Tesco Sees Higher Profit With Price Cuts Helping Draw In Shoppers
- UK’s biggest grocer says inflationary pressures are easing
- Profit outlook is conservative but it’s early in the year: CFO
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Tesco Plc’s retail profit will likely edge up this year as easing cost pressures allow the supermarket chain to cut prices and attract budget-conscious shoppers.
Britain’s largest grocer said Wednesday it expects to generate at least £2.8 billion ($3.5 billion) of retail adjusted operating profit in the current fiscal year. That’s just ahead of the £2.76 billion it reported last year, which was in line with previous guidance.