Tesco unveils record profits

Updated 07.52 Tue Apr 17 2007
Keywords: supermarkets, profits, Tesco

Supermarket giant Tesco has announced a 13.2 per cent rise in annual profits to £2.55 billion.

The results highlight Tesco's dominance of the market with the profits revealing earnings of more than £4,800 a minute.

Although Tesco has been expanding internationally, the majority of its profits still came from its UK network of more than 1,400 stores

Although Tesco has been expanding internationally, the majority of its profits still came from its UK network of more than 1,400 stores.

It recorded sales of £35.6 billion across the UK, fending off recovering competition from Asda and Sainsbury's to increase like-for-like UK sales by 5.6 per cent.

The company currently holds a 31.2 per cent share of the UK grocery market, according to the latest figures from market researchers TNS.

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