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04/06/2014
Tesco Reports Worst Sales Figures In 40 Years
Tesco's chief executive Philip Clarke has admitted the chain's latest drop in sales, which is the third falling quarter in a row, represents the worst he has seen in his 40 years with the group.
According to the supermarket chain, for the three months to 24 May like-for-like UK sales, including VAT and excluding petrol, fell by 3.7%.
The chain also reported in April a 6% fall in their annual profits to £3.3bn.
Discount rivals like Aldi or Lidl are challenging the supermarket chains and Tesco, along with Asda, Morrisons or Sainsbury's have responded by lowering prices on essential items.
Tesco, which said it sales in the essentials grew 28% last quarter, also announced a programme of store revamps which will see 650 of his supermarkets through UK upgraded in the next year.
Chief executive Philip Clark said: "Our accelerated plans are making a real difference for customers and we are more competitive than we have been for many years."
However, he warned the sales were set to continue to suffer.
Tesco's international figures recorded a 2.2% fall in like-for-like sales, including VAT and excluding petrol with 1% fell in like-for-like sales across the supermarket's European operations and 3.2% in Asia.
(CVS)
According to the supermarket chain, for the three months to 24 May like-for-like UK sales, including VAT and excluding petrol, fell by 3.7%.
The chain also reported in April a 6% fall in their annual profits to £3.3bn.
Discount rivals like Aldi or Lidl are challenging the supermarket chains and Tesco, along with Asda, Morrisons or Sainsbury's have responded by lowering prices on essential items.
Tesco, which said it sales in the essentials grew 28% last quarter, also announced a programme of store revamps which will see 650 of his supermarkets through UK upgraded in the next year.
Chief executive Philip Clark said: "Our accelerated plans are making a real difference for customers and we are more competitive than we have been for many years."
However, he warned the sales were set to continue to suffer.
Tesco's international figures recorded a 2.2% fall in like-for-like sales, including VAT and excluding petrol with 1% fell in like-for-like sales across the supermarket's European operations and 3.2% in Asia.
(CVS)
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Sales at supermarket chain Tesco are said to be falling faster than any of its competitors. The findings, which have been complied by research firm Kantar Worldpanel, found that the troubled business is also losing its market share to discounted chains such as Aldi and Lidl. Waitrose is also usurping some of the market share.
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Sales Fall Again For Tesco
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Scottish Sales 'Outpace UK Sales' In July
The latest SRC-KPMG Scottish Retail Sales Monitor has revealed that Scottish sales outpaced its UK counterpart for the month of July. It is thought Andy Murray's triumph at Wimbledon, as well as the sustained period of hot weather combined to give Scotland's high streets their best performance for two years.
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Sainsbury's sales recovery continues
Supermarket chain Sainsbury's has reported another rise in sales for the January to March period - the chain's fifth consecutive quarter of like-for-like sales growth. The chain, the third largest supermarket in the UK, reported a 5.3% rise in like-for-like sales - excluding petrol - during the period.
Sainsbury's sales recovery continues
Supermarket chain Sainsbury's has reported another rise in sales for the January to March period - the chain's fifth consecutive quarter of like-for-like sales growth. The chain, the third largest supermarket in the UK, reported a 5.3% rise in like-for-like sales - excluding petrol - during the period.
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Surveyors Report House Prices Falling
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Surveyors Report House Prices Falling
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