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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 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 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.

Tesco reports falling sales over key Christmas period

Supermarket group Tesco said on Thursday that sales slid around the all-important Christmas trading period, dealing a fresh blow to Britain's biggest retailer. Tesco said sales at stores open more than a year dropped by 3.2 percent in the six weeks to January 4 from the figure for the equivalent period one year earlier, as it continued to suffer from tough conditions at home and abroad. Sales across all of its stores dropped 1.6 percent in the reporting period, the company said in a trading statement.

Tesco reports falling sales over key Christmas period

Supermarket Tesco said on Thursday that group sales slid around the all-important Christmas trading period, dealing a fresh blow to Britain's biggest retailer. Tesco said sales at stores open more than a year dropped by 3.2 percent in the six weeks to January 4 from the figure for the equivalent period one year earlier, as it continued to suffer from tough conditions at home and abroad. Sales across all of its stores dropped 1.6 percent in the reporting period, the company said in a trading statement.

Britain's Tesco to scan shoppers' faces

Britain's biggest retailer Tesco is to install screens at its petrol stations that scan customers' faces so that advertising can be tailored to their age and gender. The world's third biggest supermarket chain will install the hi-tech screens at the tills of its 450 British petrol stations, according to Amscreen, the digital advertising firm that developed the technology. Amscreen chief executive Simon Sugar admitted that the devices were "like something out of 'Minority Report'", the 2002 sci-fi movie directed by Steven Spielberg.

Sainsbury's takes price comparison spat with Tesco to high court

By James Davey LONDON (Reuters) - Supermarket J Sainsbury <SBRY.L> will take its spat over price comparisons with Tesco <TSCO.L> to Britain's high court, challenging a ruling by the advertising watchdog in favor of its rival. Britain's supermarkets are battling intensely for market share in tough economic conditions. Advertising is a major battleground. Earlier this year, Sainsbury's complained to the Advertising Standards Authority (ASA) over market leader Tesco's "Price Promise" scheme.

Tesco seals China deal as profits slump

Tesco on Wednesday pushed ahead with plans to create a supermarket giant in China, as Britain's biggest retailer seeks to offset a slump in profits on weaker European sales. Tesco will combine its Chinese business with that of Hong Kong-listed retailer China Resources Enterprise (CRE) to form a joint venture, it revealed in a statement. The British supermarket -- the world's third biggest -- announced also that its net profit slumped by a third in the group's first half, also on restructuring costs and a decline in income from the sale of property.
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