16/04/2014
Tesco Announce 6% Full-Year Profit Fall
Britain's biggest supermarket chain, Tesco, has reported a 6% fall in its full-year profit of £3.3bn.
The supermarket announced its pre-tax profit were down 6.9% to £3.1bn as its like-for-like sales, excluding fuel and VAT, also fell 3% in the three months to the end of February.
However, the company shares increasd more than 3% in early trades on Wednesday but, according to Kantar Worldpanel, its market share hit a 10-year low of 28.6% in the 12 weeks to March 30 compared the same period the year before, it lowest since 2004.
Philip Clarke, Chief Executive, said: "We are transforming Tesco through a relentless focus on providing the most compelling offer for our customers. Our results today reflect the challenges we face in a trading environment which is changing more rapidly than ever before. We are determined to lead the industry in this period of change.
"Having strengthened the foundations of our business in the UK, we are now accelerating our growth in new channels and investing in sharper prices, improved quality, stronger ranges and better service. Since setting out these plans just seven weeks ago, we have already made a substantial investment in price, launched Clubcard Fuel Save and re-launched our general merchandise ranges across the business. We are going faster with our work to transform our Extra stores to create more compelling destinations and will complete more than 50 in the first half alone."
(CVS/CD)
The supermarket announced its pre-tax profit were down 6.9% to £3.1bn as its like-for-like sales, excluding fuel and VAT, also fell 3% in the three months to the end of February.
However, the company shares increasd more than 3% in early trades on Wednesday but, according to Kantar Worldpanel, its market share hit a 10-year low of 28.6% in the 12 weeks to March 30 compared the same period the year before, it lowest since 2004.
Philip Clarke, Chief Executive, said: "We are transforming Tesco through a relentless focus on providing the most compelling offer for our customers. Our results today reflect the challenges we face in a trading environment which is changing more rapidly than ever before. We are determined to lead the industry in this period of change.
"Having strengthened the foundations of our business in the UK, we are now accelerating our growth in new channels and investing in sharper prices, improved quality, stronger ranges and better service. Since setting out these plans just seven weeks ago, we have already made a substantial investment in price, launched Clubcard Fuel Save and re-launched our general merchandise ranges across the business. We are going faster with our work to transform our Extra stores to create more compelling destinations and will complete more than 50 in the first half alone."
(CVS/CD)
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BA announces £40m losses
British Airways today posted a pre-tax loss of £45 million for the first quarter to June 30 – a huge turnaround on last year's £65 million profit for the same period.
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05 June 2013
Sales Fall At Tesco
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Sales Fall At Tesco
UK sales at Tesco have fallen over the last three months, the supermarkets report shows. The report shows that in the 13 weeks to 25 May 2013, like-for-like sales fell by 1%, but the supermarket added that they, “broadly maintained our performance from the fourth quarter of last year".
22 September 2014
Tesco Executives Suspended In Profit Investigation
The managing director of Tesco's UK has been suspended, along with three other executives, as part of an investigation into overstated half-year profits. It is understood that Deloitte is investigating allegations that the supermarket overstated its half-year's profit guidance by £250m, almost a quarter of its expected profit for the period.
Tesco Executives Suspended In Profit Investigation
The managing director of Tesco's UK has been suspended, along with three other executives, as part of an investigation into overstated half-year profits. It is understood that Deloitte is investigating allegations that the supermarket overstated its half-year's profit guidance by £250m, almost a quarter of its expected profit for the period.
17 April 2013
Tesco Suffer First Profit Drop In 20 Years
As Tesco announce they are to pull out of the US completely, the supermarkets profits have fallen for the first time in almost 20 years. The supermarkets US chain of 199 Fresh & Easy shops have never made a profit and will now be wound up, at a cost of £1.2bn.
Tesco Suffer First Profit Drop In 20 Years
As Tesco announce they are to pull out of the US completely, the supermarkets profits have fallen for the first time in almost 20 years. The supermarkets US chain of 199 Fresh & Easy shops have never made a profit and will now be wound up, at a cost of £1.2bn.
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