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Tesco investors O/D on the Recovery Effervescent Powder
Back in 2013, consensus forecasts were predicting operating margins for FY14 and FY15 in excess of 5% and which in less than a couple of years had more than halved to little more than 2.2%. It is perhaps not surprising therefore that after almost -£8bn of restructuring and impairment charges across FY14 & FY15 and […]
Continue readingTesco moves to stage 2 of its ‘recovery’
UK supermarkets are a bit like the beer they used to sell; bland and too many of them. Tesco however is working on that one as it culls its less profitable sites and brands (including the #4 UK brand, Carlsberg) to restore its growth and margin metrics, even it means from a lower base of […]
Continue readingTesco: Phase 2 – reset investor expectations
It’s always entertaining to see good people-management at work. As with a new Government, a new management needs to persuade the stakeholders that their predicament is substantially worse than previous team were letting on, but that with a little pain, the new team and plan (usually with a catchy name) will secure recovery by the […]
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