Supermarket chain Tesco today showed its overseas foray was paying off after posting a surge in full-year profits.
Tesco, based in Cheshunt, Hertfordshire, has been focusing on developing its international operations in the face of increasingly tough competition in the domestic market.
During the year to February 23, it opened six hypermarkets in Europe and 18 in Asia, giving it a total of 102 outlets overseas.
The group said today that total international sales for the year had surged 37.4 per cent to £4 billion. Pre-tax profits soared 60.8 per cent at £119 million.
Chief executive Terry Leahy said: "This year marks the arrival of Tesco as an international group with market leading positions in five of our nine countries and 65,000 staff overseas."
During the year, Tesco opened 55 new stores in the UK, including 30 Expresses.
Tesco said it planned to open another 75 stores in the UK, including 48 Expresses, in the current year, and overhaul another 200.
It will continue to roll out stores in countries including Taiwan, Malaysia, Thailand, Ireland, Poland and Hungary, over the coming months.
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