Bullish Tesco defies supply chain crunch and cost pressures

Statutory pre-tax profits doubled from the first six months of last financial year to £1.1bn while adjusting operating profits in its retail division were around 16 per cent higher at £1.4bn. Tesco said that for the full year it now expects adjusted retail operating profit to be between £2.5bn and £2.6bn. Before it had only predicted a "Strong recovery in profitability". Tesco said its "Market outperformance" was in part due to the strength of its supply chains as others' came under pressure. "Ethical shoemaker" Allbirds has rowed back on some of the sustainability commitments it made ahead of its planned IPO. The Californian group said in its IPO prospectus in August that it would adhere to a "Sustainability principles and objectives framework" developed with a consultancy group, but in an update filed on Monday, the company removed several key references to the framework from the document. Apple suppliers are warning that further disruptions to energy supplies in China could wreak havoc in the tech supply chain just as the industry gears up for peak production season. Several companies - including key Apple suppliers - have already had to halt or reduce operations at facilities in China's industrial tech heartland after local governments restricted the supply of electricity for commercial use, our colleagues from Nikkei report.

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