Tesco says price pressures easing as profits soar [Yahoo! Finance]
TESCO PLC S/ADR (TSCDY)
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Source: Yahoo! Finance
The UK's biggest supermarket chain said pre-tax profits hit £2.3bn, up from £882m, while sales rose by 4.4% to £68.2bn in the year to 24 February. The company said price inflation in groceries had "lessened substantially". However, its boss Ken Murphy said the firm was conscious "things were still difficult for many customers". Tesco had "worked hard" to cut prices, he said, and "doubled down" on schemes aimed at offering shoppers better value for money, such as its Aldi Price Match offer and Clubcard promotions. More than 4,000 products were cheaper at the end of the year than at the start, with an average price cut of about 12%, the firm said. Tesco is the UK's biggest supermarket chain with more than 330,000 employees and a 27.3% share of the grocery market, which Mr Murphy said was growing as customers "respond to the improvements we've made to the value and quality of our products". Global retail analyst at Bloomberg Intelligence Charles Allen told BBC Radio 4's Toda
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