Tesco No Longer Amongst Big Three Retailers Globally
Tesco is no longer amongst the big three global retailers according to recent ranking and report authored by professional services firm Deloitte Touche Tohmatsu.
According to the report, the UK’s leading retailer has dropped from third spot to fourth in the ranking of world’s largest retailers, and was replaced in the number three spot by German retail behemoth Metro.
The report shows that perennial number one, US based retailer Wal-Mart, owner of the UK’s second biggest supermarket chain Asda, retains its position as the world’s largest retail group, ahead of French giant Carrefour.
UK chains Morrisons and Sainsbury’s were also included in the top fifty.
The report, which was featured in the Times newspaper suggests that recession was the primary reason for a fall in profits at tw-thirds of the companies listed.
Ira Kalish, author of the Deloitte report, said: “This has been a tumultuous year for the global retail industry. Sales growth slowed and profitability fell, sharply for some. Many retailers ‘bought’ sales with heavy promotions which hit the bottom line hard. However, we are already seeing evidence that as economic recovery takes hold around the world, retailers should be able to return to a path of improving profitability.”
Tesco is poised to release its Christmas trading update on Tuesday
Please Note - All Prices Quoted Are Correct at Time of Posting
Liked This Post?
Subscribe to our RSS feed or follow us on twitter, right now!
Comments
Leave a Reply
