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Tesco forecasts flat profits as inflation hits supply chain

Tesco, the UK’s largest supermarket chain, said it would struggle to increase profits this year amid “unprecedented levels of inflation” across its supply chain.

Chief Executive Ken Murphy said the group was grappling with “unprecedented levels of inflation in prices for products paid to suppliers” as it sought to remain price competitive.

Retail adjusted operating profit for the current fiscal year will be “more or less flat.” Tesco On Thursday, it revealed that its profit measure had fallen by 6.3% to £2.4bn in the year to February.

It has invested in several initiatives, including matching prices with discount chain Aldi to keep shoppers from switching to competitors.

Group annual turnover increased by 5.3% to £57bn. Including fuel, revenue increased by 7.2% last year to £65.7bn.

Zoe Gillespie, investment manager at RBC Brewin Dolphin, said:

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Tesco, the UK’s largest supermarket chain, said it would struggle to increase profits this year amid “unprecedented levels of inflation” across its supply chain.Chief Executive Ken Murphy said the group was grappling with “unprecedented levels of inflation in prices for products paid to suppliers” as it sought to remain price competitive.Retail adjusted operating profit for the current fiscal year will be “more or less flat.” Tesco On Thursday, it revealed that its profit measure had fallen by 6.3% to £2.4bn in the year to February.It has invested in several initiatives, including matching prices with discount chain Aldi to keep shoppers from switching to competitors.Group annual turnover increased by 5.3% to £57bn. Including fuel, revenue increased by 7.2% last year to £65.7bn. Zoe Gillespie, investment manager at RBC Brewin Dolphin, said:
https://www.ft.com/content/97aea230-b976-4743-9e1b-85c205fb1372 Tesco forecasts flat profits as inflation hits supply chain

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