Tesco profit fell by 64% in the first half of the year
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Tesco’s pre-tax profit for the first half of fiscal year 2023 (ended August 27) fell by 63.9% to £413m, according to report companies. The largest supermarket chain in the UK notes that the reasons for the fall in profits were the growth of spending on purchases and rising inflation in the country, while the company’s desire to contain the prices of goods. “Our customers are becoming more cost-conscious and keeping track of every penny to make ends meet,” said Tesco CEO Ken Murphy. Tesco’s sales in the first half of the year rose by 3.1% to £28.2 billion. However, excluding the revenue of new outlets, sales growth compared to the first half of 2021 was only 0.7%.
Tesco has lowered its fiscal year earnings forecast to the lower end of its previous forecast of £2.4bn in response to global geopolitical instability and pessimistic household sentiment. In addition, Tesco has announced that it will lay off 300 office workers to raise salaries for store employees. networks. This will be the third reduction in the company’s staff in the last 13 months.
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