UK’s biggest retailer, Tesco, saw its first-half profits rose by more than a quarter due to an increase in customer purchases and the doubling of online purchases during the pandemic.
Tesco’s pre-tax profit increased by 28.7% since 2019 leading to £551 million. This is the first set of numbers under the supermarket giant’s new chief executive, Ken Murphy, who replaced Dave Lewis that has been running the company since 2014.
As more customers turn to online shopping, Tesco was forced to reconstruct and adapt their strategy to the growing pandemic in both online and in-store shopping. UK’s biggest retailer has now doubled their delivery capacity to 1.5 million slots a week to accommodate people who are in lockdown.
Ken Murphy said: “My job is to maintain momentum in the business and deliver a fantastic Christmas.”
Tesco sales in both UK and Ireland rose 8.6% to an overall revenue of £28.7 billion, and is planning to sell its businesses in Malaysia, Poland and Thailand.
Photo by Hanson Lu on Unsplash
News credit: BBC