Tesco has announced an 18.7 per cent rise in first-half profits and plans to create 7,500 jobs.
Pre-tax profits for the period rose to £908 million, ahead even of earlier City economists’ forecasts.
Sales were up by 14.1 per cent to £18.8bn, with UK same-store sales up 8.2 per cent.
Chief executive Terry Leahy expressed confidence that the second half performance of the group will continue in the same vein. However, he added: "The accumulating effects of rising oil-related costs, both on consumer confidence and on our business, are a cause for concern.”
Research group TNS now puts Tesco's share of the grocery market at an estimated 30.5 per cent, a significant increase from 28.1 per cent a year ago.
Leahy denied that Tesco is considering a bid for US group Albertsons, despite speculation.
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