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Tesco H1 profits surpass forecasts

Britain's biggest food retailer Tesco has revealed a 21.3% jump in half year profits, ahead of forecasts, as it continues to outperform rivals.

Tesco, which is pursuing overseas and non-food markets, said underlying pre-tax profits were £661m in the 24 weeks to August 9. Group sales grew 17%.

UK like-for-like sales, a measure of how well a company is expanding its existing business, rose 6.3%.

International profits, the category which includes Tesco Ireland, showed profit growth of 66% to £98m.