Tesco 2012 Annual Report Download - page 7

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“My first year as Chief Executive
has been a year where we have
implemented important changes
at Tesco, a year when we have built
strength for the future.”
It has been a year of significant change and one in which we took
decisive action on some very important issues for Tesco: our reset
of expectations for the UK for the forthcoming year, the announcement
of our intention to dispose of our business in Japan, the focus on
moving Fresh & Easy closer to profitability and the renewed focus
on delivering a reliable Tesco Bank. As a part of this we made several
key management changes during the year which have allowed some
significant new appointments as we renew and reinvigorate the
Tesco team.
This has very much laid the ground for the future; a future where we
will make sure that our capital and our talent are put to work where it
benefits most our customers and hence our shareholders. The future
Tesco will demonstrate greater innovation and creativity as we address
the needs of consumers around our world – both in store and online.
We regularly deliver over 75 million shopping trips a week and as a
retailer are only as good as the last trips. Ensuring that Tesco is highly
valued by customers on each and every one of those shopping trips will
be what makes Tesco achieve sustainable success. That is what we set
out to do every day.
I believe that we have faced into challenges with real determination
and taken decisions for the future. I know that it has been a tough year
to be a Tesco shareholder. I know too that my whole team and I are
confident that the changes we are making are the right things to do –
for customers, staff, the business and its shareholders – and that
the long-term opportunities for Tesco remain undiminished.
Chief Executive’s review
Scan here to hear more
from Philip Clarke, or visit
www.tescoplc.com/ar2012/
ceoreview
Building
for the
future
Philip in conversation with Ellen and Jobe at the Tesco Extra store in Baldock
Tesco PLC Annual Report and Financial Statements 2012 3
STRATEGIC REVIEW PERFORMANCE REVIEW GOVERNANCE FINANCIAL STATEMENTSOVERVIEW
Chief Executive’s review Strategy in action Business model