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08/04/2003
Tesco posts huge growth and profits rise
Supermarket chain Tesco has reported massive growth, bettering last year's pre-tax profits margin by over 13% as the group surged past the £1.3 billion mark.
The group also reported that UK sales rose 7.9% to over £23 billion, and in the afterglow of today's annual results, the group say that they intend to create another 11,000 jobs in the UK this year to add its current international workforce of 296,000.
It has been a good year across the board for the company, with international underlying operating profits rendering the largest gains – with a 78.2% rise to £212 million.
The company said: "What we have seen in the last year is a return to a more normal level of growth across the industry. This is a time where there will be winners and losers and with an uncertain consumer environment this will become more apparent.
"We have invested heavily in price and are now into our second billion of price cuts, making us Britain’s best value supermarket."
Tesco has grown exponentially over the last six years, and in that time group sales have risen by 91% and an extra 3.3 million customers have been attracted to its stores in the UK.
Chief Executive Terry Leahy said he now looks forward to "growing the business further in a challenging climate".
On its bid for retail rival Safeway, Tesco said it was "not surprised" by the government’s decision to refer all potential supermarket bids to the Competition Commission.
The Tesco statement added: "We have always understood that competition policy limited consolidation of the four national players in our industry. If four were to become three, we believe consumers would be better off if Tesco led that change.
"Uniquely Tesco brings together the qualities of consumer champion, experience across a broad range of store types and a world class management team."
In January, Tesco joined Morrisons, Sainsbury, Philip Green, Kohlberg Kravis Roberts and Asda/Wal-Mart in expressing interest in Safeway.
(GMcG)
The group also reported that UK sales rose 7.9% to over £23 billion, and in the afterglow of today's annual results, the group say that they intend to create another 11,000 jobs in the UK this year to add its current international workforce of 296,000.
It has been a good year across the board for the company, with international underlying operating profits rendering the largest gains – with a 78.2% rise to £212 million.
The company said: "What we have seen in the last year is a return to a more normal level of growth across the industry. This is a time where there will be winners and losers and with an uncertain consumer environment this will become more apparent.
"We have invested heavily in price and are now into our second billion of price cuts, making us Britain’s best value supermarket."
Tesco has grown exponentially over the last six years, and in that time group sales have risen by 91% and an extra 3.3 million customers have been attracted to its stores in the UK.
Chief Executive Terry Leahy said he now looks forward to "growing the business further in a challenging climate".
On its bid for retail rival Safeway, Tesco said it was "not surprised" by the government’s decision to refer all potential supermarket bids to the Competition Commission.
The Tesco statement added: "We have always understood that competition policy limited consolidation of the four national players in our industry. If four were to become three, we believe consumers would be better off if Tesco led that change.
"Uniquely Tesco brings together the qualities of consumer champion, experience across a broad range of store types and a world class management team."
In January, Tesco joined Morrisons, Sainsbury, Philip Green, Kohlberg Kravis Roberts and Asda/Wal-Mart in expressing interest in Safeway.
(GMcG)
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700 Tesco Drivers To Vote On Strike Action
Over 700 Tesco drivers at distribution hubs in Belfast and Doncaster are to ballot for strike action next week over a pay dispute. The firm announced a pay offer of 0 per cent for 2015 and 1.5 per cent for 2016. The strike vote follows a 91 per cent rejection of the pay offer across the three sites.
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Over 700 Tesco drivers at distribution hubs in Belfast and Doncaster are to ballot for strike action next week over a pay dispute. The firm announced a pay offer of 0 per cent for 2015 and 1.5 per cent for 2016. The strike vote follows a 91 per cent rejection of the pay offer across the three sites.
12 January 2011
Ards In Line For Further Retailing Boost
Ards town is to get a new retailing boost with the construction industry enjoying a fillip along the way. A proposal for a multi-million pound mixed-use retail scheme in Newtownards, Co Down was submitted to the Planning Service in late December 2010. If approved, the planned development will encompass some 6.
Ards In Line For Further Retailing Boost
Ards town is to get a new retailing boost with the construction industry enjoying a fillip along the way. A proposal for a multi-million pound mixed-use retail scheme in Newtownards, Co Down was submitted to the Planning Service in late December 2010. If approved, the planned development will encompass some 6.
07 October 2010
Tesco Superstore To Get Underway
Hundreds of construction jobs are expected to be created following full planning approval for a new Tesco superstore. The store will be situated in Newtownards, north Down, on the site of the old Ards Abattoir off the Portaferry Road. The project, which includes a petrol station and parking spaces, will result in the creation of 200 retail jobs.
Tesco Superstore To Get Underway
Hundreds of construction jobs are expected to be created following full planning approval for a new Tesco superstore. The store will be situated in Newtownards, north Down, on the site of the old Ards Abattoir off the Portaferry Road. The project, which includes a petrol station and parking spaces, will result in the creation of 200 retail jobs.
09 September 2005
Mid-Ulster regeneration on course says Minister
The regeneration plan for Lurgan and Portadown area is on course and will begin soon, Social Development Minister David Hanson said today.
Mid-Ulster regeneration on course says Minister
The regeneration plan for Lurgan and Portadown area is on course and will begin soon, Social Development Minister David Hanson said today.
25 June 2010
UK's Top Food Store 'Taste-Tests' NI
Top decision makers from the country's largest food retailer, Tesco - including recently retiring Chief Executive Sir Terry Leahy and Richard Brasher, the new Chief Executive for the UK and Republic of Ireland - have experienced local food and drink at a 'showcase' organised by Invest Northern Ireland.
UK's Top Food Store 'Taste-Tests' NI
Top decision makers from the country's largest food retailer, Tesco - including recently retiring Chief Executive Sir Terry Leahy and Richard Brasher, the new Chief Executive for the UK and Republic of Ireland - have experienced local food and drink at a 'showcase' organised by Invest Northern Ireland.
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Northern Ireland WeatherToday:A chilly start with a widespread frost and some freezing fog, any freezing fog slow to clear. Otherwise bright with sunny spells and coastal showers. Light winds. Maximum temperature 6 °C.Tonight:Coastal showers dying out with a widespread frost developing along with freezing fog, which could become extensive. Winds remaining light. Minimum temperature -3 °C.
