Tesco set to unveil huge profits

Supermarket giant Tesco is expected to unveil annual profits of more than £2.5 billion next week - over £4,800 a minute.

Tesco, which market research panel TNS showed has expanded its share of the grocery market to 31.2 per cent in the 12 weeks to March 25, will reveal the figures on April 17.

Consensus forecasts predict that the retail chain will increase pre-tax profits by 12 per cent to £2.54 billion for the 12 months to February 24, with sales ahead 10 per cent at £42.7 billion.

The group's network of more than 1,400 UK stores is predicted to deliver the bulk of the firm's profits with estimated trading profits of £1.92 billion.

Tesco also enters the US market this year - meaning that the UK's biggest food retailer could begin a dramatic new phase of growth.

Panmure Gordon's Philip Dorgan sees the potential for Tesco to treble its sales from the £38.4 billion reported last year to £110 billion within ten years.

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