Pick n Pay Stores Ltd. rallied the most in five years after South Africa’s second-biggest grocer said first-half profit climbed as it reduced costs, added new stores and its market share decline slowed.
Richard Brasher, head of Tesco Plc’s U.K. and Ireland business, may leave the company this year after 25 years, Sky News reported, without saying where it got the information. His departure could be announced in a statement to the stock exchange as soon as tomorrow, Sky said.
South African grocers are trading at the lowest premium to the nation’s benchmark stocks index in three years as consumers struggle to repay debt as unemployment rises and accelerating inflation curbs profit growth.
Tesco Plc said the head of its biggest unit, Richard Brasher, will step down from the board and leave the company in July after the U.K.’s largest supermarket chain saw market share slide to seven-year low.
Tesco Plc, the U.K.’s biggest retailer, said it will cut the prices of 1,000 products for the Christmas season as it steps up a campaign to gain shoppers struggling to contend with dwindling household incomes.
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, Britain’s largest supermarket company, promoted a senior executive and called back the head of the Thai unit to help a turnaround at home after its share of the U.K. grocery market fell to a seven-year low.
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.