So What

Apparently Tesco's are blaming the increase in mortgage rates for a downturn in their profits. Now I'm not too sure about this, after all we all have to eat and I can't really see that we're going to dramatically curb buying household essentials because the cost of living has gone up again - I mean you cut the luxuries first don't you.
Or perhaps it's because they have completely saturated the market and they have too many shops - there are 7 of their bloody shops (include a metro and a petrol station that sells groceries) within a few miles of me and now their shops are competing against one another as well as all the other supermarkets in the area.
Of course the third, and to my mind most likely explanation, is the unwanted publicity when they got caught for having piss-poor food hygiene practices.