Of course it’s not exactly a terrible performance. Overall, pre-tax profits rose by 18% to £1.2bn and sales increased by 9.2% to £24.7bn, helped by a strong performance from its online business, Tesco.com, from non-food sales and from its China business.
But it isn’t exactly out of the woods yet. The competition commission enquiry into its monopoly of the high street is still pending, and the chain is just a few weeks away from leaping into the potentially troublesome US retail market. The name of its US stores? Fresh and Easy. A name that certainly wouldn’t be apt for the UK retail market right now.