Tesco value to continue with recession
Tesco chief executive Sir Terry Leahy said Tesco would continue to emphasise discounts and price within its sales mix as long as the recession goes on.
Tesco's continued expansion into new trading locations delivered UK sales growth of 9.1% in the year to February 28.
Like-for-like sales were 4.3% ahead in a year when the group recorded total trading profits of £3.1 billion.
Like-for-like UK sales were 3.4% up in the first six weeks of the new financial year.
Leahy said: "At a time when customers everywhere are feeling the economic strain, we are responding to their changing needs in all our markets by lowering prices, introducing more affordable
products and offering even sharper
"These actions are helping us to cope well with the effects of the downturn."
Tesco launched the first wines in its Value own-label range last year.
Leahy added: "We've got to be careful to adjust our mix,
turn up the noise around price and make sure people understand that actually the best prices anywhere are in Tesco."