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"We did see some sales softness because of what continued to be a difficult consumer environment," the chief executive, Clarence Otis Jr., said in a statement.
Last week, the London-based Zopa closed its Web site aimed at the United States, citing "extremely difficult consumer credit circumstances".
But while analysts were impressed enough with what they saw, they repeated their caution on Tesco's prospects, given the difficult consumer climate in the UK and continuing doubts about its stuggling US business Fresh & Easy.
"In this difficult consumer environment, we have continued to focus on tightly controlling all aspects of our business," the chief executive, Myron E. Ullman III, said in a statement.
"I'm very pleased with the way the whole business has risen to the twin challenges of a difficult consumer environment and a prolonged spell of adverse weather and really want to thank all our 130,000 colleagues for going above and beyond the call of duty again this year, to ensure we served our customers well during this critical time," said Philips.
David Jeary at Investec said the £1bn profit was "unlikely to be a springboard to greater things in the current difficult consumer environment", but added that the group "remains one of the increasingly small handful of retailers with substantial and quality asset backing".
Similar(49)
"Sears, like all retailers, is operating in a difficult consumer-spending environment," said Jeffrey M. Feiner, an analyst at Lehman Brothers who follows retailing.
That task has become exceedingly difficult as consumer tastes have splintered and as products proliferate.
"When times get difficult, the consumer sits things out and checking balances get larger, normally upward to $3,000 or a bit beyond," the study said.
It is difficult for consumer demand to drive industry improvements when that demand is itself skillfully manipulated by vast advertising expenditures exceeding WHO's annual budget many times over [ 119].
Thus, grouping consumers according to fashionable style is difficult since consumers may suddenly try a new fashionable style.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com