UK Retailer Tesco Eyes Lower End Of Profit Outlook Citing Macro Uncertainties

Britain’s biggest retailer Tesco PLC TSCDY, forecasts its FY22/23 profit at the lower end of its previous guidance.
The company currently expects retail adjusted operating profit of £2.4 billion - £2.5 billion versus the previous forecast of £2.4 billion - £2.6 billion.
Tesco noted significant uncertainties in the external environment still exist, most notably how consumer behavior continues to evolve.
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First-half retail adjusted operating profit was £1.248 billion, down 10% from £1.386 billion last year.
First-half group sales rose 3.1% to £28.178 billion.
As an Inflation-busting move, Tesco announced a vast new price-lock commitment, freezing the prices of more than a thousand everyday products until 2023.
Price Action: TSCDY shares closed higher by 2.13% at $7.18 on Tuesday.