Tesco warns of Iran war uncertainty

Despite hitting its profit targets with an adjusted operating profit of £3.15 billion, Tesco has broadened its guidance for the next fiscal year.

CEO Ken Murphy stated that the company is monitoring the Iran war's impact on energy costs and food inflation, which could reach double digits.

While the retailer has not yet seen significant supply chain disruptions, it is preparing for potential shortages of carbon dioxide and other essentials.

To mitigate these risks, Tesco plans to implement an additional £500 million in cost-saving measures to keep prices affordable for customers.