Tesco publishes profits up, driven by performance in Asia

The group Tesco, No. 3 worldwide distribution, announced a rise in profits thanks to strong performances in Asia.

Turnover increased 7.1% to 60.9 billion pounds, slightly below the estimate of 61.7 billion.

Its profit was up 12.3% to 3.8 billion pounds (4.3 billion Euros). It even rose from 17.5% in Asia to 570 million pounds, thanks to South Korea. In contrast to its main market, Great Britain, which profit rose by only 3.8%.

Fresh & Easy ( the group's U.S. chain) recorded a loss of 186 million pounds despite sales that rose 42% to 502 million pounds.

The group reported that investments will reach 4 billion pounds this year, after 3.7 billion invested last year. The distributor which operates more than 5,000 stores in 14 countries estimated that the context is improving in most of its markets.

source : reuters, daily bourse, romandie