Future Of British Business
Tesco’s Cautious Profit Outlook Highlights Challenging UK Market
- UK grocer sticks to previously lowered profit guidance
- Tesco sees challenging conditions ahead with high living costs
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Tesco Plc is the latest grocer to reveal how higher costs and fierce competition are squeezing profits as cash-strapped shoppers hunt around for deals.
Britain’s biggest supermarket said sales rose in the third quarter but it still kept profit guidance steady in a sign that the pressures of keeping food costs down in an inflationary environment are not easing yet. Tesco’s stock fell more than 1% in early trading in London.