Tesco boss upbeat despite UK sales dip
Supermarket group Tesco has reported a rise in half-year profits despite a fall in underlying sales in the UK.
Pre-tax profit for the 26 weeks to 27 August was £1.9bn, up 12.1% on a year earlier. Group sales rose 8.8% to £35.5bn, but like-for-like UK sales excluding VAT and petrol fell 0.5%.
The company highlighted "excellent growth" in Europe and Asia but also "subdued demand" in the UK.
Chief Executive Philip Clarke said that the business was looking at ways to save on costs, but also "investing strongly at home and overseas" and confident about the future.
05 Oct 2011
- From the section Business