Tesco to Invest £1B in UK

Tesco will place an investment amounting to £1 billion in its business in the United Kingdom for the year 2012 in an attempt to boost its domestic operations. Tesco is trying to push the refurbishing of its stores all over the United Kingdom and is looking into employing more staff for new stores. According to the chief executive of the company, Philip Clarke, “Tesco did not put enough into the stores and maybe took a little out.” In general, the group profits increased by 5.3 percent, before paying for taxes, up to a staggering £3.8 billion. However, profits for the operations in the United Kingdom declined by one percent to £2.5 billion compared to the figures from twelve months ago. According to Tesco, the sales in the United Kingdom declined by 1.2 percent during the second half of the fiscal year.