Confident Tesco on the road to recovery
Chief executive Dave Lewis said the supermarket giant was “moving out of crisis and showing real confidence in its recovery” as it pledged to slash costs by £1.5billion over the next three years by improving its distribution network and simplifying store operations.
It aims to boost profit margins to between 3.5-4 per cent from 2.18 per cent in the half-year to August 27 and is on track to deliver annual operating profit before exceptional items of £1.2billion.
Although interim pre-tax profit was down 28.3 per cent to £71million, Tesco’s operating profit before one-off items jumped 60.2 per... read more
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