Tesco has posted £6.4 billion losses, it’s worst results in history and the largest loss in revenue of any retailer ever. Tesco’s chief executive Dave Lewis admitted it had been “a very difficult year for Tesco”. A major reason for the large losses can be attributed to he result of the fall in property value of its UK stores.
Falling share price has been evident for a while now
It will be interesting to see what Tesco’s response to this will be. They are going to cut their product lines by 30%, and their major competition is from the German global discount supermarket chains, who have been moving into the market in the last 10 years, especially Lidl Stiftung & Co. KG who sell a lot of dried fruits and nuts.
We also look at the potential effects the UK Elections will have on currency, and the latest with Greece and the EC.