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Retail

Tesco Rules Out Further Overseas Disposals For Time Being

Tesco chairman John Allan has said that the retailer is not looking to offload any further overseas assets, following the sale of its South Korean arm recently.

According to Reuters, Allan told a shareholder meeting that the retailer currently believes it has "the right sort of assembly of geographies".

He added that "at the moment our intention is to hold what we have and to develop it and make the very best of it", going on to mention, however that "I can envisage circumstances under which that might change."

Shareholders gave their approval to the South Korean unit sale at the meeting, which follows on from exits from Japan and the US in recent years.

The sale of dunnhumby, Tesco's customer data business, was also discussed at the meeting, according to Reuters, with Tesco chief executive Dave Lewis telling shareholders, ""We have looked at the options around Dunnhumby. […] We've not concluded that. As soon as we conclude it we would announce what it is we intend to do."

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