Tesco today (18 April) said it would spend GBP1bn (US$1.55bn) in a bid to revitalise its domestic operations as it confirmed that full-year like-for-like sales and profits in the UK have dropped. Nevertheless, its strong international business enabled the UK's largest retailer to book a 1.6% increase in pre-tax profit. While the disappointing UK performance held no surprises, details of the turnaround plan have been broadly welcomed by the market.