Tesco is big in Britain, and rapidly expanding abroad

The record figure - equivalent to earnings of �4,800 a minute - will come as Tesco faces increasing pressure over its domination of the UK market.

Critics have accused Britain's biggest retailer of squeezing out many local stores across the country.

But Tesco argues the UK grocery sector remains highly competitive, with shoppers increasingly buying online.

Earlier this month, Tesco launched a robust defence of its position in response to a Competition Commission probe into Britain's �95bn grocery sector.

The company - which has also been rapidly expanding abroad - currently holds a 31.2% share of the UK grocery market, according to the latest figures from market researchers TNS.

Global expansion

Tesco is set to report on Tuesday a 12% rise in annual profits to �2.54bn for the 12 months to 24 February, according analysts' predictions.

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The firm's UK network of more than 1,400 stores is forecast to deliver the lion's share of Tesco's annual earnings - with trading profits in the region of �1.92bn.

The supermarket group unveiled two new measures earlier this month to help increase the price UK dairy farmers receive for their milk, following pressure from farmers.

Tesco, which accounts for one pound in every eight spent by shoppers in Britain, recently announced that its first US store would be based in the state of Arizona, trading under the Fresh & Easy brand.

Amid widespread media interest, the firm opened its first store under its own name in the Chinese capital Beijing in January.

Tesco is among the world's biggest retailers, but still trails behind US grocery giant Wal-Mart and French supermarket group Carrefour.