Tesco says it will act to keep food prices down amid Iran war

The article mentions Tesco has not yet seen impacts on product availability or food prices, excluding fuel, and said the Iran war is creating uncertainty that has caused it to widen profit guidance for the year.

The article mentions Tesco will do what it can to keep food prices down as the Iran war adds uncertainty to its profit outlook. The retailer reported stronger-than-expected results for the year to February 28 but said the conflict has led it to provide a wider range of guidance. It also said it has been in contact with the Government to plan for a potential worst-case scenario involving carbon dioxide supply. Key facts: - The article reports adjusted operating profit of £3.15 billion for the year to Feb 28, up slightly from £3.13 billion the prior year. - Tesco said it has not yet seen impacts on product availability or food prices, excluding fuel, though fuel prices have risen and demand for fuel has been elevated. - The company said it expects adjusted operating profit for the current financial year to be between £3 billion and £3.3 billion and described its guidance range as wider because of the Iran war. - Tesco plans a further £500 million in cost savings in 2026/27 after surpassing a prior £535 million target, and reported sales excluding VAT and fuel rose 4.6% to £66.6 billion. Summary: The article mentions the Iran war is creating uncertainty that has affected Tesco's profit guidance and prompted contingency discussions with the Government about supply matters. Undetermined at this time.