Eyes on the horizon

Tesco’s allure is still firmly in the future. Right now, the UK retail behemoth mostly faces problems. But investors aren’t being asked to pay up for Tesco’s tantalising prospects. Its latest results have shown Tesco isn’t immune to tough economic times. Reported pretax profits increased by a meagre 5.5%, while the company’s preferred measure of underlying pretax profit increased by 10% to £3.1bn. A strong 10% increase in trading profits in the home market was offset by weaking gains elsewhere,...