Tesco profits surge by 65%

UK retail giant Tesco has emerged from the pandemic with operating profits up 65%. However, Tesco warns that current-year earnings could fall as inflationary pressures and the cost of living crisis starts to hit consumers. Tesco announced an operating profit of £2.65 billion in the year to 26 February. Turnover totalled £54.8bn for the 52 weeks ending 26 February 2022, up 2.5% on the year before. The chain has also committed to another £750m share buyback by April 2023. Tesco holds a 27% share of the UK’s grocery market.