Belfast Telegraph

No Clubcard bonus yet for Tesco's new chief

More profits, this time from Tesco. Tesco said yesterday it's been making £10m a day, and again you'd think new boss Philip Clarke would be treating himself to a new toaster with all those Clubcard points he's bound to have been awarded.

Not so.

It seems the handover from Sir Terry Leahy has seen the supermarket giant take its eye off the ball.

Most of Tesco's 12% profit growth came from Asia while the UK saw sales decline 0.7% in the last three months of the year. It was the same story in its Fresh and Easy business in the US. You can just hear the giant Tesco wheels of motion stirring. It's now likely to put all its efforts into growing its UK business in the next few months and that's bad news for its rivals.

Fear not, says Mr Clarke, talking down suggestions of a price war...

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