There are gloomy days behind retail giant Tesco Plc and there are dismal days ahead of it as the company saw its sales slump around 1 percent on a like-for-like basis in the quarter ended May 25. But not only UK sales made Tesco dizzy as it had to face facts that its world expansion was undeniably challenged as well. With the ongoing £1 billion turnaround plan, Tesco Plc has to get a grip on itself if it wants to see changes.
Tesco PLC, the Britain’s largest retailer, has reported a 12 percent fall in half-year pretax profit to $2.7 billion, or £1.7 billion as downturn in Asia and Europe balanced rising sales in the U.K. The Tesco fall in the profit is its first fall in nearly two decades. The U.K. sales have started rising after 18 months.