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Tesco clothing rockets online but group profits slip

Tesco’s clothing range F&F has performed strongly online, with sales up nearly 60% in 2013/14, as the supermarket reports annual profits down 6%.

For the year to February 22, Tesco grew sales marginally by 0.3% to £70.9bn. Group trading profit fell 6% to £3.3bn, largely as a result of heavy declines of 27.7% in Europe. In the UK, profits declined 3.6% to £2.2bn.

Chief executive Philip Clarke said: “We are transforming Tesco through a relentless focus on providing the most compelling offer for our customers. Our results today reflect the challenges we face in a trading environment which is changing more rapidly than ever before. We are determined to lead the industry in this period of change.”

He added: ”Having strengthened the foundations of our business in the UK, we are now accelerating our growth in new channels and investing in sharper prices, improved quality, stronger ranges and better service.

“Since setting out these plans just seven weeks ago, we have already made a substantial investment in price, launched Clubcard Fuel Save and relaunched our general merchandise ranges across the business. We are going faster with our work to transform our Extra stores to create more compelling destinations and will complete more than 50 in the first half alone.”

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