Tesco results are starting to come in and the decline in UK sales is being slowed down in the first quarter. Sales dropped to 1.3% in the 3 months to May 30 according to reports.
It seems to be a hard slog battling to bring Tesco back from a sales decline, which has reached its fourth year. Chief Executive Officer Dave Lewis is trying his hardest to get those in the UK shopping back at Tesco’s.
It seems a lot of customers heading on over to discount stores such as Aldi and Lidl, this is what the industry calls ‘supermarket price wars’ and these two stores are lowering its prices all the time to compete against the likes of Tesco’s.
Lewis joined Tesco’s a month before an accounting scandal according to Bloomberg, it now seems Lewis has lowered prices on brand products as well as closing down unprofitable stores.
Analysts predicted Tesco would drop down to a 1.6% and 3% slump, but they have been proven wrong with only a 1.3% fall in sales. This is a great improvement considering the December and February 1.7% dip in sales.
Tesco is moving in the right direction thanks to Lewis, and with a 15 percent share rise based on Lewis bringing sales back to life and of course paying a huge company debt of £21.7 billion.
At the moment ‘Dave Lewis’ is trending in Twitter. Looks like he is becoming a hot trend, and if you take away the sponsored trend he is sitting pretty in 2nd position in ‘United Kingdom Trends’