Tesco defies supply chain challenges to lift profit outlook

Tesco defies supply chain challenges to lift profit outlook

LONDON, Oct 6 (Reuters) – Tesco (TSCO.L), Britain’s biggest retailer, raised its full-year earnings forecast on Wednesday after the unmatched scale of its store and online operations helped it outperform rivals in the first half and beat expectations with a 16.6% jump in profit.

British retailers are battling supply chain disruptions and labour shortages. Supermarkets also face tough comparisons against record sales during COVID-19 lockdowns.

Tesco, however, increased sales in the period.

“We’ve had a strong six months; sales and profit have grown ahead of expectations, and we’ve outperformed the market,” CEO Ken Murphy said.

“With various different challenges currently affecting the industry, the resilience of our supply chain and the depth of our supplier partnerships has once again been shown to be a key asset.”

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Source: Reuters

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