Tesco’s full-year update will be all about inflation and margins.
John Allan, the grocer's chair, said only last week: "Anyone who thinks that four pence in the pound as a profit margin is excessive, I'd love to have a conversation with.”
Hopefully, Tesco’s margins don’t come in much above 4% otherwise he might have a busy diary.
The fact remains that with food inflation running at 18.2% in February, Tesco’s numbers should be good albeit profits have been forecast to be down slightly on the year previously.
Imperial Brands PLC (LSE:IMB) is doing a decent job managing the decline of its tobacco business, something that its forced exit from Russia will only seemingly accelerate.
First-half revenues are tipped to be flat before picking up in the second half of the year.
"For us, the big watch will be the outlook for the full year," said Jefferies, not expecting any change to the guidance but saying it does "see risk of disappointment with regard to top-line delivery".
Commentary on combustible market share trends, specifically with regard to the US, will be important, as will be updates around recent reduced-risk product (RRP) expansion.
Significant announcements
Trading updates: Harworth Group PLC, Imperial Brands
Interims: Delta Air Lines (NYSE:DAL) (Delta Air Lines (NYSE:DAL)) (US)
Finals: Churchill China (AIM:CHH) (Churchill China (AIM:CHH)) PLC, Destiny Pharma Holdings PLC, Tesco PLC (LSE:TSCO) (Tesco PLC (LSE:TSCO))
AGMs: Abrdn China Investment Company Ltd
Econ: RICS Housing Market Survey (UK), Balance of Trade (UK) Gross Domestic Product (UK), Index of Services (UK), Industrial Production (UK), Manufacturing Production (UK), Producer Price Index (US), Continuing Claims (US), Initial Jobless Claims (US)