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Tesco seeks Asia pick-up after fresh profit setback

Supermarket giant Tesco announced a second drop in annual profits in a row on Wednesday, leaving Britain's biggest retailer hoping that recent expansion into India and China can offset weakness in Europe. The world's third-biggest supermarket group said its trading profit dropped 6.0 percent to £3.31 billion ($5.54 billion, 4.0 billion euros) in the year to late February, compared with its performance in 2012/13.

Supermarket Tesco announces annual net profit of £974m

Supermarket group Tesco, Britain's biggest retailer, on Wednesday announced a massive jump in annual net profits, but its underlying performance showed a fall. Tesco said profit after tax stood at £974 million ($1.63 billion, 1.18 billion euros) in 2013 compared with £28 million for 2012. But pre-tax profits dropped almost 7.0 percent to £3.05 billion, the company said in a statement. bcp/cc

Supermarket Tesco reports profit setback, focuses on Asia

Supermarket giant Tesco, Britain's biggest retailer, announced a second drop running in underlying annual profits on Wednesday as it hopes that recent expansion into India and China can offset weakness in Europe. The copany, the world's third-biggest supermarket group, said its trading profit dropped 6.0 percent to £3.31 billion ($5.54 billion, 4.0 billion euros) in the year to late February, compared with its performance in 2012/13. But annual profit after tax though soared to £974 million from £28 million.

Tesco's problems mount as profit set to fall again

By James Davey LONDON (Reuters) - Tesco <TSCO.L> is expected to report a 6 percent fall in annual profit next week, a second straight decline which would pile the pressure on boss Phil Clarke who is struggling to turn around Britain's biggest retailer.

Tesco finance director set to resign: report

LONDON (Reuters) - Tesco <TSCO.L> finance director Laurie McIlwee is set to resign as early as next week, days before Britain's biggest retailer is expected to announce another sharp decline in profitability, the Financial Times reported. McIlwee became the focus of investor disquiet in October after Tesco shocked investors by reporting a collapse in profits at its central European unit, which he had failed to signal.

Tesco to become first foreign supermarket in India

Britain's Tesco said Friday it had struck a joint venture deal with India's Tata Group to become the first foreign supermarket to enter the country's $500-billion retail sector. The world's third-biggest retailer made the announcement after winning clearance from the Indian Foreign Investment Promotion Board for a $140-million investment in the alliance with Tata Group unit Trent Ltd.

Tesco pins UK turnaround on price cuts and store revamps

By James Davey and Neil Maidment LONDON (Reuters) - Britain's Tesco <TSCO.L>, the world's third-largest retailer, is to focus on cheaper pricing as it relaxes its view on operating margins and steps up its store revamp program and investment in online and convenience channels.

Tesco says to cut capital expenditure

Britain's biggest retailer Tesco said Tuesday it will continue to invest in its domestic arm and cut annual capital expenditure to no more than £2.5 billion over the next three years. "Reflecting its strategic priorities, the group's capital expenditure will be even more focused on online and convenience growth and on an accelerated refresh programme for its larger stores," it said in a statement issued before a London seminar for investors and analysts.

Indian state bars foreign supermarkets in latest blow for chains

By Tony Munroe MUMBAI (Reuters) - The Indian state of Rajasthan has barred foreign direct investment in supermarkets, an ominous sign for global retailers who covet India's vast but fragmented retail sector if the country's main opposition Bharatiya Janata Party (BJP) comes to power nationally in upcoming elections.

Not so merry at Christmas: Disappointing sales for some UK grocers over the holidays

LONDON - Some major U.K. retailers are reporting dismals sales in the critical Christmas period despite a rise in consumer confidence. Tesco, Britain's largest retailer by revenue, said sales in the U.K. dropped 2.4 per cent in the six weeks to Jan. 4 when not counting new store openings. CEO Philip Clarke blamed "further weakness" in the grocery market. Things were worse at Morrisons, which reported a drop of 5.6 per cent. Meanwhile, Marks James McGregor, a consultant at Retail Remedy, says M
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