Britain's Tesco says coronavirus costs could reach £925 mil

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Grocery giant reported a 14% rise in underlying operating profit for the year ended Feb 29. FMTNews Tesco

LONDON: Britain’s biggest retailer Tesco expects to take a hit of up to £925 million from the costs of dealing with the coronavirus pandemic and warned it was unable to give a profit forecast for this financial year.

Britain’s supermarkets have seen a surge in demand as shoppers have stocked up on essential goods such as toilet roll and pasta during a lockdown to contain the spread of the virus. Tesco’s wholesale business is also likely to have been hit hard by the closure of restaurant and cafe customers.

 

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