LONDON Jan 9 Tesco, the world's third
biggest retailer, said it had lowered its range for full-year
trading profit after another heavy drop in underlying sales in
its main British market.
The group, which on Thursday posted a 2.4 percent fall in
sales at British stores open over a year, excluding fuel and VAT
sales tax, for the six weeks to Jan. 4, said the change was due
to further weakness in the grocery market and a greater than
expected shift of general merchandise in the industry to online.
"The range has moved (down) at the top end by about 50
million pounds ($82.35 million) and at the bottom end it has
moved nearly 150 million pounds down on the range," Tesco Chief
Financial Officer Laurie Mcllwee told reporters.
"There are a new set of forecasts in the market that are
more up to date with these very big changes and more
appropriately reflect where we think our eventual outcome will
Tesco said it now expected to report a full year group
trading profit within the range of current market expectations,
which it said ranged between 3.16 billion pounds and 3.41
billion pounds. ($1 = 0.6072 British pounds)