• Tesco reports a 6.7% rise in sales to £32.5 billion.
• Profit before tax plummeted 64% to £413 million.
• The company maintains its profit guidance towards the lower end.

Tesco reported its interim results, which saw the company on track to meet its guidance despite a “tough backdrop.”

The supermarket reported sales in the last six months rose 6.7% to £32.5 billion. Meanwhile, its profit before tax fell 64% to £413 million compared to the prior year.

The company pledged to “support customers through relentless focus on value” as UK customers continue to battle with inflationary challenges.

Ken Murphy, Tesco Chief Executive, stated, “We know our customers are facing a tough time and watching every penny to make ends meet.”

Murphy continued, “That’s why we’re working relentlessly to keep the cost of the weekly shop as affordable as possible, with our powerful combination of Aldi Price Match, Low Everyday Prices and Clubcard Prices.”

As for Tesco’s outlook, they have been able to maintain its profit guidance, albeit towards the lower end, as they continue to face inflation issues. The supermarket now expects operating profit of between £2.4 billion and £2.5 billion.

Tesco shares have fallen 2.52% at the time of writing.