Reuters - Video

Edition: US | UK | IN | CN | JP

video Finance Videos

Tesco delivers upbeat Q1 growth

Thursday, June 23, 2016 - 01:21

Tesco, Britain's biggest retailer, says its recovery is gaining momentum as it reports a second successive quarter of UK sales growth, the first time it has done so in more than five years. Hayley Platt reports.

▲ Hide Transcript

View Transcript

A second quarter of successive UK sales growth in five years. Not bad for a business which just last year suffered a £6.4 billion loss - the worst in its 96 year history. The 0.3 percent first quarter rise - a hint Tesco is beginning to recover after a £260 million accounting scandal. (SOUNDBITE) (English) FIDELITY WORLDWIDE INVESTMENT, INVESTMENT DIRECTOR, TOM STEVENSON, SAYING: "I think it's beginning to do the right things. It's selling off its peripheral activities. This morning it announced the sale of a coffee shop chain to Caffè Nero, it's got rid of Dobbies, its garden centre. So it's beginning to focus on its core business but that core business is really under pressure." Not only from the budget retailers Aldi and Lidl. But possibly Amazon too after it recently launched a new fresh food delivery business. (SOUNDBITE) (English) FIDELITY WORLDWIDE INVESTMENT, INVESTMENT DIRECTOR, TOM STEVENSON, SAYING: "I think it's moving in the right direction but the whole sector remains under pressure from the discounters and indeed Amazon." Tesco, under the charge of CEO Dave Lewis, is fighting back. His focus, to lower prices, streamline products and improve customer service. The question some analysts ask though - is it enough?

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Tesco delivers upbeat Q1 growth

Thursday, June 23, 2016 - 01:21