UK retailer Tesco said it expected current year profits to be at the lower end of guidance as “significant uncertainties” persisted during the cost-of-living crisis.
The company on Wednesday said it expects full year retail adjusted operating profit of between £2.4bn and £2.5bn as half year profits fell 65% to £413m.
It previously forecast £2.4bn – £2.6bn, down from the £2.65 billion pounds made in its last fiscal year.
“Significant uncertainties in the external environment still exist, most notably how consumer behaviour continues to evolve,” the company said.
“As we look to the second half, cost inflation remains significant.”
Reporting by Frank Prenesti at Sharecast.com
