LONDON: Tesco Plc chief executive officer Dave Lewis is ending his first full year at the helm with the stock at an 18-year low, and he’s facing a Christmas period that won’t deliver any respite.
Sales over the six-week Christmas period will fall by 3% on a like-for-like basis, analysts at UBS estimate. That’s a steeper drop than the 0.5% decline analysts at Sanford C. Bernstein foresee for competitor J Sainsbury Plc, and well below the gains achieved by German discounters Aldi and Lidl.
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