Tesco annual profit rises to £2.65b
Britain's biggest retailer Tesco on Tuesday posted a 14-percent rise in annual net profits to £2.65 billion (3.0 billion euros, $4.3 billion) as strong sales abroad offset weakness at home.
Supermarket giant Tesco, which recently changed its chief executive, said profit after tax for its year to February 26 compared with net income of £2.33 billion in 2009-10.
"I am pleased with our strong overall performance in the face of some challenging conditions and we are well-positioned, with multiple opportunities to deliver long-term growth and rising returns," new chief executive Philip Clarke said in the group's earnings statement.
"Asia and Europe made excellent progress, contributing nearly 70 percent of our profit growth in the year. The momentum in the USA is building but still has some way to go."
Going forward, Tesco said its main objective would be to keep growing its British operations, which struggled in the final quarter as Britons faced up to a tough economic climate.
Tesco partly blamed record petrol (gasoline) prices and the government's austerity measures for a disappointing British performance.
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