Apr 12, 2017

Tesco: trolleyed

Nearly three years on from an accounting scandal at Tesco, the country's largest grocer, the higgledy-piggledy trajectory of its share price suggests the market is still not convinced by its strategy. Full-year results on Wednesday showed that Tesco's same-store sales have risen for four quarters in a row. Tesco's operating margin has duly begun to improve, up half a percentage point to 2.3 per cent. Just creaking along is no longer good enough, because earlier this year Tesco added the £3.7bn purchase of wholesaler Booker to its shopping cart. Chief executive Dave Lewis will hope that every little helps in guiding Tesco towards a margin target of over 3.5 per cent.

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