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Waning of inflation boosts Tesco and supermarket peers

A significant weakening of inflation over recent months has set the retailer up for a strong year

Tesco chief executive Corkman Ken Murphy said the retailer has “strong momentum” in its business, and it is encouraged by signs of “improving” consumer sentiment.

Tesco last week announced plans for a £1 billion (€1.17 billion) share buyback over the next 12 months, after it reported a 12.8 per cent increase in profits for its financial year to the end of February.

A quarter of that will be funded by a dividend the retailer received from Tesco Bank, its financial arm.

Since October 2021 the grocery giant, led by Corkman Ken Murphy and with fellow Irishman Gerry Murphy in the ...