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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.”