The profit margin is what investing in a food retailer is all about. What marks out the best retailers is how much cash they get to keep at the end of the day


“During 2014, Tesco’s problems worsened by the month. The company’s market share fell, its margins contracted and accounting problems surfaced,” Mr Warren Buffett wrote in his latest letter to Berkshire Hathaway’s shareholders. “In the world of business, bad news often surfaces serially. You see a cockroach in your kitchen, as the days go by, you meet his relatives.”

As Graham Ruddick says "…there is a long road to recovery ahead".

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