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08/01/2015
Tesco To Close 43 Unprofitable Stores
Giant retailer Tesco is to close 43 unprofitable stores across the UK.
The firm has also shelved plans to build 50 new stores.
Group sales for the 19 weeks to 3 January 2015 declined by 0.6% at constant rates, including fuel and 1.0% excluding fuel. At actual rates, sales declined by 1.9% including fuel and by 2.3% excluding fuel.
However, like-for-like volume growth in fresh food was positive over the Christmas period, for the first time in five years.
Chief Executive Dave Lewis said: "We have some very difficult changes to make. I am very conscious that the consequences of these changes are significant for all stakeholders in our business but we are facing the reality of the situation. Our recent performance gives us confidence that when we pull together and put the customer first we can deliver the right results."
(CD/JP)
The firm has also shelved plans to build 50 new stores.
Group sales for the 19 weeks to 3 January 2015 declined by 0.6% at constant rates, including fuel and 1.0% excluding fuel. At actual rates, sales declined by 1.9% including fuel and by 2.3% excluding fuel.
However, like-for-like volume growth in fresh food was positive over the Christmas period, for the first time in five years.
Chief Executive Dave Lewis said: "We have some very difficult changes to make. I am very conscious that the consequences of these changes are significant for all stakeholders in our business but we are facing the reality of the situation. Our recent performance gives us confidence that when we pull together and put the customer first we can deliver the right results."
(CD/JP)
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