Tesco, a major British retailer, financed its operations and capital expenditures in fiscal year 2008 through retained profits, long and medium-term debt, capital market issues, commercial papers, bank borrowings, and leases. The company generated £2611m in cash from operating activities, including £1899m in profits, to help fund its £3bn in capital expenditures. Transactions during the year altered Tesco's capital structure and weighted average cost of capital.