Â£6,000 per minute. This rediculous sum is not the wage demands of the latest signing for Man Utd, or the expenses claim of a porn-addicted MP, but the profit that Tesco made every minute over the past year.
The supermarket overlord has made a pre-tax profit of over Â£3billion, 10% up on the previous year. So it would appear that the downturn has so far passed them by?
Actually, it’s not all good news for them. Tesco has lost ground to some of its rivals, such a Morrisons, who it has admitted has been nicking some of its market share. It has also struggled to make an impact in the US.
Of course, Tesco has its eyes on some even bigger markets, and with such a huge profit, together with a loyal customer base, its plans to become a high street bank, as well as a retailer, are almost certain to succeed. Indeed, I was surprised to hear that they’ve managed to open over 100,000 current accounts in the past 2 months, which is also astounding.
photo credit: joolney