Tesco Hunts Sales In Premium Brand Re-Launch

Supermarket giant Tesco has re-launched its premium food brand, as it tries to stem a slump in profit.

The new lines have been released just days after it revealed a 23.5% pre-tax profit plunge in its half-year result.

Britain's biggest retailer said the update to its 'Tesco finest' food lines will include 400 new products, with 75% of the 1,500 product range being either new or improved.

But more than 200 products - the food brand was launched 15 years - will remain unchanged.

Sales of the brand bring Tesco revenue of £1.4bn a year.

The company said: "And with today's re-launch, Tesco is committing to lead the premium food market on quality and taste, reflecting how customers' tastes have changed in the past 15 years.

"And the importance they place on provenance, sustainability, ingredients, freshness and seasonality."

The range was first launched in 1998 at select stores, with a focus on ready-made meals.

Tesco decided to cut its losses and sell its Fresh & Easy US chain

Tesco is expected to launch an advertising blitz to promote the range in mid-October.

The supermarket group has also changed strategy for its international businesses in recent months.

It sought a buyer for its Fresh & Easy chain in the United States and last week confirmed a £300m joint venture deal in China.

Tesco suffered a 71% tumble in European H1 trading profits to £55m and admitted the hit was worse than expected after conditions suffered in countries such as Ireland, Turkey and Poland.

Profits also fell sharply across Asia, down 12.4% to £314m, excluding China.

Tesco said the overseas woes would offset some of the benefit of its UK profits' improvement over the full year.

Chief executive Philip Clarke has spent £1bn overhauling the firm's stores to halt the decline in UK sales.

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