Britain’s Tesco warns profit to fall as competition intensifies

Tesco (TSCO.L), Britain’s biggest food retailer, warned on Thursday its profit would likely fall this year, blaming increased “competitive intensity” in the UK market and sending its shares down more than 7 per cent.

The group, which has a near 28 per cent share of Britain’s grocery market, said it expected to make adjusted operating profit of between 2.7 billion and 3.0 billion pounds ($3.5-$3.9 billion) in the year ending