Tesco has lost its third-place position in global retailer rankings, according to a worldwide study provided to The Times by Deloitte Touche Tohmatsu.
The UK’s number one has slipped from third place to fourth, falling behind German retailer Metro, which owns cash & carry chain Makro in the UK.
Tesco is due to release its Christmas trading update on Tuesday, with the store tipped to unveil like-for-like sales growth in its UK business of around three per cent for the six weeks to January 9, The Times reports.
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.”
In the study period, European retailers suffered the sharpest fall in profitability, from 4.1 per cent to 2.7 per cent, The Times reports.
Sainsbury’s and Morrisons were also in the top 50 retailers from the report, while Marks & Spencer fell just outside the top 50 to 51.
No comments yet