Britain's largest retailer takes £800m writedown on China and Europe7.33am BST
Here is some early reaction to Tesco.Phil Dorrell, director of the retail consultancy Retail Remedy, says Tesco "has come unstuck".The Tesco juggernaut is juddering to a halt. Tesco has got real problems and its grand turnaround strategy, as yet, has failed to address them.
For the first time ever, you could say that Tesco has come unstuck. It's blaming tough trading conditions and increased competition but other grocers are managing to perform in the same environment.
Tesco: China "discontinued" with a charge of £540mn. A warning to other retailers.
TESCO: UK trading profit down 3.6% Europe down 27.7%, Asia down 5.6%. UK best. International expansion clearly going well (not)
net new space planned by @Tesco 14/15 in UK: 0.9 square metres! The space race is really over. Plus, unlike rivals, no pledges of new jobs
Tesco will revamp 650 stores over the next year, with Giraffe and Decks restaurants going into biggest Tesco Extra stores
7.30am BST
*Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and the business world.*
We are waking up to results from *Tesco, Britain's biggest retailer. The supermarket giant has reported a 6% fall in annual trading profits to £3.3bn, with like-for-like sales down 3% in the fourth quarter. This marks the second year of falling profits following 20 years of unbroken growth, piling more pressure on Tesco boss Philip Clarke. *Tesco has taken big writedowns totalling about £800m, including a £540m charge related to its exit from China.
Continue reading... Reported by guardian.co.uk 2 hours ago.
Here is some early reaction to Tesco.Phil Dorrell, director of the retail consultancy Retail Remedy, says Tesco "has come unstuck".The Tesco juggernaut is juddering to a halt. Tesco has got real problems and its grand turnaround strategy, as yet, has failed to address them.
For the first time ever, you could say that Tesco has come unstuck. It's blaming tough trading conditions and increased competition but other grocers are managing to perform in the same environment.
Tesco: China "discontinued" with a charge of £540mn. A warning to other retailers.
TESCO: UK trading profit down 3.6% Europe down 27.7%, Asia down 5.6%. UK best. International expansion clearly going well (not)
net new space planned by @Tesco 14/15 in UK: 0.9 square metres! The space race is really over. Plus, unlike rivals, no pledges of new jobs
Tesco will revamp 650 stores over the next year, with Giraffe and Decks restaurants going into biggest Tesco Extra stores
7.30am BST
*Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and the business world.*
We are waking up to results from *Tesco, Britain's biggest retailer. The supermarket giant has reported a 6% fall in annual trading profits to £3.3bn, with like-for-like sales down 3% in the fourth quarter. This marks the second year of falling profits following 20 years of unbroken growth, piling more pressure on Tesco boss Philip Clarke. *Tesco has taken big writedowns totalling about £800m, including a £540m charge related to its exit from China.
Continue reading... Reported by guardian.co.uk 2 hours ago.