Britain’s Tesco PLC will overtake France’s Carrefour SA to become the world’s second-largest retailer by turnover behind U.S.-based Wal-Mart Stores Inc. by 2012, according to an industry report released on Tuesday.

Shares in Tesco PLC jumped more than 6 percent on Tuesday after Britain’s largest retailer revealed that its plan to lure in shoppers worried about the recession with a new budget range is working.

Tesco PLC, Britain’s largest supermarket group, reported Tuesday that sales grew 11.7 percent in the third quarter compared to the same period a year ago, led by a strong performance in its international operations.

Tesco PLC, the world’s third-biggest retailer, said Tuesday it plans to expand its presence in China by opening new stores in the eastern coast provinces of Shandong and Fujian next year.