Tesco profits climb through £2bn barrier
12/04/2005 - 07:00:13Tesco 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.
The group now collects £1 in every £8 spent in UK shops and recent data showed its share of the UK grocery market increased to 29.5%.
The company has boosted its position by moving into new product areas and launching a range of store formats aimed at different sectors of the market. Earlier this year, it announced plans to trial a store selling just non-food items.
The retailer has grown into areas such as electrical products, CDs and clothes.
