Tesco doubled pre-tax profits to more than £2bn last year but has warned on profits for this year as it faces a battle to “keep the cost of the weekly shop in check” amid soaring inflation driving up costs and squeezing household budgets.
Total revenues for the UK’s biggest supermarket, which proved to be a pandemic winner by taking a share from rivals and boosting online sales, rose by 6% to £61.3bn as pre-tax profits jumped from £1.1bn to £2.2bn in the year to the end of 26 February.
