Tesco has warned of a drop in profits this financial year as surging inflation piles pressure on the supermarket group and its customers alike.
The supermarket chain reported a profit of £2.65 billion for the year to Feb. 28th , up 36% and in line with guidance. It sees profit of between £2.4 billion and £2.6 billion pounds for 2022-23.
“Given the significant uncertainties in the external environment, we believe it is appropriate to provide profit guidance in the form of a wider than usual range,” Tesco said.
“Tesco is at its best when it puts customers first” said its Chief Executive Ken Murphy
” it’s what we did during the pandemic and it is what we will continue to do now. Clearly, the external environment has become more challenging in recent months. Against a tough backdrop for our customers and with household budgets under pressure, we are laser-focused on keeping the cost of the weekly shop in check – working in close partnership with our suppliers, as well as doing everything we can to reduce our own costs. Through our powerful combination of Aldi Price Match, Low Everyday Prices and Clubcard Prices, we are making more products more affordable, in more places than anyone else.”
