Philip Clarke of Tesco 300
LIVERPOOL-BORN Tesco chief executive Philip Clarke will present his maiden full-year results tomorrow, a month after taking the top job at the supermarket giant.
As well as having a tough act to follow in Sir Terry Leahy – who is also originally from Liverpool – Mr Clarke is faced with tough trading conditions as spending slows and cost pressures mount.
Analysts believe that Tesco was badly hit by the weather over Christmas, but the recent Sainsbury’s disappointment has highlighted that trading has remained tough since then.
Clive Black at Shore Capital is forecasting zero growth in like-for-like sales during Tesco’s final quarter to February 26, excluding VAT.
He believes non-food sales will have acted as a drag on the overall performance during the quarter as consumers cut back on non-essentials.
