Martin Flanagan: Supertanker Tesco is turning around
Sales for show, profits for dough, as one old business maxim has it.
But when you are trying to stabilise a retailing supertanker it is usually declining sales that are addressed first, even if there is short-term margin pain, in order to eventually get the earnings right.
As such, Dave Lewis at the helm of the Good Ship Tesco won’t be overly disappointed that there has been a near-30 per cent slide in halftime pre-tax profits to £71 million when Britain’s biggest supermarket group has notched up a third consecutive quarter of same-floorspace sales growth.
READ MORE: Tesco profits slide 28%... read more
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