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Tesco has warned that opportunities to stockpile food in order to prepare for a no-deal Brexit are “very, very limited”.
Chief executive Dave Lewis said that ensuring supplies of food remain uninterrupted was the “single biggest challenge” facing supermarkets as the UK prepares to leave the EU.
Despite the urgent need to plan for Brexit , Mr Lewis said Britain's biggest retailer was still unable to fully prepare until the outcome of negotiations becomes clearer. The supermarket chain is in “wait and see mode”, he said.
“The biggest single challenge will be in a no-deal scenario and what happens with fresh food.
“The possibility of stockpiling fresh food is very, very limited,” Mr Lewis said, adding that supplies of dry food could be built up.
He said plans to ensure fresh food imports are not held up is “where all our attention will be in the lead up (to Brexit)”.
The comments came as Tesco unveiled rising half-year sales and profits, boosted by its takeover of wholesaler Booker .
Tesco delivered its 11th quarter in a row of rising like-for-like sales in the UK and Ireland while pre-tax profits for the six months to 25 August rose to £564m, 2 per cent higher than the same period last year. Underlying operating profits were up 24.4 per cent to £933m in the first half.
Despite the results, Tesco’s share price slumped almost 9 per cent on Wednesday as disappointing performance left earnings short of expectations.
Aldi revealed on Monday that it has considered stockpiling food as part of its preparations for Brexit.
But chief executive Giles Hurley added that Aldi's increased fresh food range would make this more difficult.
Show all 10 Brexit casualties Andrea Jenkyns - Resigned from Parliamentary Private Secretary at the ministry for housing, communities and local government role May 2018 - The Morley and Outwood MP said: “We want to see a new relationship with Europe, with a new model not enjoyed by other countries – nothing that leaves us half-in, half-out. “And in order to achieve this, we need to leave the customs union.” Ms Jenkyn’s also said she wished to dedicate more of her time to Parliament’s influential Exiting the European Union select committee, after a series of “unbalanced” reports produced by MPs
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Brexit casualties David Davis - Resigned from Secretary of State for Exiting the European Union role July 2018 - quit following a major row with May over her plans for post-Brexit relations with the EU. Davis resignation letter said: “As you know there have been a significant number of occasions in the last year or so on which I have disagreed with the Number 10 policy line, ranging from accepting the [European] Commission’s sequencing of negotiations, through to the language on Northern Ireland in the December Joint Report. “At each stage I have accepted collective responsibility because it is part of my task to find workable compromises, and because I considered it was still possible to deliver on the mandate of the referendum, and on our manifesto commitment to leave the Customs Union and the Single Market. “I am afraid that I think the current trend of policy and tactics is making that look less and less likely.” He went on to argue that the “general direction” of Ms May’s policies would leave the UK “in at best a weak negotiating position, and possibly an inescapable one”.
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Brexit casualties Steve Baker - Resigned from Minister at the Department for Exiting the European Union role July 2018 - Mr Baker, a key Tory figure in the Leave campaign, was David Davis’s main lieutenant at Dexeu, and was hailed as ”courageous and principled” by other Brexiteer Tories as he also left.
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Brexit casualties Boris Johnson - Resigned from Foreign Secretary role July 2018 - resigned over May's Chequers plan. In his resignation letter to the prime minister, Mr Johnson said: "On Friday, I acknowledged that my side of the argument were too few to prevail and congratulated you on at least reaching a Cabinet decision on the way forward. "As I said then, the government now has a song to sing. "The trouble is that I have practised the words over the weekend and find that they stick in the throat."
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Brexit casualties Conor Burns - Resigned from Parliamentary Private Secretary to Foreign Secretary role July 2018 - A Brexit supporter who worked alongside Boris Johnson stated in his resignation letter: “I've decided it's time to have greater freedom. I want to see the referendum result respected. And there are other areas of policy I want to speak more openly on.”
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Brexit casualties Chris Green - Resigned from Department for Transport role July 2018 - The Bolton West MP said: "Parliament overwhelmingly decided to give the decision of whether to leave or remain in the European Union to the British people and they made an unambiguous decision that we ought to leave. "I have always understood the idea in 'Brexit means Brexit' is that the final deal should be clear to me and my constituents - that we have, in no uncertain terms, left the European Union. Twitter Ads info and privacy "The direction the negotiations had been taking have suggested that we would not really leave the EU and the conclusion and statements following the Chequers summit confirmed my fears. "I recognise that delivering Brexit is challenging, however I had hoped at tonight's meeting that there would be some certainty that my fears were unfounded but, instead, they have been confirmed. "I have been grateful for the opportunity to serve as Parliamentary Private Secretary and it is with regret that I offer my resignation with immediate effect."
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Brexit casualties Maria Caulfield - Resigned from Conservative Party vice-chair for women role July 2018 - resigned over May's Chequers plan. Lewes MP warned that the direction of travel did “not fully embrace the opportunities that Brexit can provide”. Ms Caulfield said in her letter to the PM: “The policy may assuage vested interests, but the voters will find out and their representatives will be found out. This policy will be bad for our country and bad for the party. “The direct consequences of that will be prime minister Corbyn.”
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Brexit casualties Ben Bradley - Resigned from Conservative Party vice-chair for young people role July 2018 - resigned over May's Chequers plan. The Mansfield MP said: “I admit that I voted to Remain in that ballot. What has swayed me over the last two years to fully back the Brexit vision is the immense opportunities that are available from global trade, and for the ability for Britain to be an outward looking nation in control of our own destiny once again. “I fear that this agreement at Chequers damages those opportunities; that being tied to EU regulations, and the EU tying our hands when seeking to make new trade agreements, will be the worst of all worlds if we do not deliver Brexit in spirit as well as in name, then we are handing Jeremy Corbyn the keys to No10.”
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Brexit casualties Robert Courts - Resigned from Parliamentary Private Secretary role July 2018 - resigned over May's Chequers plan. MP Mr Courts said: “I have taken a very difficult decision to resign my position as [parliamentary private secretary] to express discontent with the Chequers [plans] in votes tomorrow. “I had to think who I wanted to see in the mirror for the rest of my life. I cannot tell the people of Woxon that I support the proposals in their current form.”
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Brexit casualties Scott Mann - Resigned from Parliamentary Private Secretary role July 2018 - resigned over May's Chequers plan. "I fear elements of the Brexit white paper will inevitably put me in direct conflict with the views expressed by a large section of my constituents. I am not prepared to compromise their wishes to deliver a watered-down Brexit. "The residents of North Cornwall made it very clear that they wish to have control over our fishery, our agricultural policy, our money, our laws and our borders. I will evaluate those principles against the Brexit white paper and ensure that I vote in line with their wishes."
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“While I think storage of additional stock is worth considering, based on storage and shelf life that would be very challenging,” he said.
Brexit Secretary Dominic Raab said in July that the government is making plans to secure food supply in the event of a no-deal Brexit.
But he said it was “wrong to describe it as the Government doing the stockpiling”, indicating that industry would need to take the lead.
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