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UK’s biggest retailer sees drop in profits for first time in nearly two decades

By Quartz Staff


A link from Telegraph

Profits for Britain’s biggest retailer dropped for the first time since 1994 on the back of declining UK sales and a £1 billion turnaround plan called “Build a Better Tesco”. Pre-tax profits fell 11.6% to £.17 billion in the first six months of 2012 compared to the same period last year. The turnaround plan is an attempt to compete in a slowing market. Tesco is modernizing 230 stores, expanding product ranges, and has hired 8,000 staff. Chief executive, Philip Clarke said: “We have been hard at work and I am encouraged by our customers’ initial responses to the changes we have made – but there is much more to be done.”