UK retail giant Tesco today (20 April) booked a 10.1% rise in annual profits as earnings in Asia jumped and the company boosted its domestic business with investment in loyalty scheme Clubcard.
Tesco reported underlying pre-tax profits of GBP3.34bn (US$5.13bn) for the 52 weeks to 27 February, a rise of 10.1% on the year.
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Trading profit was up 12.3% to GBP3.41bn, while group sales climbed 6.8% to GBP62.54bn.
Chief executive Terry Leahy said Tesco had “weathered the economic storm well” and insisted its business was stronger now than before the recession.
“Our positions in international markets and non-food meant we faced strong headwinds when the downturn came but it will be these parts of our business which will grow fastest as the recovery strengthens,” Leahy said.
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“Across all parts of our strategy – UK, international, non-food, services – our business is now stronger than it was before the recession.”
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By GlobalDataClick here for the full preliminary results from Tesco; click here for the retailer’s plans for further expansion in the US.
