TESCO expects record profits of £3.3 billion

It has been expected that TESCO can end up the financial year with a record profit. Chief executive Sir Terry Leahy has said that the year-end profits may touch £3.3 billion. This is going to be a new record for the company in terms of profit. The pre-tax profit is also expected to outstrip the previous year’s figures.

Last year it was figured £3.1billion and this year it will surpass it. Leaty has also informed that the company’s worldwide sales are running at well over £1billion a week.

That suggests that the largest food chain of Britain is cruising towards a remarkable net profit for the year.

However, on the contrary, Asda's departing Chief Executive Officer Andy Bond has anticipated that his company will overhaul Tesco in non-food market share in next five years. He has informed that Asda has planned to come up with 125 non-food stores in near future.

The name of the stores will be Asda Living. Apart from that the company has decided to open 100 small Asda outlets in the coming five years. Hence despite a huge year end profit TESCO is going to face a tough competition from the market in terms of Asda.