TESCO is set to abandon its industryleading profit target as it attempts to win back customers and revive flagging
At an investor event tomorrow, chief executive
"It is definitely a profit-reset, but as the company has guided down investor expectations well ahead, it is hardly a profit warning," said Bernstein analyst
Clarke will update investors on Tesco's turnaround strategy, with analysts expecting the company to announce plans for further store refurbishments and price cuts on key products as well as the sale of some of its smaller struggling overseas businesses such as
Exane BNP Paribas analyst
He also called on Tesco to further scale back spending and take further action in "ending the space race".
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