Tesco Boss Promises to Turn Company Around

Tesco is undergoing a significant rebranding effort to address challenges in the UK market. The company is accelerating its planned three-year overhaul into 12 months, focusing on improving store conditions, correcting prices, and enhancing online and convenience operations. Despite global success, Tesco faces competition and underinvestment issues in the UK. The rebranding is part of a long-term strategy to regain its market position, as it has been perceived as struggling due to its previous dominance.

In what way is Tesco's planned rebrand related to its long-term strategy?

What does the text suggest about Tesco's current financial status?