & Easy brand. |
| Amid widespread media interest, the firm opened its first store under its own name in the Chinese capital Beijing in January. | Amid widespread media interest, the firm opened its first store under its own name in the Chinese capital Beijing in January. |