Tesco investors have been left none the wiser on the retail giant’s plans for its Asian operations after the much anticipated quarterly briefing Thursday.

But the news was not great overall for the Asian business in the 19 weeks to January 3.

In Asia, total sales declined by 1.5 per cent at constant rates, with like-for-like sales declining by 4.6 per cent.

Tesco CEO Dave Lewis said in a statement that market conditions across the region “remain challenging”.

“In Thailand, sales trends improved over the period as we annualised the impact of the external pressures linked to political disruption last year. In Korea, a higher number of enforced Sunday closures under (trading hours) regulations affected the performance of all large retailers,” he said in a statement.

And that was all that was released about Asia.

Overall group sales declined by 1.0 per cent – a substantially lesser rate than in the second quarter – at like-for-like rates and excluding fuel. At actual rates, sales declined by 2.3 per cent, excluding fuel.

David Gray, retail analyst at Planet Retail, described Lewis’ role right now as “picking through the post-apocalyptic rubble”.

“This morning’s numbers, though offering some respite for Tesco’s embattled CEO, prove that turnaround will be slow, painfully so. Although UK like-for-like declines have narrowed from the chaos seen at Q2, this comes at a high cost – namely to profits.”

Tesco’s only decisions on restructuring its balance sheet revealed today are the sale of its Tesco Broadband and Blinkbox operations to TalkTalk, the appointment of advisers to explore strategic options for its dunnhumby operation, (an FMCG analytics business), a further reduction in new store building and a decision not to pay a final dividend.

Operationally, there will be a consolidation of head office functions, reduction in management numbers and 43 unprofitable stores will be shuttered.

The company also announced a plan to reduce the price of a range of commonly sold products by an average of 25 per cent to meet the market which while doubtlessly attracting more customers back in stores will reduce margins considerably.

As Gray observed: “The words ‘buying success’ come to mind in the wake of a festive performance driven at least in part by widespread vouchering activity.” And that was his take on sales before today’s cuts took effect.

“If Tesco is to rebuild its battered balance sheet without embarking on major asset sales, it will need to realise plans to cut costs. Even so, the tempting riches of the company’s property portfolio may prove too much to resist. Tesco may yet indulge in a measured number of sale and leasebacks. After all, the disposal of peripheral businesses, like the Dobbies garden centres and Tesco Homeplus non-food superstores – as has been mooted – may not raise sufficient funds to shore up the balance sheet,” Gray said.

Tesco is still reeling from the effects of the accounting scandal and – in Gray’s words – crucially lacking the manpower to lead its largest part, the UK.

“Tesco will need to plug this leadership gap fast if it is to find solutions to faltering sales and lacklustre profits at home.

“Even the overseas empire, once Tesco’s reliable sidekick in a tight spot, continues to struggle. From Europe to Asia there seems no end in sight to stuttering sales.

“Worse may yet be in store for a retailer seemingly bereft of solutions to its global decline.”

For all the gloom – and there is clearly some demonstrable improvement from the second quarter – Tesco still projects a profit for the full year of up to £1.4 billion.

“The immediate priority for proceeds from the new level of financial discipline and cost control will be reinvestment in our core customer proposition,” the company statement concluded.

Lewis himself was as upbeat as he could be: “We are seeing the benefits of listening to our customers. The investments we are making in service, availability and selectively in price are already resulting in a better shopping experience. A broad-based improvement has built gradually through the third quarter, leading to a strong Christmas trading performance.”