Ken Murphy

Tesco UK Lifts Profit Outlook Following Strong First Half

Tesco lifted its annual profit forecast after market share gains drove a 10% rise the first half, giving it momentum ahead of Christmas.

More than 20,000 Tesco employees will share a windfall profit of more than £30 million from maturing stock schemes, the retailer has said.

Tesco Ireland has reported strong results for the first quarter, as it experienced growth in all channels.

Tesco said its market share was growing more than it has in the past two years as it reported a 4.6% rise in underlying quarterly sales.

The board of Tesco was asked to justify Ken Murphy’s near £10 million pay package when it faced shareholders at its annual meeting on Friday.

Tesco is “not unduly worried” by the Labour Party’s plan to introduce a new package of workers’ rights, the CEO said on Friday.

The chief executive of Tesco’s pay package doubled in the 2023/24 financial year to almost £10 million, it was reported on Tuesday.

Tesco has posted its preliminary results for the 2023/2024 financial year, reporting a strong sales performance and increased revenue.

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