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The company was able to introduce a number of measures to deal with Brexit once Britain had left the European Union. As part of a recent statement, the company made clear that they were able to “leverage strong supplier relationships and distribution capability to maintain good levels of availability for customers”.
Tesco also pledged within this statement that they would “offset the impact of cost inflation” with £1billion in gross cost savings.
This is not the first time that Tesco has gone against the norm of companies across the UK.
The company broke ranks over business rates after the second lockdown was implemented across the UK.
After this was introduced, a number of other companies in the UK followed suit – with many pointing to Tesco as the reason as to why other companies also broke ranks over business rates.
Tesco has now suggested that the recent economic problems in the UK are putting other companies under restraint.
However, the recent statement from Tesco seems to suggest they have not been facing any issues in relation to Brexit.
According to their statement, there was no mention of delivery issues.
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Tesco CEO Ken Murphy said that the company has “many unique advantages” which ensured that they were able to “outperform the market”.
Tesco has also seen a rise in their share price in recent months, with their share price rising by 4.5 percent on Wednesday.
Due to this, the company was the largest riser on the FTSE100 index.
Mr Murphy said: “We’ve had a strong six months; sales and profit have grown ahead of expectations, and we’ve outperformed the market.
“With various different challenges currently affecting the industry, the resilience of our supply chain and the depth of our supplier partnerships has once again been shown to be a key asset.”
Twitter users were praising Tesco for their move, saying that their awareness of Brexit is what caused these rises in profits.
@Fothers_Minor tweeted: “Tesco was lucky/far-sighted enough to invest in moving a lot of their goods by rail – volumes of which are now increasing thanks to the Brexit HGV driver shortages.”
@Nick_Crossland tweeted: “Demonstrably untrue.
“Business spent the period between 2016 and 2020 fruitlessly asking government what the hell was going to happen now and government didn’t know because it made it up as it went along.
”But who cares about the truth now, eh?”
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