He said: The announcements made today are natural consequences of the strategic changes we first began over a year ago and which conclude today. With profound and rapid change in the way consumers live their lives, our objective is to be the best multichannel retailer for customers.
Our plan to ‘Build a Better Tesco’ is on track and I am pleased with the real progress in the UK. We have already made substantial improvements to our customers’ shopping experience, which are starting to be reflected in a better performance.
We have set the business on the right track to deliver realistic, sustainable and attractive returns and long-term growth for shareholders. The consequences are non-cash write-offs relating to the US, from which we today confirm our decision to exit, and for UK property investments which we will not pursue because of our fundamentally different approach to space.
We have also faced external challenges which have affected our performance, notably in Europe and Korea.
Our focus now is on disciplined and targeted investment in those markets with significant growth potential and the opportunity to deliver strong returns.
Source: Tesco
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