Retail in Asia

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Tesco seeks Asia pick-up after fresh profit setback

Supermarket giant Tesco announced a second drop in annual profits in a row on Wednesday, leaving Britain’s biggest retailer hoping that recent expansion into India and China can offset weakness in Europe. The world’s third-biggest supermarket group said its trading profit dropped 6.0 percent to GBP3.31 billion (USD) in the year to late February compared with its performance in 2012-2013.