Tesco earnings up, UK and USA sluggish
Tesco has reported a rise in profits, with revenues up 8.1% to £67.6bn.
For the 12 months closing 26 February 2011 their pre taxes revenue had been upward from previous year having a bump up of around 11.3% to £3.54bn.
Why is this interesting?
Well, because the figures provide an insight on the performance of different world economies.
And in the Tesco results, one thing was clear – all the gains came form Asia.
Is the UK sales slumped, and in the USA losses increased.
While some analysts put a gloss on the downside, pointing to “growing momentum” in the USA, the overall picture is clear.
Asian economies are growing comfortably. The UK is in a slump. And the US is not faring much better.
Many have treated the financial crisis as effectively over, but with the news yesterday of the US being threatened with a ratings downgrade, and problems continuing within the Eurozone, it has become increasingly clear that the crisis is anything but over – we’ve simply stalled it for the time being.
Comments
Leave a Reply