TESCO BUYS 10 STORES AS PROFITS LEAP 23%
Tesco bought 10 stores from Wm Morrison's last week at an estimated price of 158 million, as well as posting a 24.4% rise in profits. Underlying pre-tax profit for the first half of the year came in at 822 million, well above analysts' forecasts. Like-for-like sales rose 8.3%, with non-food ranges showing the largest growth. Tesco's performance stood in stark contrast to that of Marks & Spencer, which said like-for-like sales fell by 6.3% in the six weeks to 18 September. It blamed poor fashion sales for the slump. Tesco chief executive Terry Leahy said in a statement that Tesco had not really felt the impact of increasing competition at the low-price end from retailers such as Asda and Morrisons. No sign of weakness there. We see these changes in the competition as a business opportunity,' he said.
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