Concerns persist as Tesco tackles UK problems
The retail giant has revealed plans to invest GBP1bn in the UK to revitalise its domestic business after a year of falling profits. However, CEO Philip Clarke has had to defend claims that the programme might not be enough.
On the money: Clarke defends Tesco UK investment plan
18 April 2012
Tesco CEO Philip Clarke has said he thinks the group's plans to spend GBP1bn (US$1.55bn) overhauling its domestic business is enough to improve its performance.
What the analysts say: City view of Tesco FY and turnaround plan
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.
UK: Tesco to spend GBP1bn in bid to revitalise UK business
18 April 2012
Tesco's share price climbed this morning (18 April) on the UK retailer's plans to spend GBP1bn (US$1.55bn) overhauling its domestic business.
Comment: Tesco faces bumpy road to UK recovery
17 April 2012
A year ago, when Philip Clarke took the reins as chief executive of Tesco, one City analyst told just-food that the retailer's new boss was likely to only have to "fine-tune" the business than "rebuild the engine".
On the money: Tesco's Clarke admits UK failings
13 January 2012
Tesco CEO Philip Clarke has said the UK retailer will focus more on products and on service to revitalise the company's poor underlying domestic sales.
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