Record profits for Tesco

Supermarket Tesco today said it had rung up worldwide sales of £1bn (€1.12bn) a week and annual profits of more than £3bn (€3.37bn) for the first time in its history.

The retail giant posted sales of £54.3bn (€61bn) in the 12 months to February 28, while its underlying pre-tax profits set another milestone - up 8.8% to £3.13bn (€3.5bn).

However, the growth in profits was far lower than the 11.8% seen the previous year after what has been a relatively tough time for Tesco amid stiff competition and a consumer spending slump.

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