Tesco announces profits of £3.8bn, up 5.3%

Tesco has announced a 5.3% rise in annual profits to £3.8bn.

The company says that it will accelerate its plan to revamp its UK business, following January's profit warning, the company's first in 20 years.

Speaking about the company's problems chief executive Philip Clarke said "Tesco didn't put enough into the stores and maybe took a little out".

In March the boss of Tesco's UK operation, Richard Brasher, left.

Analysts say that Tesco's management has been distracted in the last few years by expansion in Asia and the United States and, as a result, the UK business stalled.

In response, Mr Clarke has promised to speed up an overhaul of the UK stores and to revamp the company's online store.

Source & Image : BBC