Content about Tesco Plc

July 21, 2014

British retailing giant Tesco Plc on Monday said CEO Philip Clarke would step down in October, to be replaced by 27-year Unilever executive Dave Lewis, with the change effective Oct. 1.

New York -- British retailing giant Tesco Plc on Monday said CEO Philip Clarke would step down in October, to be replaced by 27-year Unilever executive Dave Lewis, with the change effective Oct. 1. Clarke, who has been with Tesco for 40 years, will remain with the retailer until January 2015.

April 16, 2014

Philip Clarke, CEO of leading U.K. grocery and general merchandise retailer Tesco plc is publicly resisting calls for his resignation following a 6% decline in annual profits and 3% quarterly drop in U.K. same-store sales.

Cheshunt, U.K. – Philip Clarke, CEO of leading U.K. grocery and general merchandise retailer Tesco plc is publicly resisting calls for his resignation following a 6% decline in annual profits and 3% quarterly drop in U.K. same-store sales. Tesco has reported falling profits for two consecutive years following 20 years of continual profit growth.

April 15, 2014

Tesco Plc plans to bring its value-priced F&F clothing format to the United States, opening seven stores on the East Coast this year with its U.S. franchise partner, Retail Group of America.

New York -- Tesco Plc plans to bring its value-priced F&F clothing format to the United States, opening seven stores on the East Coast this year with its U.S. franchise partner, Retail Group of America. The move comes some six months after Tesco sold off its struggling American supermarket operation, Fresh & Easy, to Ron Burkle's Yucaipa investment company.

February 14, 2014

Major British supermarket chain Tesco plc has reportedly been the victim of a data breach. According to CNBC, hackers have gained access to the personal data of more than 2,000 Tesco customers and posted it online.

Cheshunt, U.K. — Major British supermarket chain Tesco plc has reportedly been the victim of a data breach. According to CNBC, hackers have gained access to the personal data of more than 2,000 Tesco customers and posted it online.

December 19, 2013

British supermarket and general merchandise retailer Tesco plc has reportedly applied to the Indian government for permission to buy a 50% stake in the Indian hypermarket chain Trent Hypermarket Ltd.

Cheshunt, England – British supermarket and general merchandise retailer Tesco plc has reportedly applied to the Indian government for permission to buy a 50% stake in the Indian hypermarket chain Trent Hypermarket Ltd. According to Reuters, Tesco wants to open stores in western India and would become the first foreign retailer to open a supermarket in India.

September 30, 2013

Tesco Plc’s Fresh & Easy chain filed for Chapter 11 bankruptcy as part of a plan to sell most of the U.S. chain’s 167 stores to a private equity firm led by billionaire Ron Burkle.

New York -- Tesco Plc’s Fresh & Easy chain filed for Chapter 11 bankruptcy as part of a plan to sell most of the U.S. chain’s 167 stores to a private equity firm led by billionaire Ron Burkle.

Fresh & Easy cited debt between $500 million and $1 billion in a court filing on Monday in U.S. Bankruptcy Court in Wilmington, Del. According to the documents, a unit of Tesco will end up with a 22.5% stake in the Yucaipa affiliate that acquires the supermarket chain.

January 29, 2013

A report by Bloomberg said that Tesco Plc may be recovering from its financial doldrums, as the country’s largest supermarket chain has matched market growth for the first time in more than 18 months.

London -- A Tuesday report by Bloomberg said that Tesco Plc may be recovering from its financial doldrums, as the country’s largest supermarket chain has matched market growth for the first time in more than 18 months.

Citing Kantar Worldpanel’s latest market share figures, Bloomberg said that at Tesco stores rose 3.3% in the 12 weeks ended Jan. 20, the same pace as the industry. Growth exceeded Wal-Mart Stores’ Asda and J Sainsbury, which gained 2.1% and 3.2% respectively.

 

July 2, 2012

U.K. retailing giant Tesco PLC could give up its American supermarket venture, Fresh & Easy Neighborhood Market, if the chain continues to disappoint and not make a profit, RetailWeek and other British news organizations reported.

New York -- U.K. retailing giant Tesco PLC could give up its American supermarket venture, Fresh & Easy Neighborhood Market, if the chain continues to disappoint and not make a profit, RetailWeek and other British news organizations reported.

In remarks at the company’s annual meeting on Friday, Tesco CEO Philip Clarke said: “If we see there is no chance of success, we’ll do as we’ve just done in Japan,” referring to Tesco’s deal this month to exit that market.

June 18, 2012

Tesco PLC is leaving the Japanese retail market after nine years.

New York -- Tesco PLC is leaving the Japanese retail market after nine years. The company will sell 50% of Tesco Japan to Aeon Co., Japan’s largest retail group.

Tesco said it will form a joint venture with Aeon and invest £40 million ($63 million), then sell the remaining 50% to Aeon at a later date.

April 18, 2012

Tesco Plc will invest 1 billion pounds ($1.6 billion) to help turnaround its domestic operations.

New York -- Tesco Plc will invest 1 billion pounds ($1.6 billion) to help turnaround its domestic operations. The chain will slow its international expansion as its concentrates on its home base.

Tesco, the United Kingdom’s largest retailer, will give a makeover to about 430 of its U.K. supermarkets, add more workers and expand its online offerings.

August 31, 2011

Grocery giant Tesco PLC said Wednesday it is pulling out of Japan, which means shuttering 129 small, leasehold-owned stores in the Greater Tokyo area, which employ 4,000 people.

London -- Grocery giant Tesco PLC said Wednesday it is pulling out of Japan, which means shuttering 129 small, leasehold-owned stores in the Greater Tokyo area, which employ 4,000 people. The country is the smallest of Tesco’s international retail businesses, and the weakest for sales growth in the 2010-2011 fiscal year.

“Having made considerable efforts in Japan, we have concluded that we cannot build a sufficiently scalable business,” said Philip Clarke, CEO.

April 20, 2011

Tesco PLC said Tuesday that its profit rose 14% to $4.3 billion in its most recent fiscal year ending Feb.26, while annual group sales increased 8% to almost $106 billion.

New York City -- Tesco PLC said Tuesday that its profit rose 14% to $4.3 billion in its most recent fiscal year ending Feb.26, while annual group sales increased 8% to almost $106 billion. However, losses continued to mount at its U.S. division, Fresh & Easy Neighborhood Market, which lost about $302.6 million. The division, which opened its first stores in 2007, now has 172 locations. It has yet to post a profit.

Tesco remains committed to Fresh & Easy, and said it is ramping up expansion, with about 50 stores on tap for this year.

February 17, 2011

A survey released Thursday said sales growth at Britain's Tesco PLC, the world's third biggest retailer, will outpace its major international rivals -- including Wal-Mart Stores -- in coming years as it expands in Asia, the Associated Press reported.

London -- A survey released Thursday said sales growth at Britain's Tesco PLC, the world's third biggest retailer, will outpace its major international rivals -- including Wal-Mart Stores -- in coming years as it expands in Asia, the Associated Press reported.

The report by London-based food and grocery analyst IGD says that Tesco will grow its business at a compound annual rate of 7.5%  between 2010 and 2015, taking sales to euro106 billion ($143 billion).

February 1, 2011

Tesco PLC will install touch-screen energy display boards in 500 locations across the United Kingdom.

New York City -- Tesco PLC will install touch-screen energy display boards in 500 locations across the United Kingdom. The screens, which will be located in staff areas, will display which areas of the store are consuming the most energy. The hope is that the associates will respond and adjust energy usage as needed throughout the day.

July 1, 2010

A substantial bloc of Tesco PLC shareholders, urged on by U.S. union activists, rebelled against...

June 23, 2010

Warren Buffett's investment company, Berkshire Hathaway, has raised its stake in British grocer Tesco PLC...

June 8, 2010

On Tuesday, British supermarket mogul Tesco PLC announced a successor to retiring CEO Sir Terry...

December 8, 2008

Britain's Tesco PLC will overtake France's Carrefour SA to become the world's second-largest retailer by...

April 17, 2008

While a top company official recently blogged that Fresh & Easy Neighborhood Markets would impose...

March 12, 2008

Safeway Inc. president and CEO Steve Burd said his company will rely more on providing...

November 30, 2007

British grocery giant...

October 1, 2007

London, Tesco PLC...

July 4, 2005

Leeds, England, The...