BusinessCompany NewsTesco records bumper results

Tesco records bumper results

Tesco records a 12.4% increase in sales, which hit £37.1bn - but details on IFRS are still sketchy.

Tesco delivered a bumper performance in 2004, as sales climbed 12.4% to £37.1bn and pre-tax profit came in 24.5% up at £1.9bn for the year ended 26 February 2005.

Link: Supermarket sweep-up for Sainsbury’s

The retail giant, however, provided very little detail on the impact of new international accounting standards. Tesco said the adoption of IFRS would have an adverse impact on post-tax profit of no more than £30m, but did not disclose any further information.

The company will, however, provide restated financial information under IFRS towards the end of May.

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