TESCO
Tesco crisis ‘is over’ as profits and sales jump
Tesco’s chief executive declared yesterday that the supermarket group’s crisis was over as he revealed healthy sales growth and set a new profit target that sent the share price soaring.
Only a year after recording the biggest loss in British corporate history, Dave Lewis claimed that he had restored stability and was embarking on a new phase to build momentum.
In the first solid sign of recovery, the retailer said that like-for-like sales in Britain had risen by 0.6 per cent for the first half of the year and that group sales had risen by 1 per cent.
First-half group operating profits increased by more than 60 per cent to £596 million. The figures, which beat expectations, were helped in part by a recovery in