Retail powerhouse Tesco has reported a surge in profits for its financial year ending February 28th 2011.
Group sales climbed 8.1 per cent to 67.6bn, with profit jumping 12.3 per cent to 3.8bn. Asian profit was up 30 per cent year-on-year which helped offset the disappointing UK performance, which accounts for two thirds of Tesco’s business.
The company has pledged to keep its UK business "strong and growing", and that it "aims to become a multi-channel retailer wherever we trade".
Tesco’s US business still accounts for less than one per cent of total sales, though it did climb 9.4 per cent year-on-year.
"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," chief executive Philip Clarke stated.
"I want to thank the 500,000 people who work at Tesco for their contribution to this performance. We have equipped the business for global growth with new management structures and teams – including an experienced UK Board, which is bringing more focus and energy to our largest business.
"Asia and Europe made excellent progress contributing nearly 70 per cent of our profit growth in the year. The momentum in the USA is building but still has some way to go."