British retailer Tesco, which has a strong international foot print and is the world’s third-largest retailer, reported both revenue growth and underlying margin expansion for the first half of 2009.
Total sales were up 8.3% while underlying trading profit (for its core retail business) expanded 14%. Reported profit only grew 1.5% partially due to some write downs. They also added 6,500 jobs.
Revenue growth was very much helped by store growth, and reported profit growth of 1.5% was the slowest in over a decade, yet at the operational level Tesco appears to be an example of a major company doing well during this downturn, expanding, and growing revenue.
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