Newspaper article The Evening Standard (London, England)

Tesco Shares Up 9% as Retailer Is 'Out of Crisis'

Newspaper article The Evening Standard (London, England)

Tesco Shares Up 9% as Retailer Is 'Out of Crisis'

Article excerpt

Byline: Jonathan Prynn Consumer Business Editor

TESCO shares soared today after its boss declared Britain's largest supermarket chain "out of crisis" after nearly five years of disasters.

The City was delighted by signs of the giant retailer's bounce-back gaining momentum as it notched up a third consecutive quarter of rising sales.

Chief executive Dave Lewis said: "The business is moving out of crisis and gaining real confidence in recovery.

"We have made further strong progress in the first half, with positive like-for-like sales growth across all parts of the group as we reinvest in our customer offers while rebuilding profitability in a sustainable way." In the UK , sales growth accelerated from 0.3 per cent to 0.9 per cent in the three months to 27 August despite falling food prices and intense competition from discounters Aldi and Lidl.

By mid-morning the firm's shares were up more than nine per cent at 206p, making Tesco the biggest riser in the FTSE 100 index of leading companies. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.