Tesco aims to be “most convenient retailer” with new Express stores

Tesco has set out plans to open 14 Express stores and 59 new branches over the next 12 months.

Tesco’s opening programme will take it to a total of over 2000 Express stores and 1001 shops. The expansion comes after the Big Four grocer controversially axed its Metro store format under a restructuring last year.

Chief executive Ken Murphy said the latest opening programme will take it to a total of over 2,000 Express stores and 1,001 shops.

“Our priority is to be the most convenient retailer,” Murphy said.

“That means serving customers wherever, whenever and however they want. No matter where our customers live, or how they shop.”

Murphy added that Tesco has added more than 100 new click-and-collect sites in the past year – taking the total to 500.

The announcement came a day after the supermarket revealed a bumper set of results, with takings hitting £54.8billion and retail profits jumping more than a third to £2.6billion. But bosses said earnings could be flat, or fall to £2.4bnin the year ahead, as it flagged up "significant uncertainties".

Tesco's chief executive, Ken Murphy, warned that retail operating profits are expected to fall this year, to between £2.4billion and £2.6billion.

Murphy warned profits this year are likely to be hit by the impact of soaring inflation on customers.

The group said it envisages its own costs to rise and it plans to invest in prices to remain competitive in light of rocketing food inflation.

"Clearly, the external environment has become more challenging in recent months," Murphy said.

“Clearly, availability and products like sunflower oil is a bit more challenged and patchy than we would like. But we’re already looking at alternative vegetable oil sources and making sure that we maintain availability for customers going forward,” he said.