UK: Tesco posts rising profits
Earnings after taxation hit £2.80 billion ($4.47 billion, 3.40 billion Euro) in the 12 months to February 25, compared with £2.66 billion in the group's previous financial year, Tesco said in a results statement.
The figure was slightly higher than market expectations for a net profit of £2.78 billion pounds, according to analysts polled by Dow Jones Newswires.
The world's third-largest retailer after US-based Wal-Mart and France's Carrefour also revealed that sales jumped 7.4 percent to £72 billion.
"The last few months have seen us drive a faster pace of change in Tesco, particularly in the UK, reflecting our determined focus on the immediate objectives for the group. This pace of change will accelerate further over the next twelve months," said chief executive Philip Clarke in the statement.
"We have already taken important steps to renew and strengthen management in the UK and across the group in key areas, to support this programme of change," added Clarke, who assumed responsibility for British operations in March.
"Whilst our international business is delivering excellent growth, contributing £1.1 billion of profit to the group, we fully recognise that we need to raise our game in the UK."
Source: www.france24.com
