Tesco: Thai travails

Asian profits were £37m below analysts' forecasts, thanks to strong competition, the discontinuation of the company's bulk selling operations and the impact of Thai government welfare cards that discourage shopping in modern chains such as Tesco. Tesco said the problems in Thailand, which contributed 6.2 per cent of group sales, would drag into the second half. Tesco is the number one supermarket in a fast-growing economy, in a region with an expanding middle class. In the UK, Mr Lewis's launch of the Jack's discount chain means Tesco now will not be challenging the German discounters Aldi and Lidl head-on. It means Tesco has a sturdy domestic base from which to manage its foreign adventures.

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