Tesco Plc, the largest U.K. retailer, said a decline in domestic sales resumed in the third quarter as shoppers tightened their purse strings and turned toward both discount grocers and more upscale competitors.
Tesco Plc Chief Executive Officer Philip Clarke, who took direct control of the grocer’s domestic business three months ago, has until the end of the year to convince some investors he can return the U.K. to growth after four quarters of declining sales.
Tesco Plc Chief Executive Officer- designate Philip Clarke said China will become profitable for the retailer during his tenure as the company invests 2 billion pounds ($3.1 billion) into developing shopping malls.
Tesco Plc Chief Executive Officer Philip Clarke today promised to step up an overhaul of the grocer’s U.K. non-food business to fix a part of the company that caused first-quarter sales to miss estimates.
Tesco Plc, the U.K.’s largest grocery company, said it will likely leave the U.S. after announcing a review of its Fresh & Easy unit in the country and the departure of the unprofitable business’s head.
Tesco Plc, the U.K.’s largest supermarket company, said domestic sales declined for a fourth straight quarter as Chief Executive Officer Philip Clarke struggled to win back shoppers in the retailer’s main territory.