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Tesco's Troubles Continue; Expected To Report Second Annual Profit Decline

April 14, 2014: 12:00 AM EST
UK supermarket chain Tesco is expected to report a 6.1 percent decline in trading profit to £3.24 billion for the year ending February 14, 2014, from £3.45 billion in the previous year,its second consecutive decline in annual revenue. With its market share and stock price at record lows, the retailer has seen its business suffer from shifting trends in the country’s grocery market, such as the expanding presence of international discount retailers Aldi Stores Ltd. and Lidl UK GmbH. Also hampering Tesco’s operations and sales is the growing trend of UK consumers shopping online and in convenience stores. Although these trends are also affecting rival Asda Stores Ltd., the retail chain owned by Wal-Mart, Tesco seems to have been affected the most.
Peter Stiff, "Tesco's Troubles Pile Pressure on CEO Philip Clarke", Wall Street Journal, April 14, 2014, © Dow Jones & Company, Inc.
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