Oct 4, 2017

Opening Quote: Old Tesco vs new Tesco; Tough for Topps; Shell’s slow progress

Old Tesco and New Tesco have both been on display this week. This morning investors have been told about Tesco's seventh consecutive quarter of recovering sales growth under new boss Dave Lewis, and a near eight-fold increase in half year pre-tax profit to £562m. Tesco said it had continued to benefit from a strategy of being "More competitive" for "More customers" by holding down prices, even as food inflation rises - in contrast to discount rivals Aldi and Lidl, which have suffered a dip in their sales growth. On the back of this continuing turnaround - this is the third year of Mr Lewis' plan - Tesco has resumed its dividend payments early. Tesco did not say anything about the about the Guardian and ITV News investigation that found evidence of food safety records being tampered with at chicken supplier 2 Sisters Food Group in West Bromwich. Our offer is more competitive and more customers are shopping at Tesco.

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