Tesco profits up 12.3%

Retail giant Tesco have announced big earnings for the year up to 26th February 2011. Group sales were up 8.1% to £67.6bn and pre-tax profits were up 12.3% to £3.8bn. […]

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By Tom Gibson

Retail giant Tesco have announced big earnings for the year up to 26th February 2011. Group sales were up 8.1% to £67.6bn and pre-tax profits were up 12.3% to £3.8bn.

Chief Executive Philip Clarke said: “We have equipped the business for global growth with new management structures and teams. Asia and Europe made excellent progress contributing nearly 70% of our profit growth in the year. The momentum in the USA is building but still has some way to go.”

In the preliminary results. Tesco reported that Asian markets offer a growth opportunity and will take the focus for future investment: “we are now in an even stronger position as economic recovery continues.”

The group announced a 7.8% growth in group trading profit to £3.7bn, which including 30% growth in Asia.