UK retailer says it is focusing on further margin improvements beyond the end of the recovery plan
“We have the further cost reduction and mix opportunities that allow us to offset inflation, improve our customer offer and/or increase margin,” it said. The company said it would be able to enhance cash growth ahead of profit.
Tesco shares were up 1.4% in morning trade. Other slides referenced opportunities to grow the distribution capacity of its online business by 35% and to develop partnerships such as with urban fulfilment centre firm Takeoff Technologies and delivery robot company Starship Technologies. Tesco also said it plans to develop its Clubcard loyalty scheme.
Celebrating its 100th anniversary, the group is deep into a recovery plan under CEO Dave Lewis after a 2014 accounting scandal capped a dramatic downturn in its fortunes. Lewis has revamped relationships with suppliers, lowered prices versus major competitors, streamlined product ranges and improved store standards and customer service.
In 2018 he bought wholesaler Booker for nearly £4bn and also introduced the Jack’s stores discount format. Last Thursday Tesco reported a slowdown in first-quarter sales growth but said it was outperforming a subdued UK market.
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