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  • Tesco PLC posted annual profits of the equivalent of almost $2.8 billion (US), up from the previous year’s $1.9 billion in profits.

    Sales rose to $44.4 billion (US), from a year-earlier $39.9 billion (US).

    CEO Sir Terry Leahy said: "Six years ago we first talked about our four part strategy for growth. It is clear, visible, simple and is delivering strong results. In this time we have grown group sales by 91 percent, and underlying profits by 87 percent. We have won 3.3 million new customers in the U.K. and more than trebled group non-food sales.”

    Furthermore, he said, “Six years on our strategy remains the same. It is no longer the same Tesco. We have faster growth accessing more areas of opportunity and we look forward to growing the business further in a challenging climate.”

    Tesco reportedly plans to increase its sales space by 12 percent in the coming year, create four million square feet of new retail space. About 1.5 million of that will be in the UK, or the equivalent of about 25 large stores.

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