Tesco International operations

Britain's biggest retailer Tesco yesterday warned that soaring inflation would bite into future profit, causing its share price to slide along with those of rival supermarkets.

Tesco said underlying profit was expected to drop in its current financial year after it jumped by more than one third in 2021/22.

Tesco's subsidiary in Turkey has decided to hang onto some of its stores instead of selling them to rival Turkish retailer Be?endik after their performance improved strongly, it said on Jan. 2.

Be?endik's chief executive said in September that the company planned to buy 10 stores from Tesco Kipa as part of expansion plans that could ultimately lead to a stock market listing.

Turkish retail chain Be?endik, which bought 12 stores of Europe's supermarket chain last year, plans to complete the acquisition of 10 Tesco Kipa stores in Turkey by the fourth quarter, as many foreign retail chains have left Turkey in recent years as they had difficulties competing with local players.