Tesco profits top £1 billion
Supermarket giant Tesco has made £1.1 billion in six months, though the ‘grocery’ firm claims that one fifth of its UK sales are now non-food.
The soaring profits are said by critics to be partly due to the low prices the firm pays to farmers, although good summer weather in the UK helped.
International sales helped the company’s half-year profits rise 10.3% to £1.09bn. Overall, half-year sales increased 12.7% with profits at its overseas businesses rising 21.1%. Tesco’s online home shopping site showed further growth, with its profits up 43.1%.
Tesco sales are reported to be growing three times faster outside the UK as it moves into foreign markets, including the US. Tesco has 949
outlets overseas.