Tesco posts bumper profits even as Middle East war causes ‘uncertainty’

The boss of Tesco has said it is ‘doing whatever we can’ to keep food prices down as the war in the Middle East creates ‘further uncertainty.’

Ken Murphy, who runs Britain’s biggest supermarket, said the group had poached customers from rivals over the past last year ‘despite cost pressures from new regulation.’

It came as the grocer posted an operating profit of over £3.1bn in the year to February – beating forecasts of between £2.9billion and £3.1billion.

Chief executive Murphy said: ‘We are committed to doing whatever we can to help keep down the cost of the weekly shop, and with the conflict in the Middle East creating further uncertainty for consumers and the economy more broadly, that commitment matters more than ever.’ 

This is a developing story