Tesco Sales Decline Most in Two Decades as Plight Worsens
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Tesco Plc had the steepest sales decline in more than two decades, researcher Kantar Worldpanel said today, dealing a further blow to the U.K.’s biggest supermarket company a day after it started an investigation into overstated profit guidance.
Revenue declined 4.5 percent in the 12 weeks ended Sept. 14, the steepest drop since comparable records began in 1993, Kantar said in a monthly report on the U.K. grocery industry. The retailer’s share of its domestic market dropped by 1.4 percentage points from a year ago to 28.8 percent.