Inflation, supplier relationships and loyalty – the take from Tesco boss Ken Murphy
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.
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