date:Aug 22, 2014
China Resources Enterprise Ltd. forecast a significant profit decline in 2014 after posting earnings that missed estimates on Chinas weaker economy and austerity campaign as well as loss-making Tesco Plc stores.
China Resources, which completed its retail partnership with Tesco in May, said it may cut jobs, close 10 per cent of overall retail shops and slow expansion during integration with the British retailer, Chief Financial Officer Frank Lai said at a press briefing today, without elaborati