Friday, 30 September 2011

Supermarket giants hit

Tesco, Sainsbury’s feel the squeeze

One in every £10 spent in the UK goes to Tesco, Britain’s biggest retailer, but the latest forecasts suggest it could be in line to report the sharpest fall in its domestic quarterly sales since the early 1990s on Wednesday.

Last month, Tesco said it would quit Japan after years of losses, underscoring its drive to lift returns.

Tesco boss Phil Clarke, who was given a boost earlier this week by news influential US investor Warren Buffett had upped his stake, may also come under pressure to spell out a timetable for the group’s banking business after a delay to the launch of mortgages.

No comments: