UK: Tesco announces £1 billion revival plan
Overall group profits were 1.6% higher at £3.9 billion but at a trading level the company said the UK dropped 1% to £2.5 billion for the year to February 25 as sales came under pressure from resurgent rivals.
Chief executive Philip Clarke said the grocer will spend £1 billion over the coming year improving the shopping trip for customers, including through the revamp of stores, recruitment of more staff and better prices and value.
He said: "We fully recognise that we need to raise our game in the UK.
"As we improve the shopping trip for our customers, it will follow that our sales growth and financial performance will improve too."
Source: www.google.com
