Tesco Plc, (TSCO) the U.K.’s largest supermarket company, said domestic sales declined for a fourth straight quarter as Chief Executive Officer Philip Clarke struggled to win back shoppers in the retailer’s main territory.
U.K. sales at stores open at least a year fell 1.5 percent excluding fuel and value-added tax in the 13 weeks ended May 26, the Cheshunt, England-based retailer said today. That matched the median estimate of 13 analysts compiled by Bloomberg, and compared with the prior quarter’s 1.6 percent drop.
Enlarge image
Tesco fell 0.2 percent to 302.8 pence in London trading on June 8, bringing the decline this year to 25 percent. Photographer: Simon Dawson/Bloomberg
Want to publish your own articles on DistilINFO Publications?
Send us an email, we will get in touch with you.
Clarke said on a conference call that he’ll continue to oversee the domestic business “until further notice,” three months after assuming control of operations from Richard Brasher. The CEO said he devotes two days a week to the U.K., where Tesco has promised to invest 1 billion pounds ($1.6 billion) to arrest a slide in its market leadership. Most of that investment is still to be made, he said today. The retailer gets about two-thirds of sales from its home country.
via Tesco U.K. Sales Decline Persists as Shoppers Stay Away – Bloomberg.