Tesco to stick with bakery firm despite tough times

摘要

It seems the new Tesco chief executive has a hefty job on his hands following the supermarket's recent warning about deteriorating trading performance. Dave Lewis took the post a month earlier than expected after the company revealed it would cut its half-year dividend by 75%. The share price for the supermarket giant hit its lowest level in 11 years, falling 2% to 226.1p. This drop followed reports that a major shareholder, Harris Associates, had reduced its stake in the company by two-thirds. It revealed it had sold its shares because Tesco had become "too risky" to hold such a big position with. Lewis has the task of turning the business around, and took the job with a promise to scrutinise "every aspect of the group's operations" to save the supermarket giant from a detrimental sales slump.