Business NEWS
Why Tesco 3Q sales went up by 11.7 percent?
By Amarendra Bhushan for CEOWORLD Magazine Updated:December 2, 2008
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Britons are looking to save money as the economy, which shrank last quarter, heads for its first recession since 1991. The addition of a new range of discount goods in September helped attract new customers, though it led to price deflation, Finance Director Andrew Higginson said by telephone.
Tesco also said today it plans to reduce capital spending next year to less than 4 billion pounds ($6 billion) from about 4.5 billion pounds in the current fiscal year. It “won’t need to tap the debt markets” as a result, Higginson said.
How:
1) Introducing a cheaper product range.
2) Tesco rose as much as 8 percent, the most in four months.
3) The addition of a new range of discount goods in September helped attract new customers.
4) Britons are looking to save money as the economy, which shrank last quarter, heads for its first recession since 1991.
5) Total sales rose 12 percent and gained 28 percent at foreign stores.
6) They had attracted 300,000 new customers a week.
7) Tesco also sells more non-food items than other supermarkets. Non-food has been harder hit by the downturn than food.
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