Tesco pulling out of CE

Tesco has announced a £1 billion turnaround plan after the horsemeat scandal dented its UK sales. The group posted a 1% fall in UK like-for-like sales in its first quarter, raising questions over its recovery which had appeared to be improving at the end of its financial year.

Chief executive Philip Clarke insisted the turnaround remains on track. It includes pulling out of unprofitable consumer electronics products, which “take up a lot of space and don’t make much money”. Mr Clarke said the shift away from consumer electronics was expected to have a big impact on sales, but was “all part of the plan”.