Future Of British Business
Tesco Says Efforts on Prices Will Keep Profit Steady
- Shares rise after UK’s largest grocer reports earnings
- Tesco says it’s the “most competitive” ever for shoppers
Tesco has faced tough competition from discount grocers.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
Tesco Plc said profit probably won’t change much this year as the UK’s biggest supermarket operator manages to offset at least some cost pressures from rampant inflation.
The grocer expects retail adjusted operating profit to be “broadly flat” after reporting £2.5 billion ($3.1 billion) in the year through February, it said in a statement Thursday. That was in line with its previous guidance. The shares rose as much as 2.6% in London trading.