Tesco profits dive 20% despite surging grocery sales during pandemic

Tesco has revealed that its profits tumbled by around a fifth over the past year after coronavirus costs of almost £900 million offset surging sales. The supermarket giant said that pre-tax profits slid to £825 million for the 12 months to February, compared with £1.03 billion the previous year. It said profits were weighed down by £892 million in Covid-related costs and the company’s decision to hand £585 million in business rates relief back to the Government.