Tesco Woes

Tesco Woes.

Tesco has reported losses for the third quarter in a row. Increasing competition from rival supermarkets is putting a lot of pressure on Tesco and has led to the firm seeing a 3.7% loss in the three months to May.

Trading is predicted to remain challenging for Tesco through the coming quarters.

This has led to the chief executive Phillip Clarke defending his position at the company, stating he would not step down from his role despite Tesco seeing the worst loss in his 40 year time at the firm.

Cheaper supermarkets such as Aldi and Lidl are providing a stiff competition to Tesco, as well as Waitrose which is a more upmarket retailer.

Tesco is planning on revamping its stores across the country to upgrade the supermarkets and compete with rivals.