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Tesco announces record profits of £3 billion

Today saw Tesco announce record profits of £3 billion and sales which have topped £1 billion a week. This is a remarkable achievement for a company which while one of the leaders in the sector is heavily dependent upon the state and strength of the UK economy. Tesco seems to stay one step ahead of the competition and one step ahead of the economic cycle having shifted the emphasis from the luxury end of the market to the more basic "own brand" sector.

While the company has also expanded into other areas of the world it was noticeable that the American venture reported losses approaching £150 million although there are hopes of a turnaround in the medium to longer term. This is the latest in a long line of positive news feeds from Tesco which is set to move into the mobile phone market, introduce more banks to its superstores and widen the product range on offer to customers.

Even though Tesco has significant critics in the UK and around the world there is no doubting the company's ability to read markets and react quicker than many of its competitors.

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