Tesco defends dividend payout as warns coronavirus costs could top $1 billion
FILE PHOTO: A woman walks past a Tesco extra superstore near Manchester, Britain January 8, 2020. REUTERS/Phil Noble/File Photo
However, the supermarket group said on Wednesday that if customer behaviour returned to normal by August, it was likely the extra expenses - mainly related to staff and operations costs - would be offset by higher sales and relief from a business tax introduced by the government to help companies. Britain’s supermarkets have seen a surge in demand as shoppers have stocked up on essential goods such as toilet roll and pasta during a lockdown to contain the spread of the virus.
However, the crisis has come with higher costs, such as social distancing measures that restrict the number of shoppers in store at any one time, expanding online delivery operations, staff bonuses and hiring more employees.
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