The supermarket giant's amelioratory tone today suggests it is sensitive to supplier criticisms following previous bust-up over price rises.
So when the Irishman describes an"incredibly tough year" for customers in which the group grappled with"unprecedented levels of inflation in the prices we have paid our suppliers for their products and the cost of running our own operations", you can be sure he is understating things.The UK's leading grocery retailer reported an adjusted operating profit of £2.6bn for the year to 25 February. That was down 6.
Tesco also reported a statutory pre-tax profit for the year of £1bn, down 50.8% on the previous 12 months, but that figure mainly reflects non-cash impairment charges on its property estate. While headline sales by value rose by 5.3%, to £57.6bn, sales volumes - the amount of things bought - actually fell. In other words, consumers may have been spending more, but will not have been getting as much for their money.
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