Thread: Thailand : Tesco supermarket chain reports rise in profits

Tesco supermarket chain reports rise in profits

London (dpa) - Britain's leading supermarket chain Tesco, a leader in the mega-store business in Thailand, provided a rare piece of good business news Tuesday by reporting a rise in half-yearly profits despite the tough retail environment.

Tesco said group profits up to the end of August rose by 11.3 per cent to 1.43 billion pounds ($2.64 billion), compared with the same period last year.

The increase was driven by robust international sales, Tesco said. The group has over the past few years set up stores in Thailand, China and other Asian countries, as well as in eastern Europe and even the US.

In Britain, surveys have shown that the credit crunch is making customers turn away from "upmarket" retail chains to beat rising food prices.

Chief executive Terry Leahy said Tesco was "at its best in tough markets" and could respond to the changing needs of customers.

"That's why we have been able to make good progress this year, despite facing into powerful economic headwinds and carrying planned start-up losses in the US," he said.

bangkokpost.com

They'd have more of my money if someone taught them how to bake edible bread.

When I was a kid, and times were tough. Rich kids got their Ben Shermans, Levis etc. All the others got "tesco bombers", cheap stuff that did the job. Maybe that is what is happening again!!

Well done Tesco. We should also remember that a lot of people are in employment not just in Tesco stores but in the plazas where they exist. I do agree with keda that the bakery is crap though!

during tough times, discount supermarkets always do better,

not a good sign,

Yeah well done Tesco, soon u have eradicated all the small mom&dad shops in the sois.

^There is always a need for a local corner shop - look at the number of 7-Elevens