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Tesco raises profit forecast and expects a low-alcohol Christmas

For the 26 weeks to 29 August, Tesco said first-half sales rose 2% to £33.8 billion, with underlying profit up 6.5% to £1.8 billion.

Reported · Written up by our desk · Europe

Tesco raised its profit outlook, saying it expects households to spend this Christmas despite uncertainty around the Iran war, while also predicting they will buy less alcohol.

The UK grocer reported first-half sales rising 2% to £33.8 billion for the 26 weeks to 29 August, and underlying profit increasing 6.5% to £1.8 billion.

Ken Murphy, Tesco’s chief executive, pointed to growth supported by strong online sales, which rose 8%, and a 9% increase in revenue from its premium own-label Finest range.

Tesco also said it bought more stock for key Christmas lines and added 10% more delivery slots for its online grocery business.

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