Donate to Remove ads

Got a credit card? use our Credit Card & Finance Calculators

Thanks to johnstevens77,Bhoddhisatva,scotia,Anonymous,Cornytiv34, for Donating to support the site

Tesco (TSCO)

Share latest information on individual companies and hot news discussions. LSE Main Market companies only
Forum rules
No penny shares or promotional posts
Dod101
The full Lemon
Posts: 16629
Joined: October 10th, 2017, 11:33 am
Has thanked: 4343 times
Been thanked: 7534 times

Re: Tesco (TSCO)

#352943

Postby Dod101 » November 3rd, 2020, 11:49 am

I notice in the Times this morning that Howdens, the kitchen joinery business has decided to repay its business rates rebate and not only that, but also its furlough money, joining a number of companies which decided that they did not need State support. Good for them.

Tesco is really the limit and its Directors should be ashamed of themselves. They take the rebate on the one hand and pass it on to shareholders with the other and yet everyone knows that these rebates were intended to help companies to survive the pandemic.

Dod

Arborbridge
The full Lemon
Posts: 10369
Joined: November 4th, 2016, 9:33 am
Has thanked: 3601 times
Been thanked: 5227 times

Re: Tesco (TSCO)

#352961

Postby Arborbridge » November 3rd, 2020, 12:37 pm

Dod101 wrote:I notice in the Times this morning that Howdens, the kitchen joinery business has decided to repay its business rates rebate and not only that, but also its furlough money, joining a number of companies which decided that they did not need State support. Good for them.

Tesco is really the limit and its Directors should be ashamed of themselves. They take the rebate on the one hand and pass it on to shareholders with the other and yet everyone knows that these rebates were intended to help companies to survive the pandemic.

Dod


Well done Tesco :lol: A company aware of its duty to shareholders and recognising the needs of the pensioners it supports. Profit fairly earned and distributed taking into account the right to use what tax mitigations and government help it can legally receive. Since when has the capitalist imperative been a moral issue? Ask that of the biggest tax cheats of all - the US disruptors which are costing us dear and destorying the high street. Tesco at least pays a good slug of corporation tax.

Yes, good for Tesco. I'd say.

Dod101
The full Lemon
Posts: 16629
Joined: October 10th, 2017, 11:33 am
Has thanked: 4343 times
Been thanked: 7534 times

Re: Tesco (TSCO)

#352974

Postby Dod101 » November 3rd, 2020, 1:03 pm

Arb

You have never heard of ESG? Environment Social and Governance. Unfortunately we have moved on from when even the most capitalistic public company can ignore these factors. Clearly that has been recognised by those many companies who have decided to repay the furlough money they received during the first lockdown and by those companies, like Howden, who are paying their business rates because they can afford to. No one as far as I know has put pressure on those companies and they simply recognise it as the right thing to do. Tesco can easily afford to pay their business rates and probably pay a dividend as well, but they have chosen to grab whatever they can. Their culture has not really changed much since the days of Leahy.

Dod

gnawsome
Lemon Slice
Posts: 406
Joined: November 6th, 2016, 4:44 pm
Has thanked: 764 times
Been thanked: 71 times

Re: Tesco (TSCO)

#352978

Postby gnawsome » November 3rd, 2020, 1:17 pm

Dod101 wrote:Arb

... Tesco can easily afford to pay their business rates and probably pay a dividend as well, but they have chosen to grab whatever they can. Their culture has not really changed much since the days of Leahy.

Dod


Maybe that would be why it is a component of so many pension funds and maybe personal investor 'folios ( which of course is entirely speculation on my part)

GrahamPlatt
Lemon Quarter
Posts: 2059
Joined: November 4th, 2016, 9:40 am
Has thanked: 1032 times
Been thanked: 823 times

Re: Tesco (TSCO)

#352985

Postby GrahamPlatt » November 3rd, 2020, 1:29 pm

Dod,

One way or another, we'll be paying this furlough money back. May as well have received some in the first place no?

Arborbridge
The full Lemon
Posts: 10369
Joined: November 4th, 2016, 9:33 am
Has thanked: 3601 times
Been thanked: 5227 times

Re: Tesco (TSCO)

#352991

Postby Arborbridge » November 3rd, 2020, 1:36 pm

I'm just interested in the ire shown towards Tesco, in contrast with the silence on the far greater cheats from the US. OK, I admit they do not often come up as a subject on HYPP, but they do not often have anyone criticise them - except for me. Yet they are getting away with monumental handouts from government by avoiding tax, destroying the high street and paying unliving wages. Save your disgust for them, not for a British Company which is doing a great job socially to help us through the lock downs, and which is under threat from the disruptors. They deserved to be showered in praise.


Arb.

Dod101
The full Lemon
Posts: 16629
Joined: October 10th, 2017, 11:33 am
Has thanked: 4343 times
Been thanked: 7534 times

Re: Tesco (TSCO)

#353056

Postby Dod101 » November 3rd, 2020, 4:00 pm

Arborbridge wrote:I'm just interested in the ire shown towards Tesco, in contrast with the silence on the far greater cheats from the US. OK, I admit they do not often come up as a subject on HYPP, but they do not often have anyone criticise them - except for me. Yet they are getting away with monumental handouts from government by avoiding tax, destroying the high street and paying unliving wages. Save your disgust for them, not for a British Company which is doing a great job socially to help us through the lock downs, and which is under threat from the disruptors. They deserved to be showered in praise..


Part of my ire is to wind up Arb, but really many companies have either chosen not to take the furlough money or have repaid it. As far as I know not many have paid their business rates but it is good to see Howden doing so. It has been shown that a company that respects the ESG tenets tends to do better than those that ignore it, probably I think because they have a more far seeing and enlightened management.

We can do nothing it would seem about the so called 'cheats' from the US. I guess they must be complying with our laws otherwise they would not be here. As we all know tax avoidance is perfectly acceptable. All of us probably practise it all the time by using ISAs for example.

Golly, Arb sounds almost sorry for poor Tesco :shock:

Dod

Arborbridge
The full Lemon
Posts: 10369
Joined: November 4th, 2016, 9:33 am
Has thanked: 3601 times
Been thanked: 5227 times

Re: Tesco (TSCO)

#353093

Postby Arborbridge » November 3rd, 2020, 5:17 pm

Dod101 wrote:
Part of my ire is to wind up Arb,
We can do nothing it would seem about the so called 'cheats' from the US. I guess they must be complying with our laws otherwise they would not be here. As we all know tax avoidance is perfectly acceptable. All of us probably practise it all the time by using ISAs for example.

Golly, Arb sounds almost sorry for poor Tesco :shock:

Dod


Part of my ire is to wind up Arb, I happily do likewise, but only to stimulate discussion and flush out different views.

Sorry for Tesco? - well, yes, but that is also concern about the greater good of UK PLC and our companies and way of life and our society. Wherever possible, I would buy from a UK company (indeed I've just ordered a lamp from John Lewis and wouldn't dream of buying anything from Amazon unless I had to*)


*for that "had to" I give my self a little leeway with the occasional kindle book purchase, since someone once gave me a kindle. For proper books, I buy from the high street.

Dod101
The full Lemon
Posts: 16629
Joined: October 10th, 2017, 11:33 am
Has thanked: 4343 times
Been thanked: 7534 times

Re: Tesco (TSCO)

#353112

Postby Dod101 » November 3rd, 2020, 5:50 pm

Arborbridge wrote: For proper books, I buy from the high street.


I do think though that all plcs are going to have to take much more care with ESG topics in future

A bit off topic but I buy quite a lot of books and I have suddenly found that Waterstones can be quite good value if you use their card which gives credits and buy one get one half price and discounts off the marked price.

OTOH Amazon using free Prime is very good value as long as you remember to cancel Prime before the month's free trial; is over.

Dod

GrahamPlatt
Lemon Quarter
Posts: 2059
Joined: November 4th, 2016, 9:40 am
Has thanked: 1032 times
Been thanked: 823 times

Re: Tesco (TSCO)

#353153

Postby GrahamPlatt » November 3rd, 2020, 8:12 pm

Dod101 wrote:
Arborbridge wrote: For proper books, I buy from the high street.


A bit off topic but I buy quite a lot of books and I have suddenly found that Waterstones can be quite good value if you use their card which gives credits and buy one get one half price and discounts off the marked price.

OTOH Amazon using free Prime is very good value as long as you remember to cancel Prime before the month's free trial; is over.

Dod


https://www.theguardian.com/books/2020/ ... val-amazon

https://uk.bookshop.org/

Moderator Message:
Folks, if we want to discuss the best place to buy books, or some of the other topics this thread has wandered into, there are better places. This series of posts has already been moved once, so let's not see it moved again. As a reminder, we are discussing Dod's report of an article in The Times.- MDW1954

Dod101
The full Lemon
Posts: 16629
Joined: October 10th, 2017, 11:33 am
Has thanked: 4343 times
Been thanked: 7534 times

Re: Tesco (TSCO)

#353330

Postby Dod101 » November 4th, 2020, 9:51 am

I see in the Times this morning that the CBI is reported to have urged companies that have received taxpayer cash they did not need to come together and repay it. Julian Richer, chief executive of Richer Sounds has also said he was really annoyed that supermarkets had benefited from an industry wide holiday. As he said at the CBI conference, the rates holiday was intended for struggling high street shops and yet supermarkets have got customers queuing round the block and are benefiting from hundreds of millions of pounds a year of rates relief.

Incidentally, it seems that the chairman of Tesco is also vice president of the CBI. Talk about being two faced!

Dod

idpickering
The full Lemon
Posts: 11276
Joined: November 4th, 2016, 5:04 pm
Has thanked: 2468 times
Been thanked: 5763 times

Re: Tesco (TSCO)

#361986

Postby idpickering » December 2nd, 2020, 7:25 am

Tesco decides to repay business rates relief

The Board of Tesco PLC announces today its decision to repay to the UK Government and the Devolved Administrations the £585m of business rates relief received in respect of the COVID-19 pandemic.

In March, the UK faced an unprecedented situation as the pandemic took hold.

For food retailers, the impact was immediate and potentially disastrous: panic buying, severe pressure on supply lines, major safety concerns and the risk of mass absences from work, culminated in a real and immediate risk to the ability of supermarkets to feed the nation.

We are immensely grateful for the financial and policy support provided to us by the governments of the UK. This was a game-changer and allowed us to ensure customers got access to the essentials they needed.

The decision at the time to provide rates relief to all retailers was hugely important. These funds meant that we had the immediate confidence, in the face of significant uncertainty, to invest in colleagues, and support our customers and suppliers. We are immensely proud of our colleagues for their remarkable efforts during Covid.

Every penny of the rates relief we have received has been spent on our response to the pandemic. Our latest estimate at our Interim Results in October was that Covid would cost Tesco c.£725m this year - well in excess of the £585m rates relief received.


https://www.investegate.co.uk/tesco-plc ... 00072492H/

Dod101
The full Lemon
Posts: 16629
Joined: October 10th, 2017, 11:33 am
Has thanked: 4343 times
Been thanked: 7534 times

Re: Tesco (TSCO)

#361989

Postby Dod101 » December 2nd, 2020, 7:35 am

Well well. So Tesco has been shamed into paying the rates relief at last. Hopefully the other supermarkets will do the same. It does not say much for the Chairman though as he could have told Drastic Dave a long time ago to do so. As it is it has taken the new CEO to appear on the scene for it to happen.

Dod

Arborbridge
The full Lemon
Posts: 10369
Joined: November 4th, 2016, 9:33 am
Has thanked: 3601 times
Been thanked: 5227 times

Re: Tesco (TSCO)

#362002

Postby Arborbridge » December 2nd, 2020, 8:29 am

Dod101 wrote:Well well. So Tesco has been shamed into paying the rates relief at last. Hopefully the other supermarkets will do the same. It does not say much for the Chairman though as he could have told Drastic Dave a long time ago to do so. As it is it has taken the new CEO to appear on the scene for it to happen.

Dod


Well, at least you guys can stop complaining now 8-)

Steveam
Lemon Slice
Posts: 974
Joined: March 18th, 2017, 10:22 pm
Has thanked: 1745 times
Been thanked: 534 times

Re: Tesco (TSCO)

#362006

Postby Steveam » December 2nd, 2020, 8:37 am

I’m a shareholder in Tesco and am annoyed that they’ve decided to give my money away. I accept that management have the job of managing and if they decide that £500m is best given to the government (I guess for publicity or reputation) then so be it but I’d have preferred it were spent within the business of even a higher dividend.

Dod and I will have to differ on this.

Best wishes,

Steve

scrumpyjack
Lemon Quarter
Posts: 4814
Joined: November 4th, 2016, 10:15 am
Has thanked: 606 times
Been thanked: 2675 times

Re: Tesco (TSCO)

#362008

Postby scrumpyjack » December 2nd, 2020, 8:43 am

To be fair to Tesco, no other supermarket had offered to pay it back yet so they are the first. No doubt the others will now have to follow suit.

Wizard
Lemon Quarter
Posts: 2829
Joined: November 7th, 2016, 8:22 am
Has thanked: 68 times
Been thanked: 1029 times

Re: Tesco (TSCO)

#362352

Postby Wizard » December 2nd, 2020, 6:54 pm

Arborbridge wrote:
Dod101 wrote:Well well. So Tesco has been shamed into paying the rates relief at last. Hopefully the other supermarkets will do the same. It does not say much for the Chairman though as he could have told Drastic Dave a long time ago to do so. As it is it has taken the new CEO to appear on the scene for it to happen.

Dod


Well, at least you guys can stop complaining now 8-)

Been out all day, but as soon as I heard the news I thought of you :lol:

idpickering
The full Lemon
Posts: 11276
Joined: November 4th, 2016, 5:04 pm
Has thanked: 2468 times
Been thanked: 5763 times

Re: Tesco (TSCO)

#364308

Postby idpickering » December 9th, 2020, 7:08 am

Conditions satisfied for sale of Asia business

Following the announcement on 9 March 2020 that Tesco had agreed to sell its businesses in Thailand and Malaysia to C.P. Retail Development Company Limited (CPRD) and further to the announcement on 6 November, Tesco is pleased to confirm that CP Group has now reviewed and is satisfied with the formal notice of approval from the OTCC in Thailand.

This, combined with the approval received from the Ministry of Domestic Trade and Consumer Affairs in Malaysia on 10 November, means there are no further conditions outstanding and the disposal is expected to complete on or around 18 December.

Tesco Group CEO, Ken Murphy:

"I would like to thank all our colleagues in Asia for their hard work and dedication to our customers over many years. They have built a very strong business. I'm confident that the agreement with CP Group will ensure that they are well setup for continued success. This sale allows us to focus on our businesses across Europe and to continue delivering for customers, make a significant contribution to our pension deficit and return value to shareholders."

As previously ann ounced, Tesco intends to return c. £5 billion of the net proceeds to shareholders via a special dividend, together with a share consolidation, and will also make a significant pension contribution of £2.5 billion to the Tesco PLC Pension Scheme shortly following completion. The special dividend is expected to be paid on or around 26 February 2021, conditional on obtaining shareholder approval at a general meeting which is expected to be held on or around 11 February 2021 (the "General Meeting").

A circular containing further details of the special dividend and share consolidation, as well as a notice convening the General Meeting and further details about the resolutions to be considered at the General Meeting, will be sent to Tesco shareholders on or around 25 January 2021.



https://www.investegate.co.uk/tesco-plc ... 00050406I/

idpickering
The full Lemon
Posts: 11276
Joined: November 4th, 2016, 5:04 pm
Has thanked: 2468 times
Been thanked: 5763 times

Re: Tesco (TSCO)

#367294

Postby idpickering » December 18th, 2020, 10:17 am

Tesco completes sale of businesses in Asia

Following the announcement on 9 December 2020, Tesco is pleased to announce that it has completed the sale of its businesses in Thailand and Malaysia to C.P. Retail Development Company Limited (CPRD), the acquiring entity in which Charoen Pokphand Group, CP All Public Company Limited and Charoen Pokphand Foods Public Limited are invested.

As previously announced, a circular containing further details of the c.£5 billion special dividend and share consolidation, as well as a notice convening a general meeting of shareholders (the "General Meeting") and further details about the resolutions to be considered at the General Meeting, will be sent to shareholders on or around 25 January 2021.

The Company will shortly make a significant pension contribution of £2.5 billion to the Tesco PLC Pension Scheme. The special dividend is expected to be paid on or around 26 February 2021, conditional on obtaining shareholder approval at the general meeting which is expected to be held on or around 11 February 2021.


https://www.investegate.co.uk/tesco-plc ... 00031461J/

idpickering
The full Lemon
Posts: 11276
Joined: November 4th, 2016, 5:04 pm
Has thanked: 2468 times
Been thanked: 5763 times

Re: Tesco (TSCO)

#376846

Postby idpickering » January 14th, 2021, 7:14 am

3Q and Christmas Trading Statement 2020/21

Ken Murphy, Chief Executive:

“Our focus on looking after our customers, including delivering record availability, robust safety measures and great value has enabled us to maintain strong momentum through the Christmas period, outperforming the market every week.

We delivered a record Christmas across all of our formats and channels. In response to unprecedented demand for online groceries, colleagues delivered over seven million orders containing more than 400 million individual items over the Christmas period. We're now supporting 786,000 vulnerable customers with priority access to online slots and, as lockdown measures continue, we’ll keep doing everything we can to ensure everyone can safely get the food and essentials they need.

Our colleagues went above and beyond, rising to every challenge in the most exceptional of circumstances and I thank every one of them for this. We’re in great shape to keep delivering in 2021 and beyond."

A MARKET-LEADING CHRISTMAS PERFORMANCE – UK LFL SALES GROWTH UP 8.1%

A strong UK sales performance was sustained into the third quarter with like-for-like growth of +6.7%, accelerating to +8.1% at Christmas following improved customer metrics across all areas. Our performance was market-leading for every week of the Christmas period with our simple, great value offer and focus on safety resonating well with customers.

UK sales grew across all formats, channels and categories. Online sales growth was particularly marked at over +80% which equates to nearly £1 billion extra sales over the 19-week period. Order numbers after Christmas continued to grow, and we exceeded our all-time records for both home deliveries and click & collect last week. Our performance included the benefit of attracting nearly 100,000 new Delivery Saver subscribers taking the total to over 680,000. Large store sales also grew strongly as customers favoured larger, less frequent shopping trips.

UK sales performance over Christmas was driven by food including a +14% increase in sales of Finest* products as customers looked for more opportunities to treat themselves as part of their festive shop. We supported customers with timely promotions including our festive 5 vegetable offer, ‘3 for 2’ party food and 25% off 6+ bottles of wine. We catered for all diets with our largest ever festive range of free-from, vegan and vegetarian products. Sales of plant-based products increased strongly including growth of more than +90% in our Plant Chef range in the run up to Christmas. General merchandise sales grew by +4% driven by strong performance in toys, home and electrical items.

We are committed to delivering great value at a time when our customers need us most. Since we launched Aldi Price Match in March, our value perception has increased by +450 basis points and we are now the most competitive we have been against the entire market in nearly a decade. Following the launch of Clubcard Prices in September, Clubcard penetration has increased by +10% pts to over 80% of sales in Large stores and the Clubcard app has nearly two million more active users. We continue to strengthen our overall relative price position and are gaining customers from all key competitors.

Our response to COVID-19 continues to be guided by doing the right thing for all our stakeholders. In the period, we thanked front-line colleagues with a 10% Christmas bonus, shielded our extremely clinically vulnerable colleagues and welcomed nearly 35,000 additional temporary colleagues. We’ve continued to support our communities, in total providing more than £60m in support to help charities feed people in need during the pandemic. We were also delighted to achieve our UK target of removing one billion pieces of plastic from products sold, including removal of shrink wrap from multipacks, covers from greeting cards and plastic gifts from our Christmas crackers.

Our comprehensive preparations and our strong relationships with suppliers have enabled us to maintain strong levels of availability through the initial Brexit transition period.

Booker sales over the 19-week period grew by +12.4% including a c.14% contribution from Best Food Logistics which was acquired in early March. Retail continued to perform well throughout the period with sales up +14%. Catering performance has been strongly correlated to the severity of UK COVID-19 restrictions including a recovery following the ‘Eat Out to Help Out’ scheme leading into the start of the third quarter. As restrictions have tightened, the severity of the decline in the hospitality sector overall led to a fall in our catering sales of (49)% on a like-for-like basis over the Christmas period, compared to around (30)% for the third quarter. We continue to outperform the catering industry as a whole.

In ROI, like-for-like sales over the 19-week period grew by +12.1% with the strongest contribution from our large stores. We remain the clear online grocery market leader with sales growing by nearly +70% as we increased capacity in response to record demand. In the third quarter, we achieved our highest recorded customer NPS scores as service, value and quality perceptions all stepped forward.

Like-for-like sales in Central Europe grew by +0.9% in the third quarter, as we continued to strengthen our value proposition and traded over a weaker comparable period due to the re-sizing and simplifying of our businesses last year. Since then, the tightening of COVID-19 restrictions - including curfews preventing evening trading, temporary Sunday trading bans, and restrictions on the sale of non-food – have affected all of our markets in the region. In particular, this had a significant impact on our large stores and contributed to a (4.2)% decline in like-for-like sales over the Christmas period.

Tesco Bank sales fell (27.7)% across the 19-week period as activity across banking and money services continued to reflect the ongoing impact of COVID-19.


https://www.tescoplc.com/news/2021/3q-a ... nt-202021/

RNS here; https://www.investegate.co.uk/tesco-plc ... 00076290L/


Return to “Company Share news (LSE Main Market)”

Who is online

Users browsing this forum: ekipazh and 6 guests