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| Tesco unveils profits of £2.55bn | Tesco unveils profits of £2.55bn |
| (about 2 hours 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. |
| Group sales rose 10.9% to £46.6bn with its 1,500 UK stores bringing in sales of £35.6bn. | Group sales rose 10.9% to £46.6bn with its 1,500 UK stores bringing in sales of £35.6bn. |
| 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 and open its first US store in Arizona. | 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 ended Tuesday trading up 1.3% or six pence to 461.75p, making it the second biggest riser on the main FTSE 100 index. | |
| Although Tesco has been expanding abroad, the majority of its profits still came from its UK network, with online and non-food sales soaring. | Although Tesco has been expanding abroad, the majority of its profits still came from its UK network, with online and non-food sales soaring. |
| Sales growth | 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. | 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. |
| TESCO SALES BREAK-DOWN UK - 9% to £35.6bnInternational - up 18% to £11bnUK non-food - up 12% to £7.6mTesco.com - up 29% to £1.2bn Tesco Directory - up 49% to £83.4m Tesco plans greener future Tesco plans fire up town Tesco's local growth | TESCO SALES BREAK-DOWN UK - 9% to £35.6bnInternational - up 18% to £11bnUK non-food - up 12% to £7.6mTesco.com - up 29% to £1.2bn Tesco Directory - up 49% to £83.4m Tesco plans greener future Tesco plans fire up town Tesco's local growth |
| 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. |
| 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. |
| 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. |
| 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. | 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. |
| Competition fears | Competition fears |
| Meanwhile, supermarkets are also under pressure from a Competition Commission investigation into the UK's £95bn grocery sector. | Meanwhile, supermarkets are also under pressure from a Competition Commission investigation into the UK's £95bn grocery sector. |
| Check Tesco's share price | Check Tesco's share price |
| 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. | 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. |
| 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 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. |
| Its latest profit figures prompted calls from Friends of the Earth to "curb the power of the Tesco juggernaut". | Its latest profit figures prompted calls from Friends of the Earth to "curb the power of the Tesco juggernaut". |
| "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. | "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. |
| HAVE YOUR SAY Tesco is a British business doing well and deserves a pat on the back. Scott, Oxfordshire Send us your comments | HAVE YOUR SAY Tesco is a British business doing well and deserves a pat on the back. Scott, Oxfordshire Send us your comments |
| However, the director general of the British Retail Consortium (BRC) dismissed the "myth" that shoppers are forced to use Tesco stores. | 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. | "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." | "Consumers have got the benefit in terms of lower prices, better value, more choice." |