Britain's biggest retailer Tesco forecast flat profit in its new financial year after a 6.3% fall in 2022/23, hurt by the need to shield consumers from the full force of soaring inflation.
A logo of Tesco is pictured outside a Tesco supermarket in Hatfield, Britain October 6, 2020. REUTERS/Peter CziborraSays strategy is working
The group, which has a 27% share of Britain's grocery market, said on Thursday it made retail adjusted operating profit of 2.49 billion pounds in the year to Feb. 25 - in line with guidance of 2.4-2.5 billion pounds but down from the 2.65 billion pounds made in 2021/22."It's been an incredibly tough year for many of our customers, and we have been determined to do everything we can to help," Chief Executive Ken Murphy said.
It forecast retail free cash flow within its target range of 1.4-1.8 billion pounds and adjusted operating profit of 130-160 million pounds for its bank division.
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