Deep cuts and big sales: Is this a Tesco turnaround?

Tesco shares rose by over 10% following the unveiling of CEO Dave Lewis' plans to turn the supermarket giant around.

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Is Tesco on the path to recovery?

Tesco this morning announced extensive cuts in a bid to recover from a terrible 2014. A statement from CEO Dave Lewisannounced "a restructuring of central overheads, simplification of store management structures and increased working-hour flexibility, delivering savings of c.£250m per year". Tesco also saidthat it will not pay a final dividend for 2014/15.

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Mischa graduated from New College, Oxford in 2014 with a BA in English Language and Literature. He joined MoneyWeek as an editor in 2014, and has worked on many of MoneyWeek’s financial newsletters. He also writes for MoneyWeek magazine and MoneyWeek.com.