Tescos Overseas Operations To Generate Half Of Annual Revenue

Tue, 27 Nov 2007

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Tesco is planning to generate more than half of its annual revenue from its operations in overseas markets within the next decade, according to the group’s chief executive Sir Terry Leahy.

Commenting on the retailer’s global plans, Sir Terry said that this month's expansion into the US was part of a "pretty ambitious" worldwide growth programme .

The UK’s largest supermarket chain is set to make its next move into India and is understood to also see Russia as a possible target market .

"The US is an important part, but it's by no means the majority. The crossover is not right at the back end of the decade but neither is it in five years' time," commented Sir Terry.

The chief executive added he planned to remain at the helm of supermarket giant Tesco for the foreseeable future despite speculation that the group's move into the US could herald the start of succession planning at the top.

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