Paul Jarvis
After more than four years of falling U.K. revenue, Tesco Plc is stemming the decline.
Figures released Friday showed a 1.3 percent drop in first-quarter same-store sales, the third straight improvement since a 5.5 percent drop in last year’s second quarter. That beat analyst estimates and added to this year’s share gain, while putting Tesco back ahead of its biggest competitors.
Beset by deflation brought on by a price war between discounters and the traditional supermarkets, Chief Executive Officer Dave Lewis has spent the first 10 months of his tenure making simple tweaks to win back shoppers. Prices are cheaper, shelves fuller and more staff are manning the shop floors. That’s translated into increased selling volume, with Tesco gaining 180,000 customers in the period.
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