Tesco CEO Ken Murphy predicts a "marginally healthier" Christmas, noting a strong shift toward low- and no-alcohol drinks and healthier meals. The UK's largest supermarket chain has raised its full-year profit forecast to between £3.15bn and £3.3bn, up from a previous £3bn to £3.3bn. This outlook is supported by a 6.5 per cent rise in adjusted operating profit to £1.8bn, despite a slowdown in like-for-like sales growth.
Tesco's shares rose 3.6 per cent in response. The company continues to lead the market by matching discounters like Aldi on price, though it acknowledges losing some market share over the summer. Murphy attributes consumer resilience to people becoming accustomed to dealing with external shocks, while noting that food inflation remains well below wage inflation.
Source: Financial Times Companies · Summarized by HeadlinesBriefing