UK: Tesco posts profits up 14.1%, eyes further international expansion
Britain's largest supermarket chain Tesco today [Wednesday] reported a 14.1% increase in profits for the full year to 23 February, consolidating its food market share in the UK and raising doubts that sales growth at rival chain Sainsbury is closing the gap between the two retailers. Tesco's pre-tax profits, excluding disposals of fixed assets and goodwill amortisation, rose to £1.20bn (US$1.72bn), and fell slightly short of consensus estimates of £1.22bn. CEO Terry Leahy called the results "outstanding", as the company put the growth down to a growing proportion of non-food sales and heavy investment in the foreign markets of the Far East and continental Europe.
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