Tesco profits up despite challenging conditions

15 April, 2008

Tesco's pre-tax profits made £2.8 billion last year despite "challenging" market conditions.

In its preliminary results for the year ending Feb 23, Tesco said the 11.8% rise in sales to £51.8 billion was driven mostly by strong sales internationally (50%) and online sales (30%).

Chief executive Terry Leahy said: “The breadth of the group and the strength of our business model have enabled Tesco to deliver another year of double-digit sales, profit and earnings per share growth – in challenging market conditions.

"We begin the new financial year confidently – with a good start in the UK, excellent progress in our established international markets and promising early performance from our investments in future growth, particularly in the United States, China and Turkey.”

The British Retail Consortium's retail sales monitor from March 2007 to March 2008 saw UK retail sales fall 1.6%.

The BRC said the decline was the worst since July 2005 when cold wet weather hit sales, but that this year's early Easter, unseasonal weather and school holidays during different weeks made comparisons difficult.




Bookmark this


Site Search

COMMENT

Donald Trump: the US has much to learn from history

The reasons Donald Trump should not be left in charge of a shopping trolley, let alone the keys to the White House, are plentiful and well-documented – from his use of the word “bigly” and lamentable business legacy to his dubious post-modern feminist principles, quite astonishing lack of political acumen and, most worrying of all, his bewildering hair. 

Click for more »
Upcoming events

Polls

Is blended Scotch overshadowed by single malt in retailers?

  • Yes
  • No
  • Don't know

Facebook

Twitter