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Mr Shirley admitted that "turning Tesco around was never going to be a quick or easy process" but it was now in a better position. The group has, over the past few months, quit the US and Japan, agreed a better deal for its Chinese operations, and reduced its large store developments in Europe. , Mr Shirley rated the supermarkets group a buy, as did Oriel Securities' Jonathan Pritchard, who said: "Management is now starting to get into a position where its global portfolio is in the shape that it wants it." Oriel awarded a 425p target price but Tesco was 0.65p worse off at 371.4p.

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