For what’s supposedly been a bad year for the UK’s biggest retailer, the full-year results released by Tesco on Tuesday were anything but.

The global economic crisis has slowed the juggernaut, and falling market share in the UK and challenges in some of its major international markets will be causing some scratching of heads at Cheshunt. But only one figure really matters and you can’t argue with £3bn profits.

The results show that UK growth has remained respectable, as it has in Europe, despite very hard market conditions. And in Asia growth has been impressive and further growth is on the cards. Tesco is a model of how, for the biggest companies, spreading your risks limits the damage when some markets plummet. But it’s not all good news.

Tesco is a model of how spreading your risks limits the damage when some markets plummet

Part of the drag on the UK performance has been the recovery of Tesco’s main competitors. But not all of it. Tesco seems to have lost the magic touch of being able to see into the minds of its customers, and while it has muddled around with its flawed Discounter concept, Asda, Sainsbury’s and Morrisons seem to be doing a better job of reaching out to customers during the recession.

Tesco’s US plans are progressing slower than expected. The timing of the move was terrible but the appalling US market aside, the grocer hasn’t helped itself by making mistakes with its offer, and competitors have upped their game in response to Fresh & Easy’s opening. It will be a long time before the move starts paying back. Tesco’s exposure to several of Europe’s most credit-crunched markets outside the UK must also be a worry.

These are important issues, but all surmountable. It may not all be the plain sailing it was a few years back, but this week Tesco proved it remains a formidable performer.