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(From Financial Director)
Byline: Malcolm Wheatley.
Tesco's annual general meeting on 18 June should have been an occasion for celebration. Another record year had seen the group's profits reach GBP1.6bn, and the present financial year looked set for even stronger growth, with UK sales rising 7.8% on a like-for-like basis in the three months to 22 May.
Instead, even before they entered the meeting, shareholders had to dodge barracking protestors from environmental and farming pressure groups. Inside, chief executive Terry Leahy was forced to address complaints that Tesco was harming British farmers, stressing that the group bought locally ...