Tesco Reports Immoral GBP3 Billion Profit

Tesco has reported pre-tax profits up 10% on the previous year to £3.13bn, with sales topping £1bn/week for the first time at £59.4bn for the FY.

These figures are the highest ever for a UK retailer, and are all the more shocking when you consider that like for like sales at Tesco grew only 3% in the year, around half that of the sector average, and well below the likes of Morrisons who recently reported 7.9% growth.

"We're slashing prices to help our customers in these difficult times," or something along those lines I remember reading from Tesco not that long ago.

There's only one person you are helping Mr Leahy and we can all see who that is.

Data from the British Retail Consortium (BRC) recently revealed that food inflation was 9% in February and March, up from 7.5% in January and 6.2% in December.

So food prices in the supermarkets are going up, your profits are up to record levels, yet prices at the farmgate are going down.

"It's all the market will stand, these are very difficult times for all of us, the consumer simply won't pay any more," my arse.