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Tesco, Britain's biggest retailer, said on Monday a new accounting standard related to the treatment of leases would have increased its operating profit and margin in the last financial year, while decreasing pretax profit and earnings per share. Tesco is introducing IFRS 16, the new financial reporting standard on accounting for leases, for its new 2019-20 financial year. It has no impact on how the business is run and no bearing on the plans or financial ambitions Tesco detailed in October 2016.
Britons have carried on spending despite their "Brexit fatigue," Tesco said on Wednesday, as a forecast-beating rise in profits confirmed a turnaround at Britain's biggest retailer. Celebrating its 100th year, Tesco is deep into a recovery plan under Chief Executive Dave Lewis after a 2014 accounting scandal capped a dramatic downturn in its fortunes. Lewis said customers had responded well to the company's "Exclusively at Tesco" brands, with 84 percent of them trying the products.
Tesco boss Dave Lewis on Wednesday downplayed City suggestions he might move on as the grocer’s turnaround is near complete. Lewis was parachuted into Tesco in 2014, revived the retailer in the wake of its accounting scandal and struck a £3.7 billion deal to buy cash-and-carry wholesaler Booker. The supermarkets chain posted an 11.2% sales rise to £63.9 billion, with earnings boosted by Booker, while profits jumped 28.8% to £1.7 billion, the best results under Lewis.
Tesco’s profits have soared 29 per cent despite an uncertain market as the store continues its impressive turnaround. Chief executive Dave Lewis said there was little sign of customers stockpiling ahead of Brexit and that shoppers were becoming tired with the issue. Comparable sales increased 2.9 per cent, while revenues at wholesaler Booker, which Tesco acquired in 2016, jumped 11 per cent.
Tesco, Britain's biggest retailer, is expected to report on Wednesday a 27 percent jump in full-year profit, putting it firmly on track to meet the medium-term targets Chief Executive Dave Lewis set out in 2016, despite the cloud of Brexit. The supermarket group, currently celebrating its 100th year, is being rebuilt by Lewis following a 2014 accounting scandal. Tesco has a leading 27.4 percent share of Britain's grocery market, according to the latest industry data, and looks set to retain that place after the competition regulator said in February it was minded to block Sainsbury's 7.3 billion pound takeover of Walmart's Asda.
Tesco, Britain's biggest retailer, said on Friday a new accounting standard related to the treatment of leases, will change the way assets and liabilities are presented but will not have an economic impact on the group. It also said the introduction of the new IFRS 16 standard would have no bearing on the plans or financial ambitions Tesco detailed in October 2016. Tesco said it has no effect on how the business is run, nor on cash flows for the group.
Tesco, Britain's biggest retailer, could axe 9,000 jobs in its UK stores and head office with its latest move to simplify operations and achieve targeted cost savings. Tesco, Britain's biggest private sector employer with a staff of over 300,000, said the main change in its stores would be to its fresh meat, fish and delicatessen counters. Tesco's move shows its operation diverging from rivals such as No. 4 player Morrisons, which emphasises its army of trained butchers, fishmongers and other specialists who prepare food in-store.
Tesco has announced plans to cut up to 9,000 jobs in a simplification plan aimed at cutting costs. Tesco, which employs more than 300,000 people in the UK, said “up to half” of the staff affected by the cuts “could be redeployed to other customer-facing roles”.
Supermarket rivals including Morrisons and Waitrose as well as butchers and fishmongers could get a boost if Tesco closes its food counters and bakeries. Shore Capital’s veteran retail analyst Clive Black said: “By doing so, [Tesco] will create competitive waves for shoppers who appreciate the opportunity to choose their cut of meat or fish or buy a freshly made loaf. Tesco is aiming to make £1.5 billion in cost savings by 2020 and is striving to hit a key profit margin target.
Tesco staff must be finding it tough to smile at customers this morning. “Our priority is to support our colleagues throughout,” said a memo to staff from chief operating officer Tony Hogett. It’s notable that Tesco’s priorities did not include offering any clarification to the shopworkers union, at least not as of this morning.
British trade union Unite said on Monday it was seeking urgent talks with the management of Tesco after a Sunday newspaper report that the supermarket group is planning to cut up to 15,000 jobs. Tesco is Britain's biggest private sector employer with a staff of over 300,000. Unite said it was recognised at four distribution centres with about 1,000 members who deliver to Tesco stores across the UK.
The union Unite has called for an urgent meeting with Tesco management following reports over the weekend that the supermarket is planning to axe 15,000 roles. The supermarket has not confirmed the job losses. On Monday, Adrian Jones, Unite’s national officer for retail distribution, said: “Our top priority this week is to arrange a meeting with Tesco’s management to get a clear picture of what the supermarket is planning, following media reports at the weekend that up to 15,000 jobs could be at risk.
Tesco, Britain's biggest supermarket chain, may cut thousands of jobs by closing in-store meat, fish and delicatessen counters and by replacing staff canteens with vending machines, the Mail on Sunday newspaper reported, citing industry sources. Up to 15,000 jobs could be put at risk by the changes, which are likely to affect the majority of Tesco's 732 larger stores, the report said, adding that details are expected to be announced this week. A spokesman for Tesco declined to comment on the details of the report.
Tesco will reportedly axe 15,000 jobs as part of a £1.5bn cost-saving measure. The supermarket chain will also close its meat, fish and delicatessen counters, according to the Mail on Sunday. The paper claims in-store bakeries will also be overhauled, with fresh dough replaced with frozen dough.
The last of three former senior directors of Tesco accused of fraud at Britain's biggest retailer in 2014 has been formally acquitted, leaving the Serious Fraud Office without a conviction for the accounting scandal. Carl Rogberg, 52, a former Tesco UK finance director, was tried last year along with former UK managing director Christopher Bush, 53, and former UK food commercial director John Scouler, 50. The trial was abandoned in February after Rogberg suffered a heart attack.
The ex-finance boss of Tesco on Wednesday became the last director to be acquitted over the supermarket’s accounting scandal after a judge said there was no case against him. Carl Rogberg, who suffered a heart attack in February, was accused of fraud and false accounting with Chris Bush, Tesco’s former UK boss, and John Scouler, an ex-commercial director. Today’s result ends the trial brought by the Serious Fraud Office over a £250 million profit black hole at the groceries giant, in another embarrassing defeat for the SFO.
A former Tesco executive has been cleared over a fraud and false accounting scandal that saw the company overstate its profit forecast by £250m. Tesco’s former UK finance director Carl Rogberg was cleared of all charges at Southwark Crown Court on Wednesday after the Serious Fraud Office presented no evidence against him. Mr Rogberg, 52, was accused of knowing that income was being wrongly included in records to meet targets and make the company look financially healthier than it was.
Tesco is poised to slash hundreds of jobs from its supermarkets in the latest cost-cutting drive by boss Dave Lewis, the Standard understands. The grocer is to start consulting with staff as early as this week over potential job losses at store management level. Tesco is aiming to make £1.5 billion in cost savings by 2020.
Tesco, Britain's biggest retailer, defied the industry gloom on Thursday, saying improvements in its own-brand ranges helped deliver its best Christmas in nearly a decade. The supermarket group reported a 2.2 percent rise in same-store sales in its home market in the six weeks to Jan. 5, beating rivals Sainsbury's and Morrisons and helped by deals such as its "Festive Five" vegetable packs, offering staples such as carrots and sprouts for 29 pence. The increase contrasted with an industry survey showing UK retailers failed to increase Christmas sales for the first time since the depths of the financial crisis, with shoppers worried whether Britain will secure an orderly withdrawal from the European Union in less than three months' time.
Tesco showed supermarket rivals a clean pair of heels on Thursday as it reported its best Christmas since 2009 and claimed to be grabbing customers from across the sector. With some rivals recording profit alerts and warning that consumers are spending with caution, a newly confident Tesco said same-store sales rose 2.2% in the UK over six weeks of Christmas. Chief executive Dave Lewis, who has lately done much to quieten City critics of his strategy and £4 billion Booker takeover, said it was “a fantastic Christmas built on doing the right thing for customers”, who are, “responding in the way we hoped”.
By James Davey LONDON (Reuters) - Two former directors of Tesco have been acquitted of fraud and false accounting at Britain's biggest retailer after a 2014 scandal, dealing a major blow to the UK Serious ...
British supermarket group Sainsbury's proposed takeover of rival Asda would not be cleared by the competition regulator without the need for "extensive remedies" if precedent is followed, according to market leader Tesco. The combination of No. 2 player Sainsbury's and No. 3 Asda, which is owned by Walmart, could overtake Tesco. In its submission to the Competition and Markets Authority (CMA), which is probing the deal, Tesco also questioned the economics of the 7.3 billion pounds ($9.4 billion) transaction, saying it provided few direct customer benefits.