Which is why Tesco is agreeing with City analysts that in the current year, group profits will barely increase at all, even with further growth in Asia and Eastern Europe, and an expected reduction in losses at the group's controversial US business, Fresh and Easy.

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The company has projected a 16% in rise in net profits for the current fiscal year.

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But the group said if current exchange rates continue, operating profits this year could be reduced by 10%.

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