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Books 'strong', as Tesco profits rise

15.04.08 Anna Richardson

Tesco has reported an 11.8% rise in annual profits for 2007/2008, to £2.846bn, with books cited among the "strong categories" within non-food sales.

Announcing its preliminary results today (15th April), the retailer revealed that group sales rose to £51.8bn. Its core UK business performed well "in challenging market conditions", with sales increasing by 6.7% to £37.9bn (last year £35.6bn) and like-for-like growth of 3.9%, up 11%. International sales were up 25.3%. 

UK Non-food sales, while growing less rapidly than in previous years at an increase of 8.7%, remained robust and "again grew faster than our core business" helped by a successful first full season for Tesco Direct, reported the group. Books was cited as one of the "strong categories" within non-foods.

Tesco chief executive Terry Leahy said: “The breadth of the group and the strength of our business model have enabled Tesco to deliver another year of double-digit sales, profit and earnings per share growth – in challenging market conditions. We begin the new financial year confidently – with a good start in the UK, excellent progress in our established international markets and promising early performance from our investments in future growth, particularly in the United States, China and Turkey.”

Retail Anna Richardson tesco

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