Tesco Plc has become the first British food retailer to warn about the impact of the cost-of-living crisis. But it’s worth remembering that inflation — even at a 30-year high of 7% in March — isn’t all bad for grocers.
On Wednesday, the company announced a rebound in underlying operating profit in the year to February 2022, up almost 60% to 2.8 billion pounds ($3.6 billion). Profit from its stores rose 35% to more than more than 2.6 billion pounds. Free cashflow also surged by 70%.