Tesco’s 10% increase in profits over the year is likely to create jobs, according to recruiters.

Rupert Eastell, head of retail at BDO Stoy Hayward, predicted that such profits will boost jobs.

“The increase in sales is likely to lead to an increase in employment levels. Tesco is so clever at doing things efficiently that the number of jobs will grow as the business grows, particularly as Tesco looks to move into other fields such as banking.”

Steve Walters, managing director at Faces Bespoke Retail Recruitment Consultancy, agrees. He told Recruiter: “Tesco moving into other areas will definitely create more jobs. Businesses are trying to diversify and give customers something else on that journey.” 

Stefan Brown, head of retail recruitment at multi-sector recruiter ROC Recruitment, adds: “It will make them stronger. You have more areas to fall back on. We predominantly deal with fashion but we have companies like the Co-op that have crossed over into banking and funerals, and other areas.”