Tesco profits climb as CEO unveils £1bn revamp

Tesco reported a rise in profits over 2011-2012 as the CEO pledged to renew focus on the UK business after the firm's first profit warning in 20 years.

In its preliminary results for the year ending 25 February 2012, the retailer reported pre-tax profits rose 5.3% to £3.8bn, while group sales were up 7.4% to £72bn. Tesco said the figures were in line with consensus expectations. Shares rose 1.61% in early morning trading to 333.5p. Chief executive Philip Clarke admitted the firm had been concentrating too much on its overseas business and unveiled a £1bn revamp programme for its UK stores. This will be funded by a reduction in capital expenditure from £3.8bn last year to £3.3bn. "While our international business is delivering exce...