Tesco Hits Record Profit, But Lags in U.S.

British supermarket giant Tesco (TSCO.L) shrugged off the global recession to post annual revenues up 13%, to $79 billion, and pretax profits that blew past the magic £3 billion mark ($4.4 billion), up 5.5% from the previous year. But even as it unveiled the highest profits ever recorded by a British retailer, Tesco—ranked No. 3 in the world behind Wal-Mart (WMT) and France's Carrefour (CARR.PA)—was forced to concede that it finds doing business in the U.S. not so easy.

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