Tesco - check out results!

Tesco, who issued a profit warning earlier in the year, turned in profit figures of £2.5 bn for the twelve months to Febuary, 1% lower though sales were up by 2.8%.

The company wants to reshape and grow it's operations in the UK, which ideally would mean adding to the number of mega stores it has but the regulatory framework is rather negative on this type of expansion at the moment.

With UK markets a little limited, their efforts to expand abroad have been mostly successful, the international operations contributing around £1 bn to the bottom line but their US stores are taking longer than expected to get into the black.

Tesco will be devoting £1 bn to expansion in the UK which is expected to create 8,000 jobs and at market opening on Wednesday,Tesco shares gained over 2% in a mainly negative Footsie opening, on on the view that the figures were not as bad as had been expected.