|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||3.70 - 3.95|
|52 Week Range||3.70 - 3.95|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Britain's biggest retailer Tesco bucked a grim start to the year for the sector with a 28 percent surge in annual profit and a punchy revenue growth target for the newly acquired Booker wholesale business. Shares in Tesco rose as much as 6.5 percent on Wednesday after it confirmed targets for cost savings, cash generation and profit margins and said the integration of Booker, purchased for 4 billion pounds ($5.7 billion) last month, was well underway. The deal will see Tesco expand to provide food to restaurants, bars and smaller grocers, while some 200 million pounds of annual synergies are targeted within three years.
Is Tesco going to go head to head with Aldi and Lidl by launching its own discounter? More than 260,000 extra shoppers visited Tesco. As a result, the vocal critics of Mr Lewis’s decision to take his basket down the merger aisle with the acquisition of wholesaler Booker have piped down (for now).
Sales and profits improved at Tesco last year, leading the supermarket to announce its first dividend in three years. Operating profit increased by 80.6 per cent from £1.02bn to £1.84bn, while profit before tax was up 795 per cent at £1.3bn, from £145m. Group sales rose 2.3 per cent from £49.9bn to £51bn, as the supermarket added 260,000 more customers.
Britain's biggest supermarket chain Tesco (TSCO.L) said on Tuesday the price of its own brand fizzy drinks will not increase after a sugar levy comes into force this week as they already fall below a government-imposed threshold. Britain will implement the levy from April 6 on makers of sugary drinks, a move advocated by health campaigners arguing that they are a source of empty calories. "Over the last decade, we've been working in partnership with our suppliers to make our own-label soft drinks healthier, by reformulating them to reduce sugar content," said Head of Soft Drinks Phil Banks.
Market leader Tesco and No. 4 Morrisons were the best performers of Britain's big four supermarkets over the last three months, industry data showed on Tuesday. Grocery inflation was 2.9 percent during the period, down from 3.6 percent in Kantar's February report. Market researcher Kantar Worldpanel said Tesco and Morrisons' sales both increased 2.7 percent year-on-year over the 12 weeks to February 25 - ahead of growth of 2.3 percent at No. 3 Asda and 1.1 percent at No. 2 Sainsbury's.
Tesco's 4 billion pound takeover of Booker has completed, both companies said on Monday, creating a new powerhouse in Britain's 200 billion pound-a-year food market. The cash and shares deal to combine Tesco, Britain's biggest retailer, with Booker, the country's largest wholesaler, received court approval on Friday and is now in effect. Booker shares have now been de-listed from the London Stock Exchange.
Tesco's 4 billion pound ($5.5 billion) takeover of Booker was overwhelmingly backed by shareholders of both companies on Wednesday, clearing the final hurdles to the creation of a new powerhouse in Britain's 200 billion pounds-a-year food market. Investor approval, which followed the regulatory green light in December, means the cash and shares deal to combine Tesco, Britain's biggest retailer, with Booker, the country's largest wholesaler, is set to complete on March 5. The support is a personal victory for Tesco Chief Executive Dave Lewis, who stunned the market in January 2017 with an agreed deal with Booker that was originally valued at 3.7 billion pounds.
Shareholders in Britain's largest wholesaler Booker on Wednesday backed a takeover by Tesco, the country's biggest retailer, according to provisional voting figures. At a general meeting of Booker investors 83.4 percent of votes cast approved the deal, which was valued at 3.7 billion pounds when it was agreed in January 2017 but worth 3.95 billion pounds at Tuesday's closing share prices. Booker required the support of 75 percent of votes cast for the deal to proceed.
Investor advisory firm Glass Lewis has urged shareholders in British wholesaler Booker Group (BOK.L) to reject a takeover by retailer Tesco (TSCO.L), dealing a fresh blow to the proposed 3.7 billion-pound deal. The premium offered by Tesco's shares-and-cash bid "clearly lags regional trends," and Booker shareholders should vote against the deal at a meeting on Feb. 28 called to approve it, Glass Lewis told clients in a report on Tuesday.
Supermarket group Tesco, Britain's biggest retailer, is planning a chain of cut-price stores to counter the growth of discount rivals Aldi and Lidl, the Sunday Times newspaper reported. The paper said Tesco was understood to be developing a separate brand that would match its German competitors on price with a more limited range than in its main stores. Tesco had no immediate comment on the report.
A U.S. hedge fund which owns a stake in Booker Group (BOK.L) said on Thursday it plans to oppose Tesco's (TSCO.L) 3.7 billion pound takeover bid unless the wholesaler secures a better deal. Sandell Asset Management said in a statement that it holds the equivalent of 1.75 percent of Booker and had expressed its concerns about the Tesco takeover in a letter to Booker's board. Sandell believes that fair value for Booker shares is between 255 pence per share and 265 pence.
Supermarket group Tesco is facing a potential bill of up to 4 billion pounds in a record equal pay claim involving mainly women workers at its British stores, according to the law firm pursuing the case. Tesco is Britain's biggest retailer and its largest private sector employer with more than 310,000 staff. Law firm Leigh Day said on Wednesday the mainly male employees in Tesco's distribution centres were paid considerably more than its largely female store workers.
Supermarket group Tesco (TSCO.L) is facing a potential bill of up to 4 billion pounds ($5.6 billion) in a record equal pay claim involving mainly women workers at its British stores, according to the law firm pursuing the case. Tesco is Britain's biggest retailer and its largest private sector employer with more than 310,000 staff. Law firm Leigh Day said on Wednesday the mainly male employees in Tesco's distribution centres were paid considerably more than its largely female store workers.
Tesco, Britain's biggest retailer, said Booker boss Charles Wilson would stay on and run its entire UK business once it completes the 3.7 billion pounds ($5.2 billion) takeover of the wholesaler. Tesco also forecast profit for 2017-18 would come in slightly ahead of analysts' expectations, adding it had traded in line with management expectations since it last updated investors on Jan. 11. Tesco's purchase of Booker is the boldest move yet by its Chief Executive Dave Lewis, who took over in 2014, providing the supermarket group with access to the faster growing catering segment of Britain's 195 billion pound food market.
Tesco Bank has named Ulster Bank Chief Executive Gerry Mallon as its new CEO, the bank which is owned by Britain's biggest retailer Tesco (TSCO.L) said on Wednesday. Mallon will take up his job towards the end of July 2018, Tesco Bank said, replacing Benny Higgins who is due to retire in February. "Electing a young and energetic leader to target growth across the domain of financial services product in a world of burgeoning open access to banking data would seem to us to be a sensible move," analyst John Cronin at Irish broker Goodbody said about Mallon's appointment.
(Reuters) - Tesco Plc (TSCO.L) has poached Ulster Bank Chief Executive Gerry Mallon to run the financial services arm of Britain's biggest retailer, Sky News reported on Tuesday. Mallon has resigned as ...
Britain's biggest retailer Tesco (TSCO.L) said on Monday it will cut a net 800 jobs from its UK business in its latest move to simplify operations and achieve targeted cost savings. The supermarket group, the UK's largest private sector employer with a staff of over 310,000, said the role of "people manager" and "compliance manager" will be removed from large UK stores and fulfilment centres, as will the role of "customer experience manager" from 226 stores. Tesco said it would, however, create 900 new roles - "people partners", "learning partners" and "colleague relations partners" - who will work across multiple sites, in distribution, stores and fulfilment.
Tesco's (TSCO.L) Christmas trading missed forecasts as strong food sales were offset by weak demand for items such as DVDs and computer games, showing that even Britain's biggest supermarket chain is feeling the strain as consumers curb their spending. Market research this week had identified Tesco as a festive winner, but the group said lower sales of general merchandise and the collapse of a tobacco supplier cast a shadow over a record week of trading before Dec. 25. Britons, whose spending power has been squeezed by inflation, prioritised food this Christmas and cut back on nearly everything else, industry data has shown.
Tesco's Christmas trading missed forecasts as strong food sales were offset by weak demand for items such as DVDs and computer games, showing that even Britain's biggest supermarket chain is feeling the strain as consumers curb their spending. Market research this week had identified Tesco as a festive winner, but the group said lower sales of general merchandise and the collapse of a tobacco supplier cast a shadow over a record week of trading before Dec. 25. Britons, whose spending power has been squeezed by inflation, prioritised food this Christmas and cut back on nearly everything else, industry data has shown.
Britain's fourth biggest supermarket chain Morrisons beat sales growth forecasts over Christmas while industry data indicated market leader Tesco outperformed smaller listed rivals during the festive season. The survey data from both Kantar Worldpanel and Nielsen showed Tesco enjoyed the strongest performance of Britain's big four chains over the Christmas quarter with total sales growth put at 3.1 percent and 3.4 percent respectively. The data showed second placed Sainsbury's and third ranked Asda performed solidly, but also that privately-owned German discounters Aldi UK and Lidl UK continued to outpace the sales growth of all the big four, winning market share from all but Tesco.
Tesco (TSCO.L), Britain's largest retailer, tightened its hold on the nation's food market on Wednesday when the competition regulator gave final approval for its 3.7 billion pound ($4.95 billion) takeover of wholesaler Booker (BOK.L). Buying Booker marks the boldest move yet by Tesco Chief Executive Dave Lewis, who took over in 2014, providing the supermarket group with access to the faster growing catering segment of Britain's 195 billion pound food market. The ruling by the Competition and Markets Authority (CMA) that the deal, first announced in January, does not raise competition concerns, means that Tesco ends the year on a high.
Under the terms of the agreement, Nabors acquired all common shares of Tesco in an all-stock transaction. Tesco shareholders will receive 0.68 common shares of Nabors for each share of Tesco stock owned.
At a Special Meeting of Shareholders held today (the "Meeting") in Canada, Tesco shareholders approved, by a large majority, the Arrangement pursuant to which Nabors will acquire all of Tesco's common shares in a stock-for-stock transaction. Tesco President and Chief Executive Officer Fernando Assing, commented, "We are truly pleased with the strong support received from our shareholders which resulted in the approval of both management proposals during today's shareholder meeting.