UK supermarket Tesco's profit halves as inflation bites

Variety
13-04-2023 | 03:32
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UK supermarket Tesco's profit halves as inflation bites
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UK supermarket Tesco's profit halves as inflation bites

Britain's biggest retailer, supermarket group Tesco, reported Thursday a halving of annual net profit as soaring inflation hiked costs and reduced the amount it sold.

Profit after tax dropped to £745 million ($930 million) in the 12 months to the end of February, Tesco said in a statement.

Chief executive Ken Murphy said the group experienced "unprecedented levels of inflation in the prices" it paid suppliers.

The supermarket added that sales volumes dropped year-on-year. 

This was offset by Tesco hiking prices of products, helping revenue jump seven percent to £65.8 billion.

Inflation soared worldwide last year, pulled higher especially by surging food and energy prices as Russia's invasion of Ukraine hit supplies.

Prices reached the highest levels in decades also as economies reopened from pandemic lockdowns.

British inflation remains elevated at above 10 percent after a jump in February, while official data Wednesday showed the rate of price increases slowing in the United States.
 
AFP

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