Tesco defies retail gloom with surging £1.3bn profits

Tesco's pre-tax profits have risen to £1.3bn in a year, the supermarket giant said, hailing a year of "strong progress".
It means a surge of 770% in the year to 24 February for Britain's biggest retailer - up from £145m the year.
Stripping out one-off items, underlying profits increased by 28% to £1.64bn.
Like-for-like sales were up 2.2% across the year, with a strong performance from food but a decline for general merchandise as Tesco slimmed down the number of ranges it sells.
Tesco said market conditions "remained challenging" with continued cost price inflation, but reiterated it was working with suppliers to try to hold back price increases.