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Tesco profits make a 6% fall

Grocery giant Tesco continues to suffer the impact of increased discounter prominence across its UK business, as profits for the whole group fell 6%.

It is the second consecutive year Tesco has reported a fall in profits, which currently stand at £3.3 billion.

Since its last set of results the supermarket has pulled its failed bid to break the US market and turned attention to Asia.

Chief executive Philip Clarke insisted that Tesco was undergoing a transformation based around store offers.

He said: “Having strengthened the foundations of our business in the UK, we are now accelerating our growth in new channels and investing in sharper prices, improved quality, stronger ranges and better service.

“Since setting out these plans just seven weeks ago, we have already made a substantial investment in price, launched Clubcard Fuel Save and re-launched our general merchandise ranges across the business.

“We are going faster with our work to transform our Extra stores to create more compelling destinations and will complete more than 50 in the first half alone.”

This was posted in Bdaily's Members' News section by Tom Keighley .