Tesco profit falls amid ‘unprecedented levels of inflation’

Tesco’s adjusted operating profit fell by almost 7 per cent to £2.6 billion in the 12 months to February 25, amid “unprecedented levels of inflation”.

The group reported a “strong” sales performance across the company, with retail like-for-like sales up 5.1 per cent, as volumes held up “relatively well” despite cost-of-living pressures and post-pandemic normalisation, according to annual results from the company.

In the Republic of Ireland, sales increased 3.3 per cent to £2.6 billion ...