Tesco chief executive vows to provide better service to customers after company posts £6 billion loss

MNCE - GV of Tesco at Mereway.
MNCE - GV of Tesco at Mereway.

The chief executive of Tesco said the supermarket giant was putting customers “back at the centre of everything it does” after posting a loss of more than £6 billion.

The company, which has 11 stores in Northampton, has suffered the biggest loss ever by a UK retailer.

The company is planning to close 43 stores, although none of these are believed to be in Northamptonshire.

Tesco’s chief executive Dave Lewis has admitted it had been “a very difficult year for Tesco”.

He said: “The results we have published today reflect a deterioration in the market and, more significantly, an erosion of our competitiveness over recent years.

“We have faced into this reality, sought to draw a line under the past and begun to rebuild, and already we are beginning to see early encouraging signs from what we’ve done so far.

“Over the last six months we have put customers back at the centre of everything we do. By focusing on the fundamentals of availability, service and targeted price reductions, we have seen a steady increase in footfall, transactions and, most significantly, volumes. More customers are buying more things at Tesco.”

Mr Lewis said the market was “challenging”. which was likely to lead to an “increased level of volatility” in short-term performance.

He said: “Our clear priority - and the one that will deliver sustainable value for our shareholders - is to improve consistently for customers. The changes we have made and will continue to make put us in a stronger position to do this.”