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April 19, 2011    

Tesco full year profit boosted by Asian growth

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by Kay Murchie
Tesco full year profit boosted by Asian growth

Supermarket giant Tesco has today announced overall pre-tax profits were £3.5 billion for the year to 26 February – an 11.3% rise on a year ago.

Profits were 30% higher in Asia at £570 million with sales up 21% to £11 billion, driven by a strong performance in Thailand and Korea.

Today’s results represent the first since Philip Clarke, the supermarket chain’s new chief executive, took over from Sir Terry Leahy last month.

Mr Clarke said: “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.

“Asia and Europe made excellent progress, contributing nearly 70% of our profit growth in the year. The momentum in the USA is building but still has some way to go,” he added.

Trading in the US continues to come under pressure due to increased losses at its Fresh & Easy convenience stores.

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