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LONDON - The UK's biggest supermarket group, Tesco, on Tuesday reported anther surge in profits, BBC News reports.
The company said that pre-tax profits for the six months to August came in at 545 million pounds ($763 million), an increase of 13.3 percent from the same period a year ago.
Sales adjusted for new store openings grew by 3.9 percent, down from a growth rate of about 7 percent this time last year, while total sales climbed 10.6 percent.
Tesco downplayed concerns over a full-blown slide in consumer spending, saying that sales are returning to a more' normal' level across the industry after posting strong growth in recent years.
"These results show that we are delivering on our programme for long-term growth," said Tesco chief executive Terry Leahy.