The British supermarket giant Tesco saw its net profit divided by three for its first half shifted to 253 million pounds (284 million francs), a result weighed down by inflation.
Tesco saw its turnover increase by 6.7% over the period ended at the end of August, to 32.5 billion pounds, driven in particular by increases in fuel prices, the group announced in a press release on Wednesday.
But if sales in its supermarkets have increased in value, the group notes that volumes have fallen.
They are notably penalized by a negative comparison effect: its sales were boosted a year earlier, like those of most supermarkets, by the health restrictions which remained in place, customers spending more time at home.
And faced with inflation close to 10% in the country, consumers now look twice before opening their wallets.
‘We know our customers are going through a tough time and are looking at every penny to make ends meet. That’s why we work tirelessly to keep the cost of everyday purchases as affordable as possible,” said Managing Director Ken Murphy.
The supermarket chain is notably looking to compete with low-cost rivals, particularly Aldi, on a number of products.
The group says it has seen an increase in sales of its less expensive private label products ‘as customers have taken steps to manage the pressure on their household budgets’, according to the statement.
Tesco says its bottom line has also been hit hard by a £626m asset impairment charge linked to rising interest rates, as the Bank of England has raised its key rate several times since the end of 2021. to fight inflation.
‘Despite continued market difficulties’, Tesco is sticking to its full year profit forecast of an adjusted full year operating profit of between £2.4bn and £2.5bn.
/ATS
