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The New York Times says this morning that Tesco seems to have stabilized its UK retailing business with a "fourth-quarter British volume growth of 3.3 percent and a 2.8 percent rise in customer transactions ... Sales at British stores open over a year rose 0.9 percent in the final quarter of Tesco’s financial year, which concluded on Feb. 27, building on growth over its six-week Christmas sales period. Tesco also reported a full-year operating profit before one-off items of 944 million pounds, or about $1.3 billion, ahead of analysts’ expectations of £932 million and the £940 million it made in 2014-15."

However, Tesco also warned that a price war in the UK - driven by the aggressive discounting by chains such as Aldi and Lidl and responses by the country;'s mainstream grocers - likely meant that "profit growth would be hard to deliver this year."
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