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The impacts of higher prices are being felt in the Tesco boardroom as profits have fallen despite an increase in sales.

High energy and labour costs, along with food inflation at 17.5%, have hurt the company’s earning power.

But the retailer also announced a reduction in the price of milk for the first time since May 2020. The cost has dropped from 95p to 90p a pint and from £1.30 to £1.25 for two pints. Prices on more than 1,000 everyday items will be frozen until early July.

The chain also announced it will buy back another £750m worth of shares in addition to the £1bn it has already bought back.

It reported profits of £2.63bn, down from £2.82bn the year before despite revenues rising to £65.7bn over the year, an increase from £61.3bn a year ago.

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“Our results reflect our continued investment in delivering great value and quality for our customers, whilst at the same time looking after our colleagues,” chief executive Ken Murphy said.

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“This is despite unprecedented levels of inflation in the prices we have paid our suppliers for their products, and the cost of running our own operations.”

At the same time Tesco’s preliminary full-year results said it is “at the most competitive we have ever been” and Tesco prices were “meaningfully lower” than 17.5% food inflation rate.

Mr Murphy also said inflation would fall later this year, as oil and grain prices fall, but the price of rice and protein would stay high.

The retailer is pushing suppliers for price cuts and has a team to closely monitor the costs facing suppliers, The Sunday Times reported on Sunday.

In an effort to save £1bn by February 2024 hundreds of manager roles across shops have been cut and all remaining food counters and hot delis have been closed.

Increases in delivery costs are to be introduced. Both the minimum spend and the fee for ordering groceries online will rise from 2 May.

A £4 charge is applied when the £40 home delivery minimum spend threshold isn’t reached. The minimum spend will rise to £50 next month and the fee for not meeting it will top £5.

Tesco still enjoys a 27% market share, the largest of any supermarket, despite increasing competition from low-cost German retailers Aldi and Lidl.

The billions of profits made by Tesco in a cost of living crisis have come in for criticism.

Unite general secretary Sharon Graham said they 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,” she said.

“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.”

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‘Nurse’ stabbed at hospital A&E department – man arrested on suspicion of attempted murder

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'Nurse' stabbed at hospital A&E department - man arrested on suspicion of attempted murder

A woman has suffered life-changing injuries after being stabbed by a member of the public at the accident and emergency department where she was working.

The victim – believed to be a nurse in her 50s – was attacked at Royal Oldham Hospital in Greater Manchester, where she is now being treated.

It is understood she was injured with a bladed article or a sharp instrument – and not by a knife.

Officers were called at 11.30pm on Saturday.

A 37-year-old man is in custody after being “swiftly arrested at the scene” on suspicion of attempted murder, Greater Manchester Police said.

Detectives are not looking for anyone else in connection with the incident and say there is no threat to the wider public.

Jim McMahon, the Labour MP for the area, described it as a “senseless attack”.

He posted on Facebook: “We are all shocked at the senseless attack on a nurse in the A&E department of the Royal Oldham Hospital.

“Our thoughts are with the nurse, family and friends as we wish a full recovery.”

Detective Sergeant Craig Roters said it was a “serious incident which has left a woman in a critical condition”.

The victim’s family and colleagues will be supported, he added.

The local community can expect to see an “increase in police presence” while enquiries are carried out, Mr Roters said.

“We know that news of this nature will come as a shock, and if you have any concerns or anything you would like to share, please speak to [officers].”

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Kemi Badenoch calls on Sir Keir Starmer to sack Tulip Siddiq over property allegations

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Kemi Badenoch calls on Sir Keir Starmer to sack Tulip Siddiq over property allegations

Conservative Party leader Kemi Badenoch has called on Sir Keir Starmer to sack Treasury minister Tulip Siddiq over allegations she lived in properties linked to allies of her aunt, Sheikh Hasina, the deposed prime minister of Bangladesh.

It comes after the current Bangladeshi leader, Muhammad Yunus, said London properties used by Ms Siddiq should be investigated.

He told the Sunday Times the properties should be handed back to his government if they were acquired through “plain robbery”.

Tory leader Ms Badenoch said: “It’s time for Keir Starmer to sack Tulip Siddiq.

“He appointed his personal friend as anti-corruption minister and she is accused herself of corruption.

“Now the government of Bangladesh is raising serious concerns about her links to the regime of Sheikh Hasina.”

Ms Siddiq insists she has “done nothing wrong”.

Her aunt was ousted from office in August following an uprising against her 20-year leadership and fled to India.

Ms Siddiq is also named with her aunt in Bangladesh court documents about meetings with the Russian government.

Kemi Badenoch
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Tory leader Kemi Badenoch has called on Sir Keir to sack the minister

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As economic secretary to the Treasury, Ms Siddiq is responsible for policy on both the City and tackling corruption.

She referred herself to the prime minister’s ethics watchdog on Monday following the reports about the properties.

On the same day, the prime minister said: “Tulip Siddiq has acted entirely properly by referring herself to the independent adviser, as she’s now done, and that’s why we brought into being the new code.

“It’s to allow ministers to ask the adviser to establish the facts, and yes, I’ve got confidence in her, and that’s the process that will now be happening.”

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Search area widened for missing sisters in Aberdeen

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Search area widened for missing sisters in Aberdeen

Police in Aberdeen have widened the search area for two sisters who disappeared four days ago in the city.

Eliza and Henrietta Huszti, both 32, were last seen on CCTV on Market Street after leaving their home on Tuesday at around 2.12am.

The sisters – who are part of a set of triplets and originally from Hungary – crossed the Victoria Bridge to the Torry area and turned right on to a footpath next to the River Dee.

Eliza and Henrietta Huszti who were last seen on CCTV in Market Street.
Pic: Police Scotland/PA
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Eliza and Henrietta Huszti were last seen on CCTV in Market Street. Pic: Police Scotland/PA

They headed in the direction of Aberdeen Boat Club but officers said there is no evidence to suggest the missing women left the immediate area.

Specialist search teams, police dogs and a marine unit have been trying to trace the pair.

SN screengrab aberdeen city showing Victoria Bridge (looking north towards market street) re: missing sisters Eliza and Henrietta Huszti
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The sisters crossed Victoria Bridge before walking along a footpath next to the River Dee

SN screengrab aberdeen city showing boat club. A potential location of missing sisters Eliza and Henrietta Huszti
Ingest_23_NM23_RGR_15_SAF_MISSING_SISTERS_ABERDEEN_GVS_ABERDEEN
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The pair were heading in the direction of Aberdeen Boat Club on the south side of the River Dee

Further searches are being carried out towards the Port of Aberdeen’s South Harbour and Duthie Park.

Police Scotland said it is liaising with authorities in Hungary to support the relatives of the two sisters.

datawrapper map of aberdeen city showing location of police searches for missing sisters Eliza and Henrietta Huszti

Chief Inspector Darren Bruce said: “Eliza and Henrietta’s family are understandably extremely worried about them and we are working tirelessly to find them.

“We are seriously concerned about them and have significant resources dedicated to the inquiry.”

The sisters, from Aberdeen city centre, are described as slim with long brown hair.

Henrietta  Huszti who along with her sister, Eliza, were last seen on CCTV in Market Street.
Pic: Police Scotland/PA
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Henrietta Huszti. Pic: Police Scotland

Eliza Huszti.
Pic: Police Scotland/PA
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Eliza Huszti. Pic: Police Scotland

Officers have requested businesses in and around the South Esplanade and Menzies Road area to review their CCTV footage for the early morning of Tuesday 7 January.

Police added they are keen to hear from anyone with dashcam footage from that time.

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