Tesco has forecast lower profit this year than last amid a mounting price war among the UK’s major supermarkets. The grocery giant said it expects to see adjusted operating profit of between £2.7 billion and £3.0 billion, compared with £3.1 billion in the most recent financial year. It said on Thursday: “In the last few months, we have seen a further increase in the competitive intensity of the UK market.." #tesco
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00:00Hello, I'm Greg Wright of the Yorkshire Post. A major update this morning from one of the biggest names in UK business.
00:08Tesco has forecast lower profit this year than last, amid a mounting price war among the UK's major supermarkets.
00:17Tesco said it expects to see adjusted operating profit of between £2.7 billion and £3 billion,
00:24compared with £3.1 billion in the most recent financial year.
00:30In a statement issued by Tesco on Thursday, the supermarket said that in the last few months,
00:36it has seen a further increase in the competitive intensity of the UK supermarket market.
00:43My name is Greg Wright and I'm the Deputy Business Editor of the Yorkshire Post.