Shareholders tell Tesco to get UK house in order
Shareholders have called on Tesco to regain its focus on UK grocery.
Investors urged the supermarket giant to put its US growth push on hold and concentrate on the core UK grocery business ahead of the long-awaited move into banking.
“Tesco needs to think long and hard about what it wants to be,” said Legal & General fund manager Richard Black. “Can it be everything to everyone, or should it focus on its gem, the British grocery business?”
The calls came ahead of Tesco’s next set of results, which are due next week (18 April).
Chief executive Phil Clarke – who has resumed control of the UK business following the surprise exit of Richard Brasher – is expected to set out details of major new investment in the UK.
A Tesco spokesman said: “We stay close to investors and know what they expect of Tesco.”
Last week Tesco closed its second-hand car business just a year after its launch, citing a lack of cars advertised on the site.