- Tesco reported stronger-than-expected adjusted operating profits of £3.15 billion for the year to 28 February, a slight rise from the previous year.
- Sales, excluding VAT and fuel, grew by 4.6 per cent to £66.6 billion, with the retailer forecasting profits between £3 billion and £3.3 billion for the current financial year.
- The supermarket group aims for a further £500 million in cost savings by 2026/27, having surpassed its £535 million target last year.
- Tesco's chief executive, Ken Murphy, affirmed the company's commitment to helping keep down the cost of the weekly shop amidst increased uncertainty from the Middle East conflict.
- The conflict has led to wider profit guidance and contributed to significant increases in petrol and diesel prices, impacting Tesco as the UK's largest petrol retailer.
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