LONDON - Tesco has reported pre-tax profits of £3.13bn, a record for any UK retailer.
The figure marks a 10% improvement on the previous year with sales topping £1bn a week for the first time.
However like-for-like sales, which exclude the impact of new store openings and petrol, grew by 3% in the year to February. By comparison, Morrisons reported like-for-like sales growth of 7.9%, indicating that Tesco was losing share to other retailers.
Tesco's US Fresh & Easy business reported a loss of £142m while the compant's net debt hit £9.6bn.
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