From a chink of light at the end of the inflationary tunnel to the market share gains of discounters, Tesco boss Ken Murphy shared his thoughts on the state of play in UK grocery.
In a financial year dominated by the cost-of-living crisis, Tesco reported a 6.1% fall in profits to £2.49bn, despite a 5.3% increase in group year-on-year sales to £57.6bn.
Even though the expectation is that earnings will be flat this year, Murphy was bullish about the results. He said that Tesco was now “the most competitive we have ever been” having “fundamentally repositioned our value proposition” last year.
Murphy set out his expectations for the coming months on some of the key issues facing the grocery sector and consumers.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few moments before your account is updated.