We use our own and third-party cookies to optimize your experience on this site, including to maintain user sessions. Without these cookies our site will not function well. If you continue browsing our site we take that to mean that you understand and accept how we use the cookies. If you wish to decline our cookies we will redirect you to Google.
Already have an account? Sign in.

 Remember Me | Forgot Your Password?

Tesco Weighs Exiting Asian Retail Market

October 30, 2014: 12:00 AM EST
Tesco is planning to sell its Asian operations after seeing its profit and market share decline. Richard Broadbent resigned as chairman of the world's third-largest retailer following reports of a probe into the company's alleged accounting improprieties, which saw the company inflating profit announcements. Mistakes in international investments by Tesco, which posted a 41 percent drop in operating profits and more than 90 percent in pre-tax profits in the first half of 2014, also played a significant role in the company's existing problems, according to Planet Retail analyst David Gray. In May 2014, Tesco sold most of its China operations to state-owned China Resources Enterprise.
"Tesco may spin off Asian operations after ceding control of China arm", WantChinaTimes, October 30, 2014, © WantChinaTimes.com
China Business
Focus Areas
Market News
Companies, Organizations
Market News
Developed by Yuri Ingultsov Software Lab.