Tesco, UK's largest retailer, forecasts 11% profit rise in 2024/25 due to strong demand and new customers.
Tesco, the UK's largest retailer, expects a rise in profit in the new financial year as strong demand and new customers helped it post an 11% increase in 2023/24. The supermarket group, with a 27.3% share of Britain's grocery market, reported an 11% jump in 2023/24 and forecasts retail adjusted operating profit of at least £2.8 billion for its 2024/25 year. Inflationary pressures have "lessened substantially" and Tesco has seen signs of improving consumer sentiment.
April 10, 2024
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