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Tesco set to release half year figures after launch of budget version Jack's

Tesco boss Dave Lewis
Tesco boss Dave Lewis

Tesco boss Dave Lewis will be quizzed on the performance of the supermarket’s new discount store format Jack’s next week as the group unveils its half-year results this week.

Jack’s, launched just weeks ago, aims to take on German discounters Aldi and Lidl, which have eaten into the market share of Britain’s so-called “big four” supermarkets.

Tesco plans to open up to 15 Jack’s branches over the next year, and the City will be keen to hear how the first two stores in Chatteris, Cambridgeshire, and Immingham, north-east Lincolnshire, have been trading.

“There has much speculation regarding the group’s plans for its new discount outlet, Jack’s, and how many stores it will close or convert,” said Graham Spooner, investment research analyst at The Share Centre.

Mr Lewis said when Jack’s launched that prices will be “the cheapest in town” at each location.