Oh Look, It's Another Retail Debacle From The UK

Tesco

Photo: AP

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.

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