Tesco announces huge increase in profits – by ripping off customers?
I almost spiked this story due to the rabid, indignant response to this X post:
Tesco profits up 159% to £2.3bn. In other words, Britain's biggest supermarket chain used the cost of living crisis as a pretext for blatant profiteering.
— David__Osland (@David__Osland) April 10, 2024
It seems some people didn’t think it was out of order for Tesco to increase its profits because they were still relatively low in comparison with some of the big American supermarkets.
But American supermarkets have a much bigger market from which to profit, and far fewer morals against which to fight. Tesco should be better.
And also…
Tesco has tripled their profits from £883m to £2.3bn from 2022 to 2023, an extra £4m profit every day
Because all their items have increased in cost at double inflation or more
If anyone needs arresting it is the supermarket CEO's and their owners, they are the real shoplifters pic.twitter.com/zdH1VqD8eE
— BladeoftheSun (@BladeoftheS) April 11, 2024
If a supermarket increases its prices at double the rate of inflation, during an inflation crisis, it is deliberately attacking its customers.
So Tesco deserves all the criticism it gets.
I’m only sorry the profit announcement was made on the day Rishi Sunak announced new penalties for shoplifting:
Yesterday Tesco announced £2.3bn profit after jacking up prices during a cost of living crisis. Today Rishi Sunak announces more prison sentences for shoplifters.
— David__Osland (@David__Osland) April 11, 2024
What do we do if we see a Tesco CEO? pic.twitter.com/6mK0m2lES8
— BladeoftheSun (@BladeoftheS) April 11, 2024
It would have been better if the announcement had been about pickpockets, because that is what Tesco has been doing to its customers.
As for shoplifters: if they’re in Tesco, I wouldn’t be surprised to see even the security guards patting them on the back and sending them on their way.
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