Tesco has raised its annual profit forecast, stating that consumer confidence has remained relatively resilient this year despite ongoing geopolitical tensions creating uncertainty. The UK’s largest grocer reported a 2% increase in sales, reaching £33.8 billion in the first six months of its financial year, while underlying profit rose 6.5% to £1.8 billion.
Strong Online Sales
Ken Murphy, the chief executive of Tesco, noted that growth was bolstered by strong online sales, which increased by 8%, alongside a 9% rise in revenues from its premium own-label Finest range. He remarked:
“"While consumer confidence has remained relatively resilient in the first half of the year, ongoing geopolitical tensions continue to create uncertainty and we remain focused on helping customers get the best possible value from their weekly shop."
