it is under dave lewis's tenure.s unprofitable is likely to go or anything that does not make money or needs a lot of money to make more money will have to go. i think that is what is happening at throughout the year i think we will hear about more sales, of gerard's cop perhaps. if it is not working at the moment, then it is not useful in the big stores. mark: how long does it take to rebuild a reputation and a brand? simon: after strengthening the ballot sheet, that is dave lewis's biggest challenge. he has to reinvent the tesco brand. the problem over the years is that we are seeing shoppers don't have a reason to go to tesco stores. if you think about all the other customers in the market everyone goes there because they know they can get good prices. when you think of morrison's you think afresh. when you think of tesco, they do not have that unique positioning. when they are in that middle ground, they suffer. i think what is key is they have to change their marketing strategy number one, and they've invested i

michael: i think the silver lining is dave lewis is living up to his name, draft pick dave. he has taken a meat cleaver to the balance sheet, written down 7 billion pounds of property, and really taken the hit out front. for me that is the silver lining. there is no fiddling around the edges. caroline talked about the fact there is no details on asset sales, but i think it is too early for that. mr. lewis appears to be keeping the market guessing while offering us a little bit of goodies. if you look at the underlying picture in terms of group sales, there is some evidence that we are getting a bit of a turnaround. q4 like for like sales posted the first improvement in four years. according to a british consortium, march retail sales are very good in terms of food. i think going forward there are silver linings. i think we have seen a significant recovery in the share prices. the lows that we saw in december. i'm actually quite encouraged by these numbers despite the fact that everyone will focus on the headline here. jon: the biggest annual loss in his almost-100 year histo

he has taken on a lot so far dave lewis.ilver lining is more people are going into the stores. the numbers are improving. they are outperforming the rest of the market. the standout retailer they say for the first quarter. have to wait for the first quarter numbers to see if that is working. back to you. francine: thank you, caroline hyde. guy: hung on to the data an litics company as well. that is a big area she thought they could focus on. let's get back to you and cameron from blackrock. let's talk about the u.k.. every little bit helps. it looks like we're heading into a hung parliament. what's your read of the story? >> the real election starts on may 8. i think it is pretty clear that the manifestos are preinsurgency curse ofs to that negotiation. i think that despite what they say in public, they have known for a long time there is going to have to be deals done. i think we're headed towards that. francine: what does it mean for equities? >> it is playing out in currencies because it is unclear what the lineup is goin

investors betting on the turn around with dave lewis at the top. switching focus, richemont shares in the red after a profit warning. they expect full year net profit to drop by a third due to losses on financial instruments. >> taking a look at shares down by about 1.3%. let's get a market update with lou at the wall. >> hi everybody. good morning again. we have a lot going on today. a lot to talk about. remember yesterday when we closed out the markets late afternoon we were look at our european equity markets closing in positive territory. for most of them the italian market and greek market lower on the close. we have opened slightly to the down side. taking a breather from what we said yesterday. we have a host of earnings out this afternoon and some big ones as well so do make sure to continue to watch programming for an update on that front. boeing coca-cola, facebook mcdonald's and speaking of reports we have a lot of reports here in europe as you're just hearing. tess tesco being a big one to dominate in trade this morning. european market

. >> dave elliott lewis in addition to the collaborative i'm a 31 year resident of san francisco so over half my life 9 years in the tenderloin 9 years living by the corner of larkin and feel street it is a ground zero for the community problems we've talking about with the map and for me the issue of coping that boundary on larkin versus moving it to polk or van ness it is an issue of laekt we'll have 3 homicides related to the hondurans that sell crack cocaine and herein they dropped a body i had to step in front of you took a photo i regret taking that the fact i had to see that both captains in the northern and tenderloin are aware of the going on problem it is true the dealers play cat and mouse with the boundary and moving the western boundary of the tenderloin precinct i would hope van ness or polk even the fingers will help in enforcement and provide for safety for the community remembered right across the street in the playground that are children playing in the park and seeing you have drug dealing next to a playground we have a chance finally one in a 10 year opportunity to mo

. >> dave elliott lewis in addition to the collaborative i'm a 31 year resident of san francisco so over half my life 9 years in the tenderloin 9 years living