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World

Tesco's sales recover as shares soar

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Opening sequence

World

Tesco's sales recover as shares soar

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COMING UP:Tesco's sales recover as shares soar

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Transcript

00:00:00
>> The recovery of Britain's biggest retailer remains on track. Tesco reported its third consecutive half year rise with operating profit up 60%. It says it will hit its four year target of 1.2 billion pounds. It's an impressive turnaround for a business which reported a record loss just last year.
00:00:19
The business has been fighting back from a costly accounting scandal, falling food prices, and a ballooning pension deficit. Not to mention the changing habits of shoppers. Lewis plans to cut Tesco's operating costs by improving its distribution network and simplifying its store operations. He'll increase capital expenditure to pay for it, and says the falling pound isn't helping.
00:00:42
Other Brexit issues are also a worry but Tesco still maintains a 28% share of the British grocery market.