Retailers shudder as even Tesco hits trouble
Friday 13th January 2012
The scale of problems faced by UK retailers was revealed yesterday when it emerged that even supermarket giant Tesco has been experiencing problems.
Shares in Tesco plunged 16% when the firm said it was "disappointed" by its seasonal trading perfomance.
Tesco also warned it expected "minimal" profit growth for the current year due to increased investment - and said profits for the year would be "around the low end of the current consensus range".
Tesco said: "In a highly promotional market, the volume response to our increased investment into lowering prices did not offset the deflation it has driven."
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