Tesco thrives in tough markets

30 September 2008

Supermarket giant Tesco has announced healthy profits, despite the tough financial conditions cutting down on consumers’ spending.

Profit before tax and one-off items was up 10.3% for the six months to August 23, The Times reports.

“Tesco is at its best in tough markets,” said Terry Leahy, chief executive of Tesco, a company which says it has ‘already taken £620m off shopping bills since March’.

“At a time like this,” said a spokesperson for Think Money, “with the rising cost of living pushing so many people into financial hardship or even debt, it’s encouraging to see large retailers competing on price.”

“There are so many bills which people simply can’t avoid, but competition between retailers does give them a chance to ‘vote with their feet’ by going to shops where they believe they’ll get good value for money.”

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