UK retail giant posts £1.09 bn profit

 

3 October 2006 — Cheshunt (UK): UK retailer Tesco has announced a massive £1.09 billion ($2.06 billion) in pre-tax profit for the first six months of the year.

 

Group sales were up 12.7 percent to £22.7 billion for the period and group revenue amounted to £20.7 billion.

 

UK sales increased by 10.2 percent to £17.4 billion, compared to £15.8 billion in the same period last year.

 

In the UK, the retailer’s non-food sales rose by 12.6 percent to £3.5 billion. The proportion of sales represented by non-food, excluding petrol, rose to over 20 percent.

 

Early last month, the company announced plans to expand its non-food offering through Tesco Direct. The service, which includes OP stock, now operates through tesco.com and a catalogue. The website registered over one million hits in its first three weeks.

 

The company also said that it is on track to create 20,000 new jobs worldwide this year.