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Earnings Season: What’s next for Tesco?

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AAfter posting an annual loss of GBP 6.4 billion, there is increased pressure on Tesco CEO Dave Lewis and his plans to turn the UK supermarket giant around. But according to financial analyst Louise Cooper it will take more than just cutting costs to get Tesco back on track.

Much of the loss for the fiscal year to February came from a GBP 4.7 billion fixed asset write-down as Tesco slashed valuations of its store estate, which is suffering because shoppers are buying more online.

While investors have expressed confidence in Lewis, who recently came in from Unilever, Tesco continues to be under pressure from discount retailers. This is just one of the challenges that Lewis faces as he tries to get Tesco back in shape, says Louise Cooper.