Tesco sales suffer slump
Tesco struggled to convince the market it was back on track yesterday despite reporting a record £1billion of jubilee week sales.
The UK’s biggest retailer suffered a 1.5% fall in underlying sales in the 13 weeks to May 26, although this did not include the period around the Queen’s diamond jubilee when it enjoyed its biggest week yet outside Christmas.
Despite its latest quarterly sales decline, Tesco said its £1billion turnaround, which has seen it revamp 100 stores and recruit 4,300 extra staff, is beginning to gain traction as it competes more convincingly with rivals.
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