Tesco fights to keep UK shoppers from discount grocery rivals amid cost of living crisis

The stock fell as much as 1.6% Wednesday morning.

ritain’s biggest grocer reported better-than-expected sales in the first half and only slightly cut the top end of its profit guidance this fiscal year.

Tesco said consumers “watching every penny” are still shopping at its stores amid intense competition from discount grocery rivals.

Britain’s biggest grocer reported better-than-expected sales in the first half and only slightly cut the top end of its profit guidance this fiscal year, even as costs rise as it tries to keep shelf prices low and increases staff pay.