"Ken Murphy stated, 'In terms of tax pressures, industry and energy in particular, anything the government can do to help us to keep prices low for customers is welcome.' This highlights the urgent need for government intervention to support retailers."
"Murphy mentioned, 'We are in constant contact with the government in various guises and through various departments' to assist with scenario planning for potential supply chain issues due to the conflict."
"'The final outturn will depend on the duration of the conflict, its knock-on effects on UK household spending and the wider economic climate,' indicating the uncertainty surrounding future profits."
Tesco reported an 8.5% increase in annual pre-tax profit and called on the government to alleviate tax and energy pressures on retailers. CEO Ken Murphy emphasized the need for government support to maintain low prices for consumers, especially in light of the escalating conflict in the Middle East. He noted that Tesco is in constant communication with the government regarding contingency plans for potential supply chain disruptions. The company has widened its profit guidance for the current year, forecasting adjusted operating profit between £3 billion and £3.3 billion, depending on the conflict's duration and its economic impact.
Read at Business Matters
Unable to calculate read time
Collection
[
|
...
]