Tesco stays in the doldrums

tescoSqueezed between Aldi and Lidl at the low end and Waitrose and Marks & Sparks at the high end, mega-grocer Tesco delivered annual profits of £3.3 billion but that’s a fall of six percent  compared to the previous year.

It’s businesses abroad also showed declines while Philip Clarke, the Tesco CEO, maintained in a BBC radio interview this morning that he would turn the business round in three years. Other giant grocery chains, including Morrisons, Asda and Sainsbury’s are all being dented by the Aldis and Lidls of this world.

Part of his plans are to revamp the 600 plus Tesco stores in the UK and to concentrate more on its online sales.

Online sales grew 11 percent, and Clarke said this morning that Tesco is ready to take advantage of smartphone and tablet trends.