Tesco's record profits dominated the business pages of the national press this morning.

The Daily Mail focused on Tesco's power the high street, referring to it as a “juggernaut”.

“Even the well-publicised backlash against the dominance of Tesco which currently accounts for £1 in every £3 spent on food, has done little to stop tills from ringing,” it said.

The Guardian reckoned Tesco's plan to refinance £2bn more of its property portfolio would increase the pressure on Sainsbury's to refinance its own estate.

The Telegraph reported on Tesco's attempts to counter criticism from environmental groups and farmers.

“In January it announced plans to cut carbon emissions and encourage customers to buy green. This month it pledged to increase the amount paid to dairy farmers.”

The Independent looked at Tesco's share price. Columnist Robert Cole said that as long as Tesco continued to produce good financial results, its shares would not be expensive, they would just like they were.

“They will only be expensive if, or when, momentum begins to leak away from the profits growth,” he said.