Improved consumer sentiment raised the forecasted revenue to £2.7 billion from £2.5 billion.
With a 27% stake in Britain’s grocery sector, Tesco claims its overall price increases are lower than headline rates.
British food prices fell in September for the first time in more than two years in month-on-month terms and the annual rate of food price inflation fell for a fifth month in a row to 9.9%, helping to underpin an improvement in consumer confidence. That has helped drive market share the group said, and it now expects 2023/24 retail adjusted operating profit, its preferred metric, to be between £2.6 billion and £2.7 billion.“Food inflation fell across the half and while external pressures remain, we expect that it will continue to do so in the second half of the year,” said CEO Ken Murphy.
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