Thursday, January 12, 2012

More than £4bn wiped off value of Tesco after 2.3% drop in Christmas sales

[ via The Guardian ] 12 Jan

More than £4bn was wiped off the stock market value of Tesco on Thursday after Britain's biggest retailer delivered its worst Christmas sales performance in decades and warned it would see "minimal" profits growth this year.
On a black day for the high street, major chains including Argos, Mothercare, Halfords and Thorntons reported sales declines over the crucial holiday season as the squeeze on living standards forced Britons to rein in their spending.

Dire sales at Tesco's UK chain spooked investors, sending the share price down 15% and dragging Morrisons, Sainsbury's and Marks & Spencer with it.

Read more: The Guardian
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