Extremely strong sales of consumer electronics drove growth in Tesco's non-food operations, helping the group's total sales reach £51.8 billion – an increase of 11.1 per cent over the 2006/7's figures.It saw UK non-food sales rise 8.7 per cent on the same period last year, reaching £8.3 billion – boosted in part by the continued growth of Tesco Direct.
Laptops in particular performed well, which combined with flat screen television and digital camera increases drove a 31 per cent sales growth over 2007. Tesco added that it intends to increase sales of non-food items to be on par with those of its food operation.
Continued deflation across its non-food stock also managed to offset much of the retailer's food price increases, with the price of consumer electronics and entertainment products being among those experiencing strong deflation.
The group also announced that it was planning to open 2.3 million sq ft of new trading space during 2008.
"The breadth of the Group and the strength of our business model have enabled Tesco to deliver another year of double-digital sales, profit and earnings per share growth – in challenging market conditions," commented Tesco's chief executive Terry Leahy.
Advertisement
Related Stories
- iPad boosts April online sales to strongest in 18 months May 22nd 2012 at 10:53AM
- Tesco to launch Market Place to rival Amazon Apr 18th 2012 at 10:37PM
- Tesco sees UK profits fall Apr 18th 2012 at 10:51AM
- Tesco boss Richard Brasher resigns Mar 15th 2012 at 11:49AM
- Tesco blames £50 iPad on IT error Mar 14th 2012 at 8:04PM
- Sony refreshes 2012 camera line up Mar 2nd 2012 at 5:09AM
- UK Burglary Statistics infographic unveiled Feb 16th 2012 at 2:14AM
- Tescos '£2.50' unlimited broadband Feb 14th 2012 at 6:17AM
- The Hut Group sees 70 per cent growth Feb 10th 2012 at 4:49PM
