UK: Tesco: record profits (COMMENT)
Tesco's profits increased by 17.6% for the year to 28 February 2004, largely due to a boost from international, Internet and non-food sector sales. However, high levels of competition have sparked price wars that will impact on next year's profits. Whilst a benefit for consumers in the short term, in the longer term price wars could give large players, like Tesco, increased market power.
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