|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    25th of February 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Mortgage News feed Mortgage News

Economy News feed Economy News

Companies news feed Company News

All Financial News feed All Financial News




Tesco H1 profit up 12.5%

Bookmark and Share

by Kay Mitchell
”Tesco

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.

Discuss this in the Finance Markets forums

Story link: Tesco H1 profit up 12.5%



News posted: October 5, 2010

Financial Services:





Related financial stories to: Tesco H1 profit up 12.5%:
Previous: «
Next: »

Visited 5947 times, 1 so far today

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Tags: ,