Tesco profit set to fall as tough UK economy bites

LONDON: Tesco, Britain's biggest retailer, warned its profit would fall in the current year due to the tough economic conditions and pressure on consumers after it reported a 35.8% rise for the 2021-22 year.

The group, which has an over 27% share of Britain's grocery market, said on Wednesday it made retail adjusted operating profit of 2.65 billion pounds ($3.45 billion) in the year to Feb. 26 - in line with guidance of slightly above 2.6 billion pounds and up from 1.96 billion pounds in 2020-21.