Tesco unveiled surging profits as it powered through the pandemic – but there was more than an air of caution as directors presented full-year results.
Despite hailing “strong momentum” after pre-tax profit more than tripled to £2.03bn in the year to February 26, the boss of Britain’s biggest retailer, Ken Murphy, warned that the trading landscape has become “more challenging in recent months”.
As a result of the “significant uncertainties” Tesco faces in the new financial year, it provided wider than usual earnings guidance – retail adjusted operating profit is expected to come in between £2.4bn and £2.6bn, compared to £2.65bn in 2021/22.
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