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Tesco Posts Solid Gains In Revenue, Profit In 2010/2011

April 19, 2011: 02:59 AM EST
U.K.-based grocery and merchandising company Tesco reported a 12.3 percent increase in profit for 2010/2011 to £3.8 billion on revenue of £67.6 billion, an increase of 8.1 percent. The company said it now has a new global executive committee in place combining key business areas and support functions, and focusing more on the U.K. core business. The company said it reduced its net debt to £6.8 billion, thanks to strong cash generation in the second half of the year. Tesco said its long-term strategy is profitable growth coupled with sustainability in the U.K., internationally, in food and other categories and in services.
"Tesco Plc Preliminary Results 2010/11", Press release, Tesco, April 19, 2011, © Tesco
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