Tesco turns a corner, warily


Our retail specialist Andy Howard MW tackles the behemoth of UK retailing whose wine range is dominated by other big beasts. See also his earlier reports on Sainsbury'sAldiMarks and Spencer and Oddbins

Interim 2017/18 results for Britain’s biggest retailer were released on 3 October, showing positive numbers. Overall group sales increased by 12.5% to £28.3 billion, while operating profit leapt by 24% to £933 million. The key like-for-like (LFL) measure showed UK sales up 3.8%. Tesco’s announcement, however positive, was behind expectations of financial analysts and the share price fell 8.6%. Still, this is a...