Apr 13, 2022

Tesco vows to rein in prices as profits treble

Tesco profits more than trebled last year amid rising sales and a fall in Covid-related costs. Chief executive Ken Murphy said: "Clearly, the external environment has become more challenging in recent months."Against a tough backdrop for our customers and with household budgets under pressure, we are laser-focused on keeping the cost of the weekly shop in check - working in close partnership with our suppliers, as well as doing everything we can to reduce our own costs. Mr Murphy added that Tesco was managing to keep the rise in the cost of living a "bit under the number for the overall market". Tesco accepted a 20% cost price increase in milk from its suppliers less than two weeks ago. The UK's largest dairy Arla recently warned that with cost increases of some 36%, farmers faced tough cost challenges.

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