tesco posts falling profits on poor economic backdrop
Last Updated : GMT 02:22:09
Arab Today, arab today
Arab Today, arab today

Tesco posts falling profits on poor economic backdrop

Arab Today, arab today

Arab Today, arab today Tesco posts falling profits on poor economic backdrop

London - AFP

Supermarket giant Tesco posted falling first-half profits on Wednesday, with Britain\'s biggest retailer hit by a poor performance at its international division, particularly in South Korea but also in Europe. Net profits slid 6.8 percent to £1.283 billion ($2.067 billion, 1.6 billion euros) in the 26 weeks to August 25, compared with the same period of the company\'s previous fiscal year, Tesco said in a results statement. Market expectations had been for profit after tax of £1.375 billion, according to analysts polled by Dow Jones Newswires. \"The external environment continues to present challenges all over the world,\" said Tesco chief executive Philip Clarke, who in April launched a £1.0-billion turnaround plan at the group to try and transform its ailing domestic activities. \"Whilst our businesses in Asia and Europe have continued to do a great job for customers, our financial performance there reflects the tough economic backdrop and particularly the regulatory changes in South Korea,\" he added Wednesday. Tesco was hit hard in the first half also by rising tax costs in Hungary and the Czech Republic. Pre-tax profits dived 12 percent to £1.7 billion in the first half even as overall sales rose 1.4 percent to £36 billion, added Tesco, which is the world\'s third-largest retailer after US-based Wal-Mart and France\'s Carrefour in second. Tesco has struggled in the face of Britain\'s recession which began late last year, with many cash-strapped customers flocking to rival supermarkets such as Asda, Sainsbury\'s and budget chains Aldi and Lidl in search of cheaper products. Clarke, who took on personal responsibility for Tesco\'s domestic business in January, admitted that there was still work to do. \"I wouldn\'t say we\'ve turned a corner (at British operations) but we\'re edging in the right way,\" he said. Tesco\'s share price slid in reaction to the earnings update to stand down 1.69 percent at 331 pence in afternoon deals on London\'s FTSE 100 index of leading companies, which was up 0.13 percent. Elsewhere on Wednesday, Sainsbury announced that its like-for-like sales had risen by 1.9 percent in the second quarter, helped by its sponsorship of the London 2012 Paralympic Games. Investors welcomed the news, sending Sainsbury\'s shares 0.78 percent higher to stand at 349.50 pence. \"Sainsbury\'s managed to buck the poor performance Tesco seems to be showing this year,\" noted Spreadex trader Shavaz Dhalla.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

tesco posts falling profits on poor economic backdrop tesco posts falling profits on poor economic backdrop

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

tesco posts falling profits on poor economic backdrop tesco posts falling profits on poor economic backdrop

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Presenter Sherine Ramahi proud of her career

GMT 06:46 2017 Sunday ,19 November

Presenter Sherine Ramahi proud of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday