Tesco reports profits rise

Tesco today said it racked up a 10% rise in first-half profits despite the “powerful economic headwinds” facing the business.

Tesco, which has lost ground to discounters as hard-pressed shoppers look to cut food bills, said like-for-like sales rose 4% excluding fuel during the second quarter.

This month it fought back with a new campaign in the UK as “Britain’s Biggest Discounter”, slashing costs on hundreds of items and launching 350 new products.

It said the customer response so far to the biggest overhaul in its grocery ranges for a decade was “very pleasing”.

Underlying pre-tax profits for the six months to August 23 were £1.45bn (€1.8bn), in line with market expectations.

More in this Section

600 staff temporarily laid off at Quinn Industrial Holdings due to Covid-19600 staff temporarily laid off at Quinn Industrial Holdings due to Covid-19

Crude oil trades as low as at $10 a barrel in North America amid Covid-19 crisisCrude oil trades as low as at $10 a barrel in North America amid Covid-19 crisis

Shopping centre landlord Hammerson in talks about rents with Irish retailersShopping centre landlord Hammerson in talks about rents with Irish retailers

Government costs 'worst-case' job losses of 800,000 in Covid-19 falloutGovernment costs 'worst-case' job losses of 800,000 in Covid-19 fallout


Lifestyle

This week we had a lockdown birthday party, too much TV and a reminder from Joe Wicks that I’m 53Learner Dad: What I learned from week two on lockdown

It’s amazing what you become thankful for when you go down with suspected coronavirus and enter self-isolation, says Ella Walker.10 things self-isolation makes you really appreciate

Suddenly those Facebook groups are a godsend…Social media can be a true support in isolation – here’s how

If isolation means your locks are already out of control, it might be time to take matters into your own hands, says Prudence Wade.Everything you need to know about cutting your hair at home

More From The Irish Examiner