Tesco raises annual profit forecast to £3.15–3.3bn — The Guardian

British supermarket chain Tesco has raised its forecast for underlying annual profit to £3.15–3.3bn. Previously, the company expected at least £3bn. This was reported by The Guardian.

Half-year results

In the first half of the financial year, Tesco’s sales rose by 2% to £33.8bn. Underlying profit for the period increased by 6.5% to £1.8bn.

Tesco chief executive Ken Murphy said growth was supported by online sales, which increased by 8%, as well as revenue from the premium Finest own-brand product range, which rose by 9%.

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The company said consumer confidence remained relatively resilient in the first half of the year, although geopolitical tensions continue to create uncertainty. Tesco said it is focused on providing customers with the best possible value from their weekly shopping.

Demand and use of AI

Sales in Tesco’s UK stores rose by 1.5%, driven by food products. At the same time, sales at wholesale division Booker fell by 2.6%.

Tesco is also expanding its use of artificial intelligence. A meal-planning assistant was tested by 280,000 employees from April, and it was launched for customers in September. AI is also being used to replenish store stocks more efficiently and improve the energy efficiency of supermarkets.