For the first time ever, in 20 years, UK’s largest supermarket chain Tesco, reported a drop in their annual profits. This comes after the chain is closing down its Fresh and Easy branches in the US. The 199 stores had never recorded a profit for the company, which set the company back 1.84 billion dollars to establish. In the UK, the chain announced a write off for one of its properties valued at $1.2 billion.
The annual report calculated the profits before tax to be $ 3 billion, 51% less than those reported last year. After the government took its share, the profits were down by a whopping 95.7%. The company however, reported that it experiences a 0.5% growth in sales over the Christmas trading season, which was less than the 1.8% reported the previous season. The group had warned of the shocking profits at the beginning of the year. They are currently working to restructure the entire organization headed by Philip Clarke, the CEO.
The company is not only pulling out of the US market, but the Japanese one as well. They are trying to redirect their interests, at a measured pace, towards China. The profit drop was expected in the natural course of business, according to the CEO. He explained that it occurred following the changes the company was undergoing as from last year. The changes were necessary in order to position the world’s third largest retailer as the retailer with the best consumer channels. However, positive light was shed on the company’s online sales that are currently growing greater than the market’s. The CEO also explained that a large amount of money was channeled to the strategic growth plans and that contributed to the sharp decline of the profits.
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