Tesco warns profits could fall amid Iran war uncertainty
UK’s biggest supermarket voices caution for year ahead despite annual profits rising 8.5% to £2.4bn Business live – latest updates Tesco has warned that profits could fall back in the year ahead amid “increased uncertainty caused by the conflict in the Middle East”. The warning came after the UK’s biggest supermarket hit its highest share of the market in a decade.
Boss Ken Murphy plays down food inflation fears as supermarket’s annual profits rise by 8.5% to £2.4bn
Business live – latest updates
Tesco has warned that profits could fall back in the year ahead, citing increased uncertainty caused by the conflict in the Middle East.
Ken Murphy, its chief executive, said that despite concerns about the impact of the closure of the strait of Hormuz on oil, gas and linked chemicals, the UK’s largest supermarket chain was “in good shape” on stocks of fuel for its petrol stations and distribution network.
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