• Tesco seems to be following in the footsteps of its larger brethren, Walmart and Carrefour, by reporting sales stagnation in its home market.
Bloomberg reported the story this way:
“Tesco Plc, the U.K.’s largest supermarket chain, said domestic sales declined for a fourth straight quarter as increased joblessness and rising fuel and food bills weighed on consumer spending.
“Revenue at U.K. stores open at least a year fell 0.9 percent, excluding fuel and value added tax, in the fiscal third quarter ended Nov, 26, Cheshunt, England-based Tesco said in a statement today. That was steeper than the median estimate of a 0.7 percent decline compiled by Bloomberg from seven analysts, and matched the second quarter’s drop.”
Tesco recently launched a campaign promoting the equivalent of $750 million (US) in price cuts as a way of goosing its UK business, but it seems not to have worked in the last quarter.
Bloomberg reported the story this way:
“Tesco Plc, the U.K.’s largest supermarket chain, said domestic sales declined for a fourth straight quarter as increased joblessness and rising fuel and food bills weighed on consumer spending.
“Revenue at U.K. stores open at least a year fell 0.9 percent, excluding fuel and value added tax, in the fiscal third quarter ended Nov, 26, Cheshunt, England-based Tesco said in a statement today. That was steeper than the median estimate of a 0.7 percent decline compiled by Bloomberg from seven analysts, and matched the second quarter’s drop.”
Tesco recently launched a campaign promoting the equivalent of $750 million (US) in price cuts as a way of goosing its UK business, but it seems not to have worked in the last quarter.
- KC's View:
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As I said the other day, I’m beginning to think that “too big to succeed” may be getting up there with “too big to fail.”
