Tesco sales jump 8.1%

Group sales clock a whopping ?67.6 billion in 2010/11 preliminary results
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The UK's biggest supermarket chain has posted an 8.1 per cent rise in group sales, bringing the figure up to £67.6 billion.

Profits rose 12.3 per cent to £3.8 billion.

Tesco has increased its interests in consumer technology significantly over the last few years, and its dedicated in-store areas have grown to become genuine contenders to the specialist retail sector.

"I am pleased with our strong overall performance in the face of some challenging conditions and we are well-positioned, with multiple opportunities to deliver long-term growth and rising returns," said Philip Clarke, chief executive.

"I want to thank the 500,000 people who work at Tesco for their contribution to this performance. We have equipped the business for global growth with new management structures and teams – including an experienced UK Board, which is bringing more focus and energy to our largest business. Asia and Europe made excellent progress contributing nearly 70% of our profit growth in the year. The momentum in the USA is building but still has some way to go."

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