Tesco profit jumps 36% but fall expected in current year

Tesco, Britain's biggest retailer, reported a 35.8% rise in annual profit but cautioned profit was likely to fall in the current year given the tough external environment.

The group, which has an over 27% share of Britain's grocery market, said on Wednesday it made retail adjusted operating profit of 2.65 billion pounds ($3.45 billion) in the year to Feb. 26 - in line with guidance of slightly above 2.6 billion pounds and up from 1.96 billion pounds in 2020-21.

For the 2022-23 year it forecast retail adjusted operating profit of between 2.4 billion pounds and 2.6 billion pounds. ($1 = 0.7681 pounds)