Tesco rakes in £1bn while hiking prices amid cost-of-living crisis
Mega-rich firm accused of ‘obscene profiteering’ while millions struggle to feed their families
A Tesco Extra store in Wisbech, Cambridgeshire.
TESCO is indulging in “obscene profiteering” during the worst cost-of-living crisis in decades, Unite the Union charged today after the supermarket giant reported a whopping £1 billion profit despite soaring food prices.
The mega-rich firm said it made the pre-tax windfall in the 12 months to the end of February as total sales rose by more than 7 per cent to £65.8bn.
The profit was less than half of the more than £2bn it pocketed a year earlier as the amount of product sold fell, but bosses admitted making up for the shortfall by charging more per item on average.
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