Tesco, the UK’s largest retailer, has today (17 April) posted a 13% leap in annual profits thanks to growth across its business.
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The company posted underlying profits of GBP2.6bn (US$5.2bn) for the 12 months to 24 February, a 13.2% rise on the year. Revenue rose 10.9% to GBP42.6bn, Tesco said.
The retail giant saw its core UK sales rise 9% but saw its strongest growth overseas. Turnover from its international business jumped almost 18% to GBP11bn.
Chief executive Terry Leary said: “These results demonstrate that we have again made good progress across the group, while making significant start-up investment in new businesses and challenging conditions in some markets.”
Like-for-like sales in the UK, stripping out the impact of sales from new stores, rose 5.6%. Earnings from Tesco’s UK business rose 9.2% to GBP1.9bn, the company said, despite a recovery from its competitors.
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By GlobalDataIn Asia, sales grew by 13.5% on a constant currency basis. Tesco’s earnings in the region jumped by almost 19%.
Profits were also up in continental Europe, rising 22.5%, thanks to “improvements” in most of central Europe, Ireland and Turkey, Tesco said.
Tesco has set its sights on becoming an international retailer and the company said its businesses outside the UK had delivered “another good performance”. Sales in each of its markets were up, except in Hungary.
