Supermarket giant Tesco today confirmed its position as Britain's leading grocer by unveiling profits of more than £1bn sterling, an increase of 13%, on sales of nearly £23bn in the year to the end of February. The group said that strong levels of business abroad and a 4.8% improvement in like-for-like sales in the UK had boosted its performance.
Tesco, which currently employs around 240,000 people worldwide, added that it would drive its expansion by recruiting an extra 20,000 staff this year. The company said sales in the Republic of Ireland were up 6.7% in Irish pound terms, as it increased market shares from 22% to 24%. It has opened new stores in Maynooth and Castlebar and expects to open a further five over the next year.
Profits in the rest of Europe, which includes the Irish operations, rose from £51m sterling to £70m. Tesco's online operation Tesco.com achieved sales of £237m and a loss of £9m. Much of the group's growth has been due to increasing its supply of non-food products, with Tesco aiming for sales in the sector of £5bn by next year. It sold £45m worth of televisions and DVD players in the company's first year as a major electrical retailer. Chief executive Terry Leahy said that he believed the group could now boast one of the fastest growth rates of any major international retailer.
