Tesco profits pass £3bn

The UK’s leading retailer Tesco has reported record pre-tax profits of 3.13bn for the year ending February 28th 2009 – a ten per cent increase over the same period a year before.

On average the supermarket saw sales in excess of 1bn every single week, with total sales for the year hitting 59.4bn.

If there is any negativity to take from the huge numbers it’s that rival retailers are currently growing faster. Tesco’s like-for-like sales were up three per cent on last year, compared to Morrisons’ 7.9 per cent, the BBC reports.

At a time when customers everywhere are feeling the economic strain, we are responding to their changing needs in all our markets by lowering prices, introducing more affordable products and offering even sharper promotions,” Tesco chief executive Terry Leahy stated.

These actions, combined with our core strengths – in selling food and everyday essentials, owning our own property and having a broad business base – are helping us to cope well with the effects of the downturn.

As a result, we have delivered a solid sales and profit performance, both in the UK and internationally, whilst continuing to invest in our long-term strategy for growth. We have made a good start to the new financial year and I am confident Tesco will continue to make good progress even in the current global economic environment.”