Newspaper article Evening Gazette (Middlesbrough, England)

Tesco Rings Up a Record

Newspaper article Evening Gazette (Middlesbrough, England)

Tesco Rings Up a Record

Article excerpt

TESCO, which is due to open a 1.2m sq ft distribution warehouse at Teesport this summer, today reported the biggest profit in the history of UK retailing.

It rang up sales of pounds 1bn a week in the last 12 months making a record-breaking annual profit of more than pounds 3bn. Total sales in the 12 months to February 28 were pounds 54.3bn.

Underlying pre-tax profits set another milestone - up 8.8% to pounds 3.13bn; but the profits growth was far lower than the 11.8% seen the previous year after what has been a tough time for Tesco amid stiff competition and a consumer spending slump.

The profits haul came after UK like-for-like sales grew 3% over the year, with growth in the fourth quarter of 2.7%. However Tesco has lagged behind rivals such as Morrisons and Sainsbury's, which saw full-year sales rise 7.9% and 4.5% respectively, as hard-up shoppers have switched in search of the best value..

Today Tesco chief executive Terry Leahy said the supermarket group would be creating 26,000 new jobs this year - 11,000 of those in the UK and investing pounds 1. …

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