Tesco has unveiled a rise in first-half profits, despite the poor summer weather and an increasing sense of caution from UK shoppers.
Pre-tax profits rose 18 per cent to £1.29 billion for the six months to August 25, as sales climbed 9.2 per cent to £24.7bn. Like-for-like UK sales stood at 2.7 per cent.
Chief executive Sir Terry Leahy said: “We ended the first half strongly with good sales momentum.”
However, many analysts predict a slowdown in sales growth at the retail giant, following a decade of strong growth.
Tesco said today that sales had been held back by the wet summer, but the retailer has come under pressure as rivals such as Morrisons and Sainsbury’s have seen improving sales.
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