Tesco saw profit growth of 10% in the first half of the year compared to the same period last year, in the face of “tough” trading conditions.
Underlying profit before tax grew to £1.45bn, as group trading profit jumped to £1.36bn, something chief executive Sir Terry Leahy called “good progress”.
Group sales at Tesco were also up by 14.1% during the same period, to £28.1bn, the company said.
“Our business is strong, broadly-based, increasingly international and, I believe, well-placed not just to cope with the challenges which lie ahead but also to grasp the growth opportunities open to us by continuing to invest in our strategy,” said Leahy.
In the US, Tesco said that its Fresh & Easy venture made trading losses of £60m, but had sales of £76m for the same period of the year.
The Co-operative Group last week reported a 43.5% rise in sales at its grocery stores. Morrisons has also recently posted strong results, despite harsh economic conditions.
