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03/10/2012
Tesco Profits Dip
Britain's biggest retailer Tesco has revealed a fall in profits for the first time since 1994.
Pre-tax profits of £1.7bn for the six months to 25 August, were down 11.6% from the same period last year.
Chief executive Philip Clarke attributed the fall in profits to spending on the supermarket's £1bn investment programme to improve UK stores, employ more than 8,000 extra staff and update food ranges.
Group sales increased 1.4 per cent to £36bn. Sales at UK stores, excluding fuel and VAT sales tax, were up 0.1 per cent in the three months to 25 August.
"We have a long way to go for Tesco here in the UK," he said, noting that customer feedback from the "Build a Better Tesco"plan was encouraging.
"We continue to act decisively to tackle challenges and seize opportunities across the group. The external environment continues to present challenges all over the world.
"Whilst our businesses in Asia and Europe have continued to do a great job for customers, our financial performance there reflects the tough economic backdrop and particularly the regulatory changes in South Korea.
"That we have gained or held market share in the majority of markets is a testimony to the skill of our teams across the group."
(GK)
Pre-tax profits of £1.7bn for the six months to 25 August, were down 11.6% from the same period last year.
Chief executive Philip Clarke attributed the fall in profits to spending on the supermarket's £1bn investment programme to improve UK stores, employ more than 8,000 extra staff and update food ranges.
Group sales increased 1.4 per cent to £36bn. Sales at UK stores, excluding fuel and VAT sales tax, were up 0.1 per cent in the three months to 25 August.
"We have a long way to go for Tesco here in the UK," he said, noting that customer feedback from the "Build a Better Tesco"plan was encouraging.
"We continue to act decisively to tackle challenges and seize opportunities across the group. The external environment continues to present challenges all over the world.
"Whilst our businesses in Asia and Europe have continued to do a great job for customers, our financial performance there reflects the tough economic backdrop and particularly the regulatory changes in South Korea.
"That we have gained or held market share in the majority of markets is a testimony to the skill of our teams across the group."
(GK)
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