Boss Ken Murphy plays down food inflation fears as supermarket’s annual profits rise by 8.5% to £2.4bn
Tesco has warned that profits could fall back in the year ahead, citing increased uncertainty caused by the conflict in the Middle East.
Ken Murphy, its chief executive, said that despite concerns about the impact of the closure of the strait of Hormuz on oil, gas and linked chemicals, the UK’s largest supermarket chain was “in good shape” on stocks of fuel for its petrol stations and distribution network.
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