Tesco annual net profit climbs 14% to £2.65 bn

19th April 2011, Comments 0 comments

Supermarket chain Tesco, Britain's biggest retailer, said Tuesday that its annual net profit climbed 14 percent to £2.65 billion (3.0 billion euros, $4.3 billion) as the group grew global sales.

Tesco, which recently changed its chief executive, said profit after tax for the year to February 26 compared with net income of £2.3 billion in 2009/2010.

"I am pleased with our strong overall performance in the face of some challenging conditions and we are well-positioned, with multiple opportunities to deliver long-term growth and rising returns," chief executive Philip Clarke said in the group's earnings statement.

"Asia and Europe made excellent progress contributing nearly 70 percent of our profit growth in the year. The momentum in the USA is building but still has some way to go."

Clarke last month replaced Terry Leahy, who stepped down after 14 years at the helm.

© 2011 AFP

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