Tesco Loses Place in Global Top Three of Retailers
Tuesday, January 12, 2010 17:46
Tesco has slipped from third to fourth place in the league table of the world’s biggest retailers, The Times has learnt.
According to a worldwide study by Deloitte Touche Tohmastsu, the accountants and business advisers, Britian’s biggest grocer has been overtaken by Metro, of Germany, best known in Britain as the owner of Makro, the cash-and-carry store.
The report, provided to The Times, also confirms that, although the world’s biggest retailers have all increased their sales in the past year, two thirds suffered a hit to profits, sacrificing margins to ensure that customers kept spending.
The news comes a day before Tesco is to update the City on trading in the crucial Christmas period. It is tipped to report like-for-like sales growth of about 3% for its UK business for the six weeks to January 9. Some analysts are pressing for it to explain how an extra £100 million of vouchers for its Clubcard loyalty scheme, which were sent to members before Christmas, affected sales.
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