One of the UK's biggest supermarket retailers, Tesco reported its preliminary earnings, which saw annual profits more than treble.
Profits for the supermarket jumped to £2.03 billion, up from £636 million in the previous year, while revenue also increased 6% to reach £61.3 billion...
Impressive.
Tesco staff are expected to see a pay rise to £10.10 an hour.
However, with inflation currently at a high of 7%, concerns for both retailers and consumers remain.
The company provided an outlook for the upcoming year, warning of "significant uncertainties" due to inflation issues.
Meanwhile, profits are forecast to be between £2.4 billion and £2.6 billion for the financial year.
"Over the last year, we delivered a strong performance across the Group, growing share in every part of our business," commented Chief Executive Ken Murphy.
Murphy also mentioned the current pressures on the external environment, with "households budgets under pressure" and the focus on "keeping the cost of the weekly shop in check – working in close partnership with our suppliers, as well as doing everything we can to reduce our own costs."
Tesco shares fell 4% on Wednesday.
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