Strategic Preview: Q1

March 2013 May 2013 3 June 2013 DAVID GRAY Research Analyst Analyst Comment Strategic Preview Tesco Q1 We expect Tescos domestic business to deliver a satisfactory performance in Q1 with comparative sales broadly flat although there is the possibility of a slight decline due to subdued general merchandise sales We also note Tescos large store refurbishments have slowed to a mere trickle as the retailer works out how to integrate recently acquired businesses such as Giraffe and HarrisHoole While this is sensible we note Tesco has much work to do with an estate of more than 3000 stores in the UK much of which is tired and in need of a refresh Nevertheless range improvement is continuing at pace with further progress made on the midtier Tesco overhaul in the quarter

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