An 18.7 per cent increase in pre-tax profits and UK like-for-like sales up 8.2 per cent are the sort of figures other retailers can only dream of.
There was, for a change, one storm cloud on the horizon - the rising cost of oil. Chief executive Sir Terry Leahy (pictured) fears this could both dent the confidence of shoppers and increase costs within the business. However, if a crisis does hit, Tesco is unlikely to be any worse off than its rivals.
This morning's figures show quite clearly the scale of Tesco's achievements in the fields where it has targeted its growth strategy - namely international and non-food. There has been some pain along the way, but the 17.3 per cent growth in international sales, and the fact that 54 per cent of group selling space is now overseas, shows it has cracked the art of retailing abroad.
Meanwhile, the 13 per cent rise in non-food sales - a growth figure that was exceeded by clothing and home entertainment - will strike fear into the hearts of many UK retailers.
It is clear from some carefully timed articles in the weekend press that Tesco's rivals are now looking to the Government to halt this growth. The retailer has the landbank to dominate the sector even further.
Retailers such as Asda are pinning their hopes on the planning system and competition law to stop Tesco's market share growing beyond the 30.5 per cent mark. At the moment, this seems about their best hope.
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