Tesco forecasts profit rise after building 'strong momentum'

Tesco on Wednesday forecast retail adjusted operating profit, its key profit measure, of "at least" £2.8bn (€2.6bn) for its 2024/25 year.

Tesco forecast a further increase in profit in its new financial year as strong demand and new customers helped it to post an 11% jump in 2023/24.

The supermarket group, which has a 27.3% share of the UK’s grocery market, up 40 basis points on the year, also said inflationary pressures had "lessened substantially" and it was seeing signs of improving consumer sentiment.