What the analysts say: City view of Tesco FY and turnaround plan

By Katy Askew | 18 April 2012

Tesco today (18 April) said that it would spend GBP1bn (US$1.55bn) in a bid to revitalise its domestic business as it confirmed that full-year like-for-like sales and profits in the UK have dropped. Nevertheless, a strong international performance enabled the UK's largest retailer to book a 1.6% increase in pre-tax profit. While the disappointing UK performance held no surprises, details on the turnaround plan have been broadly welcomed by the market.

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Tesco today (18 April) said that it would spend GBP1bn (US$1.55bn) in a bid to revitalise its domestic business as it confirmed that full-year like-for-like sales and profits in the UK have dropped. Nevertheless, a strong international performance enabled the UK's largest retailer to book a 1.6% increase in pre-tax profit. While the disappointing UK performance held no surprises, details on the turnaround plan have been broadly welcomed by the market.

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