shopping

People are shopping for groceries less often but buying more items, Tesco said, as it reported rising pre-tax profits of $709 million



a man standing in a room: New Tesco CEO Ken Murphy. Ben Stevens/Parsons Media/Handout via REUTERS


© Provided by Business Insider
New Tesco CEO Ken Murphy. Ben Stevens/Parsons Media/Handout via REUTERS

  • Tesco’s total revenues grew 8.6% in the six months to August, it said on Wednesday, thanks to a surge in online shopping during the pandemic.
  • In the UK, online sales at the grocery giant nearly doubled in the quarter to August.
  • Customers favored Tesco’s smaller, local stores over its larger supermarkets, it said. People are shopping less often — but buying more.
  • Tesco’s operating profit fell 4.5% in the first half of the year, reflecting the £533 million ($686 million) it spent on its COVID-19 response, but it posted a 28.7% jump in pre-tax profit to £551 million ($709 million).
  • Visit Business Insider’s homepage for more stories.

British supermarket giant Tesco has reported rising sales and pre-tax profit, largely thanks to the boom in online grocery shopping during lockdown.

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