Tesco recorded a pre-tax profit of £3.4 billion in the last fiscal, 10.1% higher than the previous year. The supermarket leader has been able to post profit growth since 2001 despite tough competition, economic downturn and the danger of double dip recession.

The company has been able to repeat the story again and again just by being focused on its strategy, it said in a statement. Chief Executive of the group, Sir Terry Leahy said that the company had "weathered the storm". He added that the company was planning another 16,000 jobs, of which 9,000 would be for UK alone.

Speaking to Reuters, he overruled chances of a double dip recession.

Tesco, which first reached the £1bn mark in 2001, had repeated its success story every year.

The group's non-food business generated £9 billion revenue. It managed to come to a position where one in every microwave and one in every four small screen television sold was from Tesco store.

Lawrie McIlwee, the Finance Director of the group said that the confidence among the consumers was growing despite the general election in sight.