Tesco: Still ringing tills

Tesco is showing surprisingly early success in meeting the challenge posed by discounters such as Aldi and tougher domestic competition from the likes of Wm Morrison. Investors were expecting Tuesday’s trading update from the UK’s largest retailer to contain a profit warning. In fact, it showed that cheaper ranges, cost cutting and disciplined cash control are proving effective in dealing with the economic maelstrom. Comparable sales in Tesco’s core UK market rose 2% in the third quarter – the ...