It’s almost like a trend. Post-austerity retail sales continue to disappoint left and right in the UK.The latest is mega-retailer TESCO.
Bloomberg has the details, but the basic details are that headline revenue came in below, and that was with strong overseas (non-UK) earnings. Said one analyst: “The headline numbers are slightly disappointing, particularly in the U.K., where Tesco’s non-food offer clearly needs some work.”
Year over year sales in the quarter fell 0.7%, and the CEO blamed higher gas prices for causing shoppers to drive less.