£3bn Tesco annual profit expected
Supermarket Tesco is expected to reveal sales of more than £1 billion a week and annual profits of £3 billion for the first time in its full-year results.
The figures would mark major milestones for the UK's biggest supermarket, but will mask what has been a tough year for Tesco.
Retail experts at Shore Capital stockbrokers predict Tesco's profit growth to have more than halved in the year.
They are pencilling in profits up 5% from £2.85 billion to £3 billion - down significantly on the 11.8% growth seen the previous year.
It is forecasted to deliver full-year UK like-for-like sales growth of around 3%, excluding fuel - lagging behind rivals such as Morrisons and Sainsbury's, which saw sales rise 7.9% and 4.5%.
Tesco reported like-for-like sales up by 2% in the third quarter, half the rate seen in the previous three months and the worst performance since the last recession.
Its 2.5% sales growth notched up over the seven-week festive period represented its worst Christmas in nearly 20 years.
And the most recent data on the sector suggests Tesco's UK market share has fallen again to 30.4% for the 12 weeks to March 22.
However, Tesco remains the clear market leader and its ability to set new records for profit and revenues in tough market conditions are set to be taken as a sign of resilience.
Clive Black, retail analyst at Shore Capital, said the annual results should show a "robust and solid performance" in spite of significant economic and consumer spending woes.
