“The global economic headwinds of the last two years are being replaced by the tailwinds of recovery in most of our markets, and this is helping our international businesses to resume strong sales and profit momentum,” said chief executive Terry Leahy. “Our important Asian markets in particular are emerging strongly from recession, and we’re now benefiting from the substantial investment we continued to commit to the region during the downturn.
“In the UK, we’ve coped very well with subdued demand and modest levels of industry like-for-like growth, helped by excellent productivity, a pleasing performance from new stores and good growth from our Services businesses, particularly online and Tesco Bank. Economic recovery in the UK is slow and steady and I believe our investment in making the shopping trip even better for customers means that Tesco is well-placed to grow in this environment.”
Source: Tesco
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