The news came as a surprise because previously the grocer had faced significant drop in sales and shares. Tesco also reported its lowest-ever sales last year on April. Other grocers also reported better sales than predicted.
Tesco anticipates better credit reviews as it plans to sell two of its businesses worth around 6 billion pounds. Getting past an accounting scandal and market rivalry with other discount stores are its top priority at the moment.
Britain's biggest supermarket Tesco (TSCO.L) could cut up to 10,000 jobs as part of its attempts to halt a slide in profits, a newspaper reported.
Britain's accounting watchdog has launched an inquiry into the preparation, approval and audit of Tesco's accounts over the last four years, including the role of external auditor PwC [PWC.UL].
British supermarket operator J Sainsbury Plc's (SBRY.L) answer to discounters Aldi and Lidl was unveiled on Thursday, with the opening of its first Netto-branded store in northern England tasked to win over thrifty shoppers.
Two credit rating agencies have reduced Tesco's rating to the cusp of investment grade after a horrible set of first half numbers on Thursday.
The world's third largest retailer, Tesco, will state next week that it overestimated earnings by less than the 250 million pounds which it previously announced, Sky news reported on Saturday, citing an unnamed banking source.
Just six weeks into his job, Tesco (TSCO.L) boss Dave Lewis must look at selling assets in Britain and abroad as he battles to raise funds to pull the world's No.3 grocer out of the deepest crisis in its 95-year history.
Private equity buyout firm TPG has approached troubled British grocer Tesco PLC (TSCO.L) to buy its data gathering and analysis subsidiary Dunnhumby, which is worth well over 2 billion sterling, the Sky News reported on Monday.
Tesco (TSCO.L) has lowered its forecast for first-half profit by 250 million pounds ($408.50 million), its third warning this year, after finding a fault in its accounts, in the latest blow to the reputation of Britain's biggest grocer.
Standing with bags of groceries outside discount store Lidl in Thetford, eastern England, Jodie McGloughlin explains simply why she turned her back on Britain's biggest retailer - its high prices.
UK-based virtual fitting room firm Metail has received £2.6 million in additional funding as it prepares to move into a new headquarters in East London.
A report by Reuters said the financial crisis had shifted consumer spending habits in the UK from making bulk purchases in superstores to frequent small purchases in nearby small shops, prompting major grocers to change focus of their capital investment to the new consumer trend to attract potential investors.
Lazada, the "Amazon of Asia" has raised USD250 million from Rocket Internet to mainstream the company's position as the largest online retailer in Southeast Asia.
Tesco Plc said that any deals that would take place in China would be funded through its new retail venture with China Resources Enterprise Ltd.
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