Tesco warns of war uncertainty

Despite achieving adjusted operating profits of £3.15 billion, Tesco has issued cautious guidance for the coming fiscal year due to the Middle East crisis.

CEO Ken Murphy stated that the conflict is driving up operational costs and affecting consumer confidence across the UK. The retailer is providing a wider range of profit targets than usual to account for potential energy price shocks.

Analysts suggest that the closure of the Strait of Hormuz could lead to specific shortages in the food supply chain by summer.