Tesco year profit tops 2.65 billion pounds in 2006

Tesco, Britain's largest supermarket chain, said on Tuesday it witnessed a pre-tax profit of 2.65 billion pounds (about 5.3 billion U.S. dollars) in 2006.

The pre-tax profit rise of 20 percent over the previous year means the chain, which has 1,500 stores in Britain, makes sales at over 5,000 pounds a minute, Sky news reported.

Tesco accounts for 31.2 percent of the country's grocery market. It's non-food sales reached 7.6 billion pounds (about 15.2 billion dollars), snatching up about 25 percent of the total sales in the country.

According to market research firm TNS Worldpanel, Tesco has also cornered 60 percent of the home grocery delivery market.

On the international front, the chain is expanding with 8.2 million square feet of new store space being created abroad and total overseas sales up 18 percent.

However, its expansion at home and abroad has caused great concern over its market monopoly. Campaigners in Britain claim the supermarket giant is squeezing out smaller local shops.

Source: Xinhua