Tesco: Still dropping like a rubber brick in the deep end

5 June 2013

tesco_1 Tesco has posted a drop in quarterly underlying sales in Britain, which is the trend for the company for the past three years. Tesco blame the recession and the horsemeat scandal.

Chief Executive Phil Clarke tried to rectify the downward trend by investing £1 billion on more staff, new food ranges, new stores and lower prices. However, it hasn't worked.

"What we're in to is long term sustainable growth. It's going to ebb and flow over a quarter but the direction of travel is the right direction," said Clarke.

"These results go to show that, even with 1 billion pounds to throw at it, there are no guarantees," said John Ibbotson, director of retail consultants Retail Vision.

This morning, Tesco shares were down 3.2 percent at 353 pence, among the largest drops by a UK blue-chip stock.

Expect a raft of new advertisements on your television soon, as that's what always happens when Tesco finds itself in trouble.

TOPICS:   High Street News   Economy

8 comments

  • Walter W.
    What lower prices? My local Tesco is higher than my local Asda, Sainsburys & Morrisons on groceries, household supplies, electricals, media and fuel
  • Joe
    That's because Tesco are shit. I go to Lidl instead and their quality and prices are so much better than Tesco's it's ridiculous.
  • shiftynifty
    Industrial Supermarket selling Industrial Food...still the biggest...but fading fast
  • samuri
    smaller shops with better cc and the fact they don't feed fuck fat share holders fuck tons of cash will make a come back soon this revolution has come full circle :)
  • Zleet
    Tesco have and always will be shit.
  • Her L.
    Shop online with Ocado, pay less than the equivalent Tesco shop (more than the equivalent Asda but the Ocado range is better so you don't sacrifice on items or have to supplement it with a trip to the shops), get it delivered by a friendly driver called Peter or George in the Lemon van.
  • Russ
    I saw this coming. Even when they were at the height of their success they were poor, with naff quality products and sneaky pricing
  • Geoff
    Spend a lot more on big red signs and boring tv adverts, but actually reduce prices? Nahh.

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