TESCO plans to create 30,000 new jobs this year

02 May '08

3 min read

Tesco Plc announces preliminary results of 2007/ 08.

Highlights

• 11.8% growth in underlying profit before tax, 11.0% rise in Group trading profit
• 11.1% increase in Group sales to £51.8bn
• Strong start to the year – 13% growth in Group sales, including increase in UK like-for-like sales (ex-petrol) of over 4% in first five weeks (seasonally adjuóted)
• 20.8% increase in underlying diluted earnings per share (13.1% increase on a normalised tax rate basis); 13.1% increase in dividend to 10.90p
• Five-part strategy delivers good progress:

- International sales up 25.3%; trading profit up 24.3%, over £1bn EBITDA
- 50% of group trading profit growth from International
- Fresh & Easy in the United States well-received by customers, growing strongly
- Core UK sales up 6.7%; trading profit up 7.1% (after US & Direct initial losses)
- UK Non-food sales up 8.7%; Tesco Direct trading well
- Tesco on-line sales up 30.9%, profit (pre-Direct initial losses) up 49.2%; TPF makes £128m profit (our share £64m); Telecoms in profit
- Making strides towards green consumption – on track to save 2bn shopping bags

• £5bn-plus property funding programme going well – new £200m transaction with The Prudential PLC completed before year-end on 4.8% yield
• £3bn share buy-back on track – shares worth £650m repurchased in year
• Plans to open over 11.5m sq ft of new Group space this year, 80% of it outside the UK
•30,000 new jobs to be created across the Group this year

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