Tesco has posted a 10% rise in full-year profits to more than £3bn.

Like-for-like sales grew by 3.2% for the year to 27 February, the supermarket giant said, with total sales up 7% to £56.9bn. Pre-tax profits hit a new record of £3.4bn.

Tesco said 18% more UK households were now redeeming Clubcard points than a year ago, following the double-points re-launch of the loyalty scheme last year.

Over the course of the year, the retailer sold off property worth £1.8bn, racking up profits of £377m.

Tesco pledged to up the pace of its expansion abroad in the year ahead, although its US business continued to make a loss in the previous 12 months with a deficit of £165m. Tesco also announced plans to create up to 9,000 new jobs in the UK.

“By remaining focused on our strategy Tesco has weathered the economic storm well,” said chief executive Sir Terry Leahy.

“We have successfully adapted our cost structures and ranges to help customers save money when they've needed to and treat themselves when they've wanted to.

“Our positions in international markets and non-food meant we faced strong headwinds when the downturn came but it will be these parts of our business which will grow fastest as the recovery strengthens."

Read more
Tesco is England’s official World Cup supermarket (7 April 2010)
Retailers take stock (analysis; 13 February 2010)
Tesco piles loyalty pressure on Asda (13 February 2010)