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10/04/2002
Tesco unveil pre-tax profits and expansion plans
UK supermarket chain, Tesco have announced that the company is to create 21,000 new jobs worldwide, 9,000 of which will be in the UK.
The company's expansion of its Portadown store, which created 400 new jobs and opened on March 25, is part of this development. Tesco also plans to open 55 new stores and 30 new express shops across the UK.
Tesco released the news as they reported a surge in pre-tax profits to £1.2 billion for the last financial year. The company said they had continued to gain customers from competitors, and had increased their share of the food market to 16.7%. The supermarket chain has been competing heavily on price and has invested £280 million in its price campaigns over the last year.
However, Tesco have recently been ticked off by the Advertising Standards Authority (ASA) for its claims over low prices. The authority upheld two complaints from rival supermarket Safeway about a national press advert and a leaflet.
The advert said: "Mess for less - no other supermarket is more committed to cutting prices".
The ASA upheld the complaint, agreeing the claim could not be substantiated.
(MB)
The company's expansion of its Portadown store, which created 400 new jobs and opened on March 25, is part of this development. Tesco also plans to open 55 new stores and 30 new express shops across the UK.
Tesco released the news as they reported a surge in pre-tax profits to £1.2 billion for the last financial year. The company said they had continued to gain customers from competitors, and had increased their share of the food market to 16.7%. The supermarket chain has been competing heavily on price and has invested £280 million in its price campaigns over the last year.
However, Tesco have recently been ticked off by the Advertising Standards Authority (ASA) for its claims over low prices. The authority upheld two complaints from rival supermarket Safeway about a national press advert and a leaflet.
The advert said: "Mess for less - no other supermarket is more committed to cutting prices".
The ASA upheld the complaint, agreeing the claim could not be substantiated.
(MB)
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