Tesco records record profits

Britain's biggest retailer, Tesco, has today announced record underlying profits of £2.5bn, representing a 13.2% increase in the past 52 weeks.

Group sales were up 10.9%, to £46.6bn with its 1,779 UK stores taking £35.6bn.

Like-for-like growth (which excludes the impact of new stores) was 5.6%, and the impact of new stores resulted in growth of 3.4%.

Tesco continues to expand abroad and last year opened 8.2m sq ft worth of new stores outside the UK. Tesco will create 25,000 jobs worldwide this year, it said.

Terry Leahy, chief executive, said: "Tesco is investing for the future and delivering today.

"These results demonstrate that we have again made good progress across the Group, whilst making significant start-up investment in new businesses and coping well with challenging conditions in some markets.

"Our plans to open stores in the United States later this year are on track."

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