Tesco sees off threat from Asda as it boosts market share and lifts profit guidance

Tesco has invested heavily in price matching (Alamy/PA) -

Tesco helped power the stock market to new record highs today as it said “better than expected” response to price cutting and warm summer weather had boosted profit expectations.

Britain’s biggest retailer said it now expected operating profit for the full year of between £2.9 billion and £3.1 billion, higher than the previous guidance range of between £2.7 billion and £3 billion.