Tesco Sells Out of Poland, Attention Shifts To Next Week's Update
Fiona Cincotta June 19, 2020 9:05 AM
Yesterday Tesco announced that it was selling its Polish business to Danish retail group Sailing for £181 million as the supermarket scales back its international presence.
Yesterday Tesco announced that it was selling its Polish business to Danish retail group Sailing for £181 million. The agreed deal will include the sale of 301 Polish stores. Tesco said that the move will now allow it to focus on its central European business in in Czech, Hungary and Slovakia where it has a larger market presence. where it has a larger market presence.
Tesco Polska made sales of £1.4 billion last year and an operating loss of £24 million. This deal will earn Tesco £165 million.
The news initially lifted the share price of Tesco in the previous session, pushing it to a high of 230p before the stock eased back into the close, ending the session at 226p.
The stocks trades below its 50, 100 and 200 sma on the four-hour chart, a bearish chart. However, Tesco also traded in the horizontal channel that it has been trading in since mid-May, between resistance at 235p and support at 221p
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