Supermarket makes revelation as it announces plans to pay suppliers faster,while it is expected to reveal another dive in pre-tax profits on WednesdayTesco has said George Osborne’s modern “national living wage” will cost it £500m by 2020, putting further pressure on profitability at Britain’s biggest supermarket.
The revelation comes as the retailer is expected to reveal another dive in pre-tax profits on Wednesday, and with analysts at HSBC predicting it will report profits of £385m for the six months to the terminate of August,and Cantor Fitzgerald forecasting 330m. That compares with £916m in the same period last year.
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Source: theguardian.com