Tesco Reports Earnings Beat But Shares Fall in London
Tesco Plc said profit this year will be held back by the cost of improving its product range as Chief Executive Officer Dave Lewis continues efforts to revive the U.K. grocer. “Profit growth won’t be smooth, we are in a turnaround,” Lewis said on a conference call Wednesday after Tesco reported annual earnings that beat analyst estimates. The CEO said it will be “a big achievement” to meet analyst estimates for operating profit of 1.25 billion pounds this year. The shares fell as much as 5 percent. Bloomberg’s Charles Allen and CCLA Investment Management Chief Investment Officer James Bevan discuss with “On the Move” host Guy Johnson in London and Bloomberg’s Hans Nichols in Berlin.