Tesco reports an annual pre-tax loss of £6.4bn after suffering a slump in sales and an accounting scandal. Dave Lewis has put his faith in Tesco’s large supermarkets and vowed to rebuild the company around them after the turmoil at the retailer led to it recording one of the biggest losses in British corporate history. Mr Lewis, the chief executive of Tesco, said that large supermarkets were “not the dinosaurs that they have been painted to be” and that their performance was improving as the company lowers prices, improves the availability of key products, and puts more staff on the shop floor.
The Tesco boss insisted that the “fundamental core of our business is still really strong” as he sought to reassure investors that Britain’s biggest retailer can turn around its performance.
[Source: http://www.telegraph.co.uk - May 23, 2015 - Author: Graham Ruddick]