Tesco shows international strength
Tesco has shown a strong international performance as annual pre-tax profits remained above the £1bn (€1.6bn) barrier.
Details of the latest rise in earnings came as Britain's biggest grocer announced plans to create 21,000 jobs worldwide - including many in Ireland - as part of its expansion programme.
Around 75 new stores will be opened this year while another 200 outlets will benefit from refurbishment and extension work, Tesco said.
A further 12,000 jobs will be created overseas as the company prepares to roll out more stores in a range of countries, including Ireland.
Expansion will also take place in Taiwan, Malaysia, Thailand, Poland and Hungary, over the coming months.
Research teams are also looking at the possibility of bringing the Tesco brand to shoppers in Japan and China.
Hertfordshire-based Tesco has been developing its international operations in the face of increasingly tough competition in the domestic market.
During the year to February 23, it opened six hypermarkets in Europe and 18 in Asia, giving it a total of 102 outlets overseas.
Tesco's non-UK operations now account for 42% of group space and the company said that total international sales for the year had surged 37.4% to £4 bn (€.5bn).
Chief executive Sir Terry Leahy said: "This year marks the arrival of Tesco as an international group with market leading positions in five of our nine countries and 65,000 staff overseas."
The group is looking to have around half of its group space overseas by 2003-2004 and said today it was on track to meet this target.
Sir Terry added that the group's international success had been "underpinned" by the strength of its core UK business, which boasts 728 stores.
