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21/09/2004
Tesco half-year results show big growth in profits
Tesco has reported a massive surge in growth – notching £16.5 billion in sales, up 12.2% on last year's mark.
According to the company's half-year interim results ending in August, underlying group pre-tax profit increased by 24.4% to £822 million.
On the back of today's results, Tesco said it was on track to create 20,000 new jobs worldwide this year.
The retailer's UK sales increased by 11.5% to £13.1 billion (up from £11.8 billion last year), with like-for-like growth of 8.3%, according to the report. UK underlying operating profit was 13.3% higher at £707 million, a rise of £83 million.
Tesco said that petrol had a "significant impact" in the second quarter, with total like-for-like sales growth at 8.8%, 7% excluding petrol.
A company spokesperson said that the company did not pass on all the oil cost increases in petrol prices, resulting in lower margins, which were "partially compensated by very strong petrol volumes".
Total international sales grew by 14.9% to £3.4 billion and by 23% at constant exchange rates.
Terry Leahy, Chief Executive, said that the results demonstrated the "growing success" of the four-part strategy begun seven years ago.
He added: "We are well-placed to meet the challenges of tougher comparisons during the second half’."
(gmcg)
According to the company's half-year interim results ending in August, underlying group pre-tax profit increased by 24.4% to £822 million.
On the back of today's results, Tesco said it was on track to create 20,000 new jobs worldwide this year.
The retailer's UK sales increased by 11.5% to £13.1 billion (up from £11.8 billion last year), with like-for-like growth of 8.3%, according to the report. UK underlying operating profit was 13.3% higher at £707 million, a rise of £83 million.
Tesco said that petrol had a "significant impact" in the second quarter, with total like-for-like sales growth at 8.8%, 7% excluding petrol.
A company spokesperson said that the company did not pass on all the oil cost increases in petrol prices, resulting in lower margins, which were "partially compensated by very strong petrol volumes".
Total international sales grew by 14.9% to £3.4 billion and by 23% at constant exchange rates.
Terry Leahy, Chief Executive, said that the results demonstrated the "growing success" of the four-part strategy begun seven years ago.
He added: "We are well-placed to meet the challenges of tougher comparisons during the second half’."
(gmcg)
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