Home / Knowledge / News / Apparel/Garments / Tesco announces £1bn plan to revamp UK operations
Tesco announces £1bn plan to revamp UK operations
Apr '12
London-based supermarket giant Tesco, which is the world's third-largest retailer after US-based Wal-Mart and France's Carrefour, has announced plans to invest £1 billion to boost the fortunes of its operations in the UK.

The decision was taken after the company's profits plunged in the UK, while its annual profits surged due to rising worldwide sales.

In the year to February 25, 2012, Tesco's overall sales rose by 7.4 percent to £72 billion, while its overall profit was up 1.3 percent to £3.8 billion, according to a company statement.

The profit of its UK stores was down by 1 percent to £2.5 billion, whereas profit from its international operations was up 17.7 percent to £1.1 billion.

Tesco Chief Executive Philip Clarke attributed the drop in UK profits to Tesco having failed to pay sufficient attention to its British customers while expanding in the US, Europe and the Far East.

The amount of £1 billion will be spent by the company during the coming year to improve the shopping experience at its UK stores. It would include recruitment of an extra 8,000 staff, and delivering better value for money to customers.

Tesco will be setting up several Express convenience stores and will postpone plans to build large supermarkets.

Tesco has 2,800 stores in the UK and the company has already started rebranding its Value range by changing its name to Everyday Value. The firm has also begun replacing its stark blue and white stripes with new colours.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 23rd Jun 2017

Textile ministry organises training workshop on GST

The ministry of textiles had organised training workshop on GST which ...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Textiles | On 23rd Jun 2017

Ralph Lauren ex-president Tiger of Sweden's new CEO

Hans-Christian Meyer, former president of Ralph Lauren Corporation,...

Interviews View All

Sonia Agarwal

‘The terms eco-friendly and organic are common but everyone perceives them ...

Awen Delaval

'Natural fibres are appreciated for traditional authenticity'

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search