Tesco sees profit rise to £2.8bn

[Happyolddog]

Supermarket giant Tesco reports an 11.8% rise in annual profits for 2007 to £2.846bn.

International sales were up 25.3% and Tesco said that it now made half of its group trading profit from its stores overseas.
Tesco defended its plans to expand in the US, saying its Fresh & Easy stores there were "well received by customers and growing strongly".
"The breadth of the group and the strength of our business model have enabled Tesco to deliver another year of double-digit sales, profit and earnings per share growth - in challenging market conditions," said Tesco chief executive Terry Leahy.
"We begin the new financial year confidently - with a good start in the UK, excellent progress in our established international markets and promising early performance from our investments in future growth, particularly in the United States, China and Turkey," he added.
Like-for-like sales excluding petrol in the UK rose 3.5% during the year to February as Tesco battled a wet summer, a consumer slowdown and "recovering competitors". By the same measure, UK sales were up 4% in the first five weeks of its new financial year.

[Happyolddog]

Re: Tesco sees profit rise to £2.8bn

There are a few issues about the massive profits Tesco are generating that really disturb me;
They are crippling farmers by demanding they supply goods cheaper than they are produced.

They place demands on suppliers that they must supply a buy one get one free offer every few months, if these good are not sold then Tesco demand the supplier pays them the full price of the returned goods.

The clothing they supply is made in China as are most of the electrical goods, probabally in sweat shops, they don't care.

They buy up land so no compitition can move in on their patch.

The company is a monster, as of today I will not be giving them my business. I am going back to local suppliers before this country is renamed Tescoland.