Tesco Profits Triple to £2.03bn Amid Cost of Living Crisis

The UK's largest supermarket chain reported pre-tax profits of £2.03bn, up from £636m the previous year.

Group sales, excluding fuel, rose by 2.5% to £54.8bn, while in the UK retail sales rose by 2.3% year on year.

Tesco has invested significant amounts during the pandemic to keep staff and customers safe.

Tesco warned of significant uncertainties and said performance would be impacted by the investment needed to keep prices from low compared with other budget retailers like Aldi and Lidl.

Customer behaviour is now returning to more normal patterns as shoppers rely less on supermarket trips as the UK emerges from the pandemic.

As a sign of appreciation for their workers’ extra effort during this critical time, many stores have been rewarding employees with bonuses and pay increases. 

The positive results of Tesco are a vindication of the company’s strategy to focus on pricing, managing supply chains and creating new products. 

As the cost of living crisis continues, many shoppers would be trading down to own-label brands, switching retailers and scaling back on premium purchases.

Fresh beef and poultry have shouldered much of the blow, alongside crisps, other savoury snacks, skincare and cat food.

Tesco online business was lower as sales declined by 6.5% because some customers chose to return to shopping in stores as the pandemic eased.

With Easter approaching, supermarket opening hours will temporarily change.

Britons are eagerly preparing for the upcoming four-day Easter weekend.

Good Friday and Easter Sunday are restricted trading days for some supermarkets

Tesco's opening hours over the Easter period vary from store to store and by location.

On Good Friday (15 April) many Tesco stores will operate normal trading hours but those that are normally open late will close earlier than usual.

All of their large stores in England, Wales and Northern Ireland will be closed on Easter Sunday.

But their Express stores will remain open and their Scottish stores are open as normal.

On Easter Monday (18 April) store opening hours will vary depending on location and store type.

Many of the larger stores will be closed on Easter Sunday and there may be reduced hours over the period.

It is always best to check with the supermarket’s store locator for its opening times before setting off.