Tesco Asia sales slip further, but profit up

Tesco Asia sales slip further, but profit up
Tesco Asia sales slip further, but profit up

Tesco Asia like-for-like sales continue to decline while the UK-headquartered company re-positions its offer – masking a stronger underlying performance for the business.

“We have made good progress in our discussions with suppliers towards a new commercial approach,” explained Tesco CEO Dave Lewis in a quarterly update.

“We also accelerated planned changes to our operating model in Thailand, helping to reduce costs and underpinning our profit recovery.”

Lewis said that despite minor changes to the government-issued welfare cards scheme during the third quarter, Tesco Thailand sales fell by about 1 per cent for the 19-weeks including the key Christmas trading period.