Tesco releases annual results
Published 17 April 2007

Supermarket retailer Tesco has today announced its preliminary results for the 52 weeks ending 24 February 2007. Group sales (inc VAT) were up 10.9% on the previous year at £46.6bn with underlying profit at £2.5bn - 13.2% up on the previous year.

Looking at the company's performance in the UK, trading profit stood at £1.9bn - 9.2% up on the previous year. In addition, this profit figure was reached despite costs of £42m for Tesco Direct and start up costs for the planned expansion into the U.S. (these costs were charged to the UK group).

This announcement comes after Tesco recently launched a move to offer 850 farmers direct supply contracts with a milk price of 22ppl, for further information - click here.