Tesco has announced plans to increase capital expenditure for its current financial year to £1.6 billion, a slight rise on last year's £1.5bn.
In its preliminary results, the supermarket giant showed a 10% in pretax profit to £3.2bn for the year ending 27 February 2010.
A statement said:“Through the experience and expertise of our property teams we have developed over a number of years a good pipeline of new space opportunities. As a result we have the opportunity to unwind some of the work-in-progress we have built up and will be stepping up the rate of expansion in 2010/11.
“We will be investing £1.6bn of capital in the UK economy this year and will create thousands of jobs including for the long-term unemployed through our regeneration partnerships.”
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