Blog: Dean BestTesco remains on track

Dean Best | 21 April 2009

Justin may appear the unashamed optimist. Marc may come across as the continental sophisticate. Sir Stuart, one of the most quotable executives in UK business.

In comparison to the bosses of Sainsbury's, Morrisons and Marks and Spencer, Tesco chief executive Sir Terry Leahy is considered, almost to the point of serious.

Some would say no wonder. Tesco has faced some flak in recent months, with its UK competitors enjoying faster sales growth and its US venture under the microscope amid the global economic downturn.

Today (21 April), however, Sir Terry unveiled a set of sturdy full-year figures that appeared to show, by and large, that Tesco remains on track.

Sure, its core UK business still faces challenges – Tesco's discount offer, for instance, has attracted criticism for confusing consumers. Its US ambitions have been dulled by the downturn.

However, Tesco's long-term strength appears to lay in its international presence. Even in central Europe, a region whacked by the downturn, it saw its market share grow in each market in which it operates in the last quarter of its fiscal year.

Write Tesco and Sir Terry off at your peril.


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