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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. Group sales rose 10.9% to £46.6bn with its 1,500 UK stores making sales of £35.6bn - about £4,800 a minute.
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 and open its first US store in Arizona.
Shares in the group rose more than 2%, or 9.75 pence, to 465.5p in early morning trade on the London market. Shares in the group rose more than 2%, or 9.75 pence, to 465.5p in early 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, with online and non-food sales soaring.
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. Sales growth
Like-for-like sales excluding petrol in the UK - which exclude the impact of new stores - were up 5.8% in the three months to 24 February, 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
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 priceCheck 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. With private equity firms circling a number of UK retailers - such as Alliance Boots and Sainsbury's - companies are under pressure to return cash to shareholders.
Property ownership is a key part of the Competition Commission's investigation. Competition fears
Busy year Meanwhile, supermarkets are also under pressure from a Competition Commission investigation into the UK's £95bn grocery sector.
The company currently holds a 31.2% share of the UK grocery market, according to the latest figures from market researchers TNS. With almost £1 in every £3 being spent on groceries in Tesco stores across the country, the group has mounted a robust defence of what some call its dominant position.
It unveiled two new measures earlier this month to help increase the price UK dairy farmers receive for their milk. Tesco currently holds a 31.2% share of the UK grocery market, according to the latest figures from market researchers TNS - more than the combined share of its closest rivals Asda and Sainsbury.
Tesco also recently announced that its first US store would be based in the state of Arizona, trading under the Fresh & Easy brand. Its latest profit figures prompted calls from Friends of the Earth to "curb the power of the Tesco juggernaut".
Amid widespread media interest, the firm opened its first store under its own name in the Chinese capital Beijing in January. "The supermarket giant's market dominance is bad news as it allows it to dictate conditions to suppliers and to drive High Street stores out of existence," said campaigner Vicki Hird.
However, the director general of the British Retail Consortium (BRC) dismissed the "myth" that shoppers are forced to use Tesco stores.
"Tesco's competition - Sainsbury, Asda, Waitrose, Somerfield, M&S -- are all very powerful, very formidable and that's why the shopper gets a good deal," Kevin Hawkins added.
"Consumers have got the benefit in terms of lower prices, better value, more choice."