Tesco news and archive

Tesco ups FY profit outlook, but Home and Clothing sales fall in H1

British supermarket giant Tesco has upped its full-year profit guidance after reporting a robust first half of the year, despite sales at its Home and Clothing division declining. The retailer reported a 8.9 percent increase in group revenue in the six months to August 26, reaching 30.7 billion pounds. That came as its profit surged to 929...

RetailFeatured

Project Pegasus: John Lewis and Next among those joining crackdown on shoplifting

As the UK continues to battle on through its cost-of-living crisis, an increasingly prominent offset of the financial crunch has become front of mind for many retailers in the region. Shoplifting and retail theft is up 27 percent across 10 of the largest cities in the UK, according to the British Retail Consortium (BRC), which had been calling...

Business

Gerry Murphy to join as Tesco board chairman in September

Burberry Group plc chairman Gerry Murphy has been appointed as chair of the Tesco PLC board of directors with effect from September 1, 2023. The company said in a release that Murphy will step down as chair of Tate & Lyle PLC on the same day. Upon Murphy’s appointment, Tesco added, Byron Grote will step down from his role as the company's...

Business

Tesco hails ‘early signs’ of easing inflation in Q1 trading report

Supermarket giant Tesco is celebrating the “encouraging early signs” of easing inflation in its Q1 trading report for 2023/24, in which it reported a UK and ROI like-for-like sales increase of 8.8 percent, hitting 13,790 million pounds. In Central Europe the retailer also saw an increase of 1.1 percent, taking its sales in the region to 1,044...

Business

Tesco FY clothing sales drop, but signs of recovery in Q4

Tesco saw a slight 1.2 percent drop in clothing sales in the year ended February 25, but said it saw a rebound in the fourth quarter as consumer demand returned. The British supermarket, which owns clothing brand F&F, said the drop in fashion sales mainly reflected the impact of trading over “exceptionally strong lockdown-linked demand” in the...

Fashion Featured

Tesco faces lawsuit from low-paid factory workers sewing F&F jeans

Tesco is facing a lawsuit over allegations that jeans from its F&F fashion range were made under forced labour conditions. The supermarket giant, which retails jeans for 16 pounds, is being sued by 130 former workers from VK Garment Factury, a Thailand-based apparel manufacturer. Allegations include working 99-hour weeks for less than 4 pounds...

Business |ANALYSIS Featured

Back to school: The uniform debate on a global scale, part 1

New York –Traditionally one of the key shopping seasons for retailers, this year’s back-to-school is poised to be if anything, one of a kind. With the majority of countries still figuring out the best way to return to the classroom safely, many debates are taking the apparel industry by storm. In this series, FashionUnited delves deeper in how...

Business

Tesco to sell Thailand and Malaysia businesses for 8.2 billion pounds

Tesco plc has decided to sell its businesses in Thailand and Malaysia to a combination of CP Group entities, namely C.P. Retail Development Company Limited, Charoen Pokphand Holding Co., Ltd, CP All Public Limited Company and C.P. Merchandising Co., Ltd (CP Group). The company said in a statement that consideration for the disposal represents an...

People

Tesco CEO Dave Lewis to step down as turnaround nears completion

Tesco In its interim results statement for the first half, Tesco Group said, sales grew by 0.1 percent at actual rates, including a 0.5 percent foreign exchange translation benefit due to the depreciation of Sterling to 31.1 billion pounds (38.1 billion dollars). At constant rates, the company added, sales grew in all regions apart from Central...

Business

Tesco and Carrefour announce long-term strategic alliance

Tesco Group Plc and Carrefour have jointly announced that both plan to enter into a long-term, strategic alliance covering the strategic relationship with global suppliers, the joint purchasing of own brand products and goods not for resale. The companies said in a joint-statement that it will be governed by a three-year operational framework....

BusinessFeatured

Tesco H1 like-for-like sales grow 0.8 percent, declares dividend

In the first half year of 2017/18, Tesco Group sales grew by 0.7 percent at constant exchange rates to 25.2 billion pounds (33.4 billion dollars) with like-for-like growth of 0.8 percent. At actual exchange rates, the company said, sales grew by 3.3 percent including a 2.6 percent foreign exchange translation benefit due to the ongoing weakness...

Business

Tesco's clothing sales rise 4.3 percent during holiday season

Tesco Group like-for-like sales grew by 1.1 percent for the 19 weeks to January 7, 2017. The company saw strong performance in clothing and toys, with sales up 4.3 percent and 8.5 percent respectively during the holiday season. “We are very encouraged by the sustained strong progress that we are making across the Group,” said *Dave Lewis, Chief...