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09th of August 2011
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Tesco H1 profit up 12.5%

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by Kay Mitchell

Supermarket giant Tesco has today revealed first half pre-tax profits of £1.6 billion - up 12.5% on the same period a year ago.

The retailer, which is the world’s third largest, said the profits were boosted by strong sales in Asia, with profits rising 30%.

Sales at the group’s international stores (open at least a year) grew 4.1% in the second quarter, after being unchanged in the first quarter.

The group, which is the UK’s largest retailer, said the UK saw “modest” sales growth, hampered by low food price inflation and rising fuel costs - the result being consumers spending more at the pumps than in the stores.

In other news, the retailer has announced it is recruiting 16,000 new staff this year - with more than half of the jobs set to be in the UK.

Meanwhile, it has been announced that Tesco may have to delay its entrance into the UK mortgage market because the Financial Services Authority (FSA) is still mulling over its application for regulatory approval.

According to reports, the FSA’s more stringent approach to mortgage lenders is likely to mean that the Tesco home loan will not be available this year, as planned.

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News posted: October 5, 2010

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