Tesco profits up 20% as shoppers move back to premium brands

The boss of Tesco exuded confidence about the economy yesterday as he claimed shoppers were getting back to treating themselves.

Chief exec Ken Murphy said consumers were “in good shape” and noted sales of its more expensive Finest range had risen by almost 15 per cent in the past six months.

The boost in sales of upmarket products is a sharp reversal from the trend during...