Squeeze on consumer spending hits Tesco
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Tesco will confirm a fall in UK sales this week, as cash-strapped consumers continue to rein in spending on big-ticket electricals.
It is expected to post a fall of up to 1 per cent in UK sales at stores open at least a year in the three months to 25 May. This would leave Tesco trailing Sainsbury's 3.6 per cent and Asda's 1.3 per cent recent growth but ahead of Morrisons' 1.8 per cent fall.
The figures will be a disappointment for chief executive Philip Clarke, as the supermarket's domestic business accounts for about two-thirds of group profit.
The UK's biggest retailer will also update the City on plans to sell its US business, Fresh & Easy, which Tesco is exiting after five years of heavy losses. While the smart money is on US retailers buying parcels of outlets in a break-up of the 199-store chain, the whole business could be sold to a rival.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments