Tesco has almost £4 billion wiped off its value following sales drop
Yes, the supermarket behemoth that everyone loves/loves to hate has taken a bit of a battering following the announcement of a like-for-like drop in sales in the six weeks to January 7th. Excluding fuel and VAT, Tesco experienced a sales fall of 2.3% in that period, with a 0.9% drop over the third quarter. A profit warning has also been issued.
The news comes a day after Sainsburys and Waitrose announced profit increases and it all comes after Tesco spent a cosmic spunkbundle on their pre-Christmas smoke-and-mirrors Big Price Drop promotion. So what’s gone so wrong for Tesco when it’s gone right elsewhere? You lot use supermarkets, right? Tell us all about it.