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Tesco profit up on strong growth in Asia Tesco profit up on strong growth in Asia
(40 minutes later)
Tesco has reported full year profits buoyed by rapid growth in Asia.Tesco has reported full year profits buoyed by rapid growth in Asia.
Profits before tax of £3.54bn for the year to 26 February 2011 were up 11.3% from the year before.Profits before tax of £3.54bn for the year to 26 February 2011 were up 11.3% from the year before.
Trading profits in Asia were up 30%, offsetting a disappointing performance in the retailer's core UK market, which accounts for two-thirds of its profits.Trading profits in Asia were up 30%, offsetting a disappointing performance in the retailer's core UK market, which accounts for two-thirds of its profits.
They are the first results reported under the supermarket chain's new chief executive, Philip Clarke, who took over from Sir Terry Leahy in March.They are the first results reported under the supermarket chain's new chief executive, Philip Clarke, who took over from Sir Terry Leahy in March.
The firm's underlying profit figure - closely watched by the market - was £3.8bn, up 12.3% on the previous year, as widely anticipated.The firm's underlying profit figure - closely watched by the market - was £3.8bn, up 12.3% on the previous year, as widely anticipated.
However, the weaker showing in the UK caught markets by surprise, sending Tesco's share price 0.5% lower in early trading in London, the worst performer in the FTSE 100 index.
Overall sales for the group were up 8.1% to £67.6bn. Excluding price-sensitive petrol sales and the effect of exchange rate movements, they were up 6%.
UK lagging
"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 Mr Clarke in presenting the 2010/11 full year results."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 Mr Clarke in presenting the 2010/11 full year results.
"Asia and Europe made excellent progress, contributing nearly 70% of our profit growth in the year," he said. "The momentum in the USA is building but still has some way to go.""Asia and Europe made excellent progress, contributing nearly 70% of our profit growth in the year," he said. "The momentum in the USA is building but still has some way to go."
However, Tesco's core UK market was a different story, with the company facing the same difficult conditions as many fellow UK retailers.However, Tesco's core UK market was a different story, with the company facing the same difficult conditions as many fellow UK retailers.
Like-for-like sales in Britain, excluding the effect of rising VAT, fell 0.7% for the year, falling short of expectations.Like-for-like sales in Britain, excluding the effect of rising VAT, fell 0.7% for the year, falling short of expectations.
"We didn't achieve our planned growth in the year and this was only partly attributable to the deterioration in the consumer environment during the second half," said Mr Clarke, referring to sales in the UK."We didn't achieve our planned growth in the year and this was only partly attributable to the deterioration in the consumer environment during the second half," said Mr Clarke, referring to sales in the UK.
"We can do better and we are taking action in key areas. For example, to drive a faster rate of product innovation and to improve the sharpness of our communication to customers.""We can do better and we are taking action in key areas. For example, to drive a faster rate of product innovation and to improve the sharpness of our communication to customers."
Overall sales for the group were up 8.1% to £67.6bn. Excluding price-sensitive petrol sales and the effect of exchange rate movements, they were up 6%. In its results, the firm said it expected weaker markets like the UK to remain tough in the coming year, particularly in the more discretionary product categories.