Tesco profits climb through £2bn barrier

Tesco today announced annual profits of £2.02bn (€2.94bn), a rise of 20.5% on a year earlier and just four years after it broke through the £1bn (€1.4bn) mark.

Rapid expansion abroad and a move into non-food areas have contributed to Tesco ranking alongside Wal-Mart and France’s Carrefour as the world’s biggest retailers.