Tesco has a 27 per cent share of the UK supermarket sector which makes it Britain’s biggest supermarket. This year’s figures were announced today by the stock exchange. Although down on last year’s record total of £2 billion pre-tax profits, today’s figures nonetheless mean that in the last two years Britain’s most important food retailer has gouged out profits from its customers totalling £3 billion.

Bumper profits

Like previous years, shareholders have been rewarded with astonishing bonuses. In 2021/22 a total of £704 million was paid in dividends and last July the company also launched another big payday for shareholders in its £1 billion share buyback scheme. This is the golden corporate gift that keeps on giving without end.

Excessive profiteering

Unite general secretary Sharon Graham said: “Tesco’s profits are another example of excessive profiteering fired up by astonishing corporate greed. It’s this rampant profiteering which is driving inflation, and cranking up the cost of living crisis for workers and their families.

“How can it be that at a time when millions are struggling to feed their families Britain’s biggest supermarket is profiteering as never before. What sort of country have we become? Frankly, the latest results are obscene. 

“There has been an abject failure in leadership from the government who have done absolutely nothing to reduce these staggeringly excessive profits of supermarkets like Tesco.”

ENDS

Notes to the editors:

Tesco’s bumper profits are further evidence that the UK’s supermarkets are profiting from greedflation, Unite’s research has revealed that the profit margins of the UK’s supermarkets has increased by 89 per cent since 2019.

Food inflation rose to 18.2 per cent in February and is at its highest rate for 45 years.

For media enquiries ONLY please contact Unite senior communications officer Barckley Sumner on 07802 329235 or 0203 371 2067.

Email: [email protected]

Unite is the UK and Ireland’s leading union fighting to protect and advance jobs, pay and conditions for members working across all sectors of the economy. The general secretary is Sharon Graham.