DOCSLIB.ORG

Ready to Take on U.S. RETAIL MARKET the No.1 Player in the U.K

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Ready to Take on U.S. RETAIL MARKET the No.1 Player in the U.K TESCO Ready To Take On U.S. RETAIL MARKET The No.1 player in the U.K. retail world is set to launch a major U.S. venture. BY TOMMY LEIGHTON Editor’s Note: In looking to provide the readers of PRODUCE BUSINESS both in its own back yard and internationally. With annual group with a more comprehensive understanding of Tesco as it establishes a U.S. turnover of $85 billion (£43.1 billion) in 2006 and profits in excess base, we thought it appropriate to reach out to an editor in the United King- of $3.9 billion in both of its last two fiscal years, Tesco is now the dom who has been focusing on Tesco for years. world’s fifth largest grocery retailer. I asked my friend Tommy Leighton, editor of FPJ, the U.K.’s weekly The might of Tesco in the United Kingdom is such that around trade publication for the fresh produce industry, to share his understanding £1 of every £6 spent by British consumers goes through a Tesco till of what makes Tesco tick. Many thanks to Tommy and to FPJ for this contri- at one of its 1,800-plus stores. With more than 30 percent of the bution to our understanding of what we have to look forward to as Tesco U.K. supermarket sector in its pocket, the group has built steadfast comes to America. — Jim Prevor foundations from which to launch its international empire. Just a dozen years after opening its first overseas store, Tesco is esco, which is headquartered in Cheshunt, Hertford- the market leader in five of the 12 European and Asian markets in shire, England, will enter the U.S. market later this which it now operates, and the chain is not known for a willingness year with a big commercial reputation to uphold, but to accept second place. as a largely unknown entity in the world’s biggest Over half of group space is now outside the United Kingdom. retail marketplace. After several decades of steady More than 100,000 employees work for Tesco’s international opera- progress, the U.K.-based supermarket chain has tions, serving more than 15 million customers and generating $14.9 expanded at an astonishing rate in the last 10 years, billion in sales and $729 million in profit in the last 12-month period. 18 TPRODUCE BUSINESS • MAY 2007 Entry into the United States will give Tesco coverage of more than 2.1 billion con- sumers worldwide, who are responsible for Tesco Takes 55 percent of the world’s gross domestic product. And the group board has made its Loyalty To Next Level intentions clear. “[The United States] is a market we have researched extensively for any trade analysts have pointed Having conquered the United Kingdom, many years and over the last year we have to Tesco’s relationship with mar- Dunnhumby has already turned its atten- committed serious resources to developing a Mketing specialist Dunnhumby, tion overseas, of course, and has a joint format that we believe will be really popular based in London, England, as an integral venture with Kroger, headquartered in with American consumers,” says Tesco chief part of the retailer’s success in the United Cincinnati, OH, that has run since 2003. executive Sir Terry Leahy. Kingdom. And as it was Tim Mason, now Tesco’s Since Dunnhumby took on the role of USA CEO, who is credited with first identi- running Tesco’s Clubcard scheme in the fying the opportunity to sell more than mid-1990s, it has been instrumental in fresh food and chilled meals to millions of Tesco’s strategic the development of a modern form of loy- card-carrying members of the Tesco Club- alty scheme that has been a major influ- card scheme. It is a fair assumption that superiority and ence at Tesco for more than a decade. he will bring his experience and know-how Dunnhumby calls it “relevance market- to bear in the United States. obsessive attention ing.” The ability of Tesco, assisted by Dunn- Tesco also operates the U.K.’s only humby, to translate the insight gleaned financially successful grocery e-tailer, and to detail have set it from analysis of shopping patterns into it was the Clubcard that provided the data actionable marketing and retailing pro- and the insight to identify the households apart from its U.K. grams has played a huge role in its leap up where those customers lived. While most the retail charts. online supermarkets have struggled to rivals and enabled Tesco does more than count how much make ends meet, Tesco.com, founded in its customers spend — it examines every 1995 as a trial initially in just 100 stores, the group to item in their shopping baskets for more claims to service 97 percent of the U.K. than 40 key characteristics. It may note population. compete robustly the time of day they are shopping, how Tesco.com generates more than they pay and even how many calories they 200,000 orders per week and achieved plan to consume. over £1 billion in sales last year. It is debat- almost immediately This essential information on actual able whether Tesco has a better model buying behavior has guided most of the key than its rivals for internet shopping, but it after it enters each business decisions the Tesco management got into the risk-laden market early and team has made in recent times, reducing used the power of its brand and its Club- of its international the risk associated with new initiatives. card-inspired data bank to target con- The scheme has received plaudits on sumers far more effectively than its biggest marketplaces. an international scale. Martin Glen, presi- U.K. rival, Sainsbury’s, headquartered in dent of PepsiCo, based in Purchase, NY, London England. said: “Customer loyalty schemes are not a Having already tried — with Grocery- Tesco itself says its international strategy new idea; they have been around for more Works.com in partnership with Safeway is built on six key pillars: than 100 years, but what Tesco has done Inc., based in Pleasanton, CA — to intro- • Flexibility — having the will to treat is to develop a contemporary version of the duce the Tesco.com home shopping model each market as unique and adopt the rele- original concept which goes much further in to the United States with minimal success vant approach developing an active relationship with its (some might even say relative failure), the • Act local — by meeting the needs of customers. Tesco’s marketing works way in which Tesco takes its own brand local customers, local cultures, local supply because they combine insight with creativi- online sales operation into the United chains and local regulations with a tailored ty, value and scale.” States will be a cause of great interest. pb offer delivered by local staff — less than 100 of Tesco’s international team are ex-pats • Keep focus — recognizing that to being able to share this skill between mar- admit privately at least that international become the leading local brand is a long- kets, Tesco believes it will improve the ventures have fallen down because they term effort and takes decades, not just a few chances of success in challenging markets failed on one or more of these counts. years • Build brands — the group feels brands Tesco’s strategic superiority and obsessive • Multi-formatting — no single format enable the building of important lasting rela- attention to detail have set it apart from its can reach the whole of the market, says tionships with customers U.K. rivals and enabled the group to com- Tesco, which believes a whole spectrum None of these strategic elements at face pete robustly almost immediately after it from convenience to hypermarkets is essen- value sound like rocket science. They, in fact, enters each of its international marketplaces. tial, while taking the approach of a dis- exude logic, even to those who might not Expansion into the United States is therefore counter throughout always agree with the principles behind seen as something of a natural progression • Develop capability — by developing them. But there are many retail chains, Wal- and the confidence of a relatively newfound, skill in people, processes and systems and Mart undoubtedly among them, that would retail superpower, which readily translates 20 PRODUCE BUSINESS • MAY 2007 into a positive strain of commercial arro- gance, provides the protective shield to ride out almost any storm. LONG-TERM STRATEGIC THINKING Until Tesco laid its first bricks on foreign soil, no U.K. supermarket chain had shown itself to have the capacity or long-term vision to succeed overseas. U.K. food retailers have certainly not enjoyed great success in the U.S. market in the past, undone in part by a lack of understanding of the geography, con- sumer demographic and retail environment on the other side of the Atlantic Ocean. Tesco has the credentials and it would be fair to assume it will move in on the United States with ambitious plans and an extremely aggressive growth strategy. Sir Terry said: “At a time when the num- ber of retailers in our sector with interna- tional ambitions is shrinking, Tesco has defined a strategy for international growth which works well.” The leadership of Sir Terry, who came to the helm as the company settled into pole position in the U.K. market, has undeniably been crucial in its meteoric rise through the international ranks. Purely in its domestic market, Tesco stood head and shoulders above its rivals from the mid-90s through the millennium, as it stuck to its own agenda and watched everyone else lose direction.
Load more

Recommended publications
  • Middlesex University Research Repository an Open Access Repository Of
    Middlesex University Research Repository An open access repository of Middlesex University research http://eprints.mdx.ac.uk Haddock-Millar, Julie and Rigby, Chris (2015) Business strategy and the environment Tesco Plc’s declining financial performance and underlying issues. Review of Business and Finance Studies, 6 (3) . pp. 91-103. ISSN 2150-3338 [Article] Published version (with publisher’s formatting) This version is available at: https://eprints.mdx.ac.uk/18143/ Copyright: Middlesex University Research Repository makes the University’s research available electronically. Copyright and moral rights to this work are retained by the author and/or other copyright owners unless otherwise stated. The work is supplied on the understanding that any use for commercial gain is strictly forbidden. A copy may be downloaded for personal, non-commercial, research or study without prior permission and without charge. Works, including theses and research projects, may not be reproduced in any format or medium, or extensive quotations taken from them, or their content changed in any way, without first obtaining permission in writing from the copyright holder(s). They may not be sold or exploited commercially in any format or medium without the prior written permission of the copyright holder(s). Full bibliographic details must be given when referring to, or quoting from full items including the author’s name, the title of the work, publication details where relevant (place, publisher, date), pag- ination, and for theses or dissertations the awarding institution, the degree type awarded, and the date of the award. If you believe that any material held in the repository infringes copyright law, please contact the Repository Team at Middlesex University via the following email address: [email protected] The item will be removed from the repository while any claim is being investigated.
    [Show full text]
  • Global Vs. Local-The Hungarian Retail Wars
    Journal of Business and Retail Management Research (JBRMR) October 2015 Global Vs. Local-The Hungarian Retail Wars Charles S. Mayer Reza M. Bakhshandeh Central European University, Budapest, Hungary Key Words MNE’s, SME’s, Hungary, FMCG Retailing, Cooperatives, Rivalry Abstract In this paper we explore the impact of the ivasion of large global retailers into the Hungarian FMCG space. As well as giving the historical evolution of the market, we also show a recipe on how the local SME’s can cope with the foreign competition. “If you can’t beat them, at least emulate them well.” 1. Introduction Our research started with a casual observation. There seemed to be too many FMCG (Fast Moving Consumer Goods) stores in Hungary, compared to the population size, and the purchasing power. What was the reason for this proliferation, and what outcomes could be expected from it? Would the winners necessarily be the MNE’s, and the losers the local SME’S? These were the questions that focused our research for this paper. With the opening of the CEE to the West, large multinational retailers moved quickly into the region. This was particularly true for the extended food retailing sector (FMCG’s). Hungary, being very central, and having had good economic relations with the West in the past, was one of the more attractive markets to enter. We will follow the entry of one such multinational, Delhaize (Match), in detail. At the same time, we will note how two independent local chains, CBA and COOP were able to respond to the threat of the invasion of the multinationals.
    [Show full text]
  • Lidl Expanding to New York with Best Market Purchase
    INSIDE TAKING THIS ISSUE STOCK by Jeff Metzger At Capital Markets Day, Ahold Delhaize Reveals Post-Merger Growth Platform Krasdale Celebrates “The merger and integration of Ahold and Delhaize Group have created a 110th At NYC’s Museum strong and efficient platform for growth, while maintaining strong business per- Of Natural History formance and building a culture of success. In an industry that’s undergoing 12 rapid change, fueled by shifting customer behavior and preferences, we will focus on growth by investing in our stores, omnichannel offering and techno- logical capabilities which will enrich the customer experience and increase efficiencies. Ultimately, this will drive growth by making everyday shopping easier, fresher and healthier for our customers.” Those were the words of Ahold Delhaize president and CEO Frans Muller to the investment and business community delivered at the company’s “Leading Wawa’s Mike Sherlock WWW.BEST-MET.COM Together” themed Capital Markets Day held at the Citi Executive Conference Among Those Inducted 20 In SJU ‘Hall Of Honor’ Vol. 74 No. 11 BROKERS ISSUE November 2018 See TAKING STOCK on page 6 Discounter To Convert 27 Stores Next Year Lidl Expanding To New York With Best Market Purchase Lidl, which has struggled since anteed employment opportunities high quality and huge savings for it entered the U.S. 17 months ago, with Lidl following the transition. more shoppers.” is expanding its footprint after an- Team members will be welcomed Fieber, a 10-year Lidl veteran, nouncing it has signed an agree- into positions with Lidl that offer became U.S. CEO in May, replac- ment to acquire 27 Best Market wages and benefits that are equal ing Brendan Proctor who led the AHOLD DELHAIZE HELD ITS CAPITAL MARKETS DAY AT THE CITIBANK Con- stores in New York (26 stores – to or better than what they cur- company’s U.S.
    [Show full text]
  • Booker Symbol Retail
    Booker Symbol Retail Insight on shoppers: insight on stores July 2018 © IGD 2018 The UK’s biggest symbol network Premier the biggest single fascia Now encompassing over 5,600 stores the Booker retail symbol network has twice the number of the next largest symbol group or convenience chain in the UK. Total combined estimated retail sales are now £4.5bn. Operating a portfolio of four fascias Booker Booker symbol retail: store numbers symbol has a breadth of offer to meet the needs of a wide range of differing retailer 2017 2018 change needs comprising: Premier* – flexible entry level package for Premier* 3,332 3,343 +11 small stores with supply from cash & carry depots Londis 1,826 1,957 +131 Londis – fully-serviced package for smaller stores supplied through Booker Retail Budgens 159 226 +67 Partners distribution network Budgens – Tailored support package for Family Shopper 63 75 +12 larger stores including an emphasis on fresh Family Shopper – A value-focused package Total 5,380 5,601 +221 offering neighbourhood discount format © IGD 2018 Source: IGD Research * Includes Premier Express fascia variant Page 2 What defines the Booker retail symbol shopper? Top shopper Top-up is the leading mission across all missions in three fascias Tobacco/lottery/news is the second most frequent mission in Premier and Londis Budgens has significantly the largest incidence of evening meal missions Premier has the highest incidence of food- for-now missions % of shoppers on last trip shopping for Premier Londis Budgens Top-up 45 50 59 Evening meal 15 13 35 Food-for-now 26 15 18 Tobacco/lottery/news 41 42 29 © IGD 2018 Source: IGD ShopperVista Page 3 As Booker looks to the future, and the new possibilities presented by its tie-up with Stores of the Tesco, we visited three of its most recently redeveloped symbol retail stores.
    [Show full text]
  • T He New Space Race Is On. Even As
    property special the new space race he new space race is on. Even as the growth in superstores slows down, gro- cery chains are jostling for position in the rush to occupy the ‘new’ territory: The new high street-based convenience stores. TOne by one the supermarket chains have joined early leaders Tesco and Sainsbury’s in a battle to secure small stores in urban and suburban locations. New figures underline the extent of this trend. According to UK construction data experts Glenigan, space race in 2011 there was a 140% increase in c-store planning applications made by the mults on the previous year. Stuart Watson Although the number of c-store applications fell back last year, there were still almost twice as many plans tabled as in 2010 (see p50). So what’s behind this new The hypermarket is yesterday’s news. space race and does the push towards smaller stores spell the end for the hypermarket? The multiples are now fighting to snap The attraction of c-stores is being fuelled by busi- nesses that are “hooked on the drug of growth,” up space vacated by HMV, Jessops and says Richard Hyman, president of retail consultants PatelMiller. “After 30 years of relentless development of Blockbuster to fuel the growth of their hypermarkets, saturation has arrived. The last bastion of the grocery market that they had not yet penetrated convenience store formats was convenience.” 48 | The Grocer | 2 March 2013 www.thegrocer.co.uk The timing of the new push couldn’t have been better. from smaller outlets.
    [Show full text]
  • Retail Food Sector Retail Foods France
    THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: 9/13/2012 GAIN Report Number: FR9608 France Retail Foods Retail Food Sector Approved By: Lashonda McLeod Agricultural Attaché Prepared By: Laurent J. Journo Ag Marketing Specialist Report Highlights: In 2011, consumers spent approximately 13 percent of their budget on food and beverage purchases. Approximately 70 percent of household food purchases were made in hyper/supermarkets, and hard discounters. As a result of the economic situation in France, consumers are now paying more attention to prices. This situation is likely to continue in 2012 and 2013. Post: Paris Author Defined: Average exchange rate used in this report, unless otherwise specified: Calendar Year 2009: US Dollar 1 = 0.72 Euros Calendar Year 2010: US Dollar 1 = 0.75 Euros Calendar Year 2011: US Dollar 1 = 0.72 Euros (Source: The Federal Bank of New York and/or the International Monetary Fund) SECTION I. MARKET SUMMARY France’s retail distribution network is diverse and sophisticated. The food retail sector is generally comprised of six types of establishments: hypermarkets, supermarkets, hard discounters, convenience, gourmet centers in department stores, and traditional outlets. (See definition Section C of this report). In 2011, sales within the first five categories represented 75 percent of the country’s retail food market, and traditional outlets, which include neighborhood and specialized food stores, represented 25 percent of the market. In 2011, the overall retail food sales in France were valued at $323.6 billion, a 3 percent increase over 2010, due to price increases.
    [Show full text]
  • The Global Grocery and General Merchandising Market Marketing Essay
    The Global Grocery And General Merchandising Market Marketing Essay Jack Cohen founded Tesco in 1919 when he began to sell surplus groceries from a stall at Well Street Market, Hackney, in the East End of London (ironically, the market is now much smaller than in those days; a large Tesco Metro store now sits on the site.)[11] The Tesco brand first appeared in 1924. The name came about after Jack Cohen bought a shipment of tea from T.E. Stockwell. He made new labels using the first three letters of the supplier’s name (TES), and the first two letters of his surname (CO), forming the word TESCO.[12] The first Tesco store was opened in 1929 in Burnt Oak, Edgware, Middlesex. Tesco was floated on the London Stock Exchange in 1947 as Tesco Stores (Holdings) Limited.[11] The first self-service store opened in St Albans in 1956 (which remained operational until 2010, with a period as a Tesco Metro),[13] and the first supermarket in Maldon in 1956.[11] During the 1950s and the 1960s Tesco grew organically, and also through acquisitions, until it owned more than 800 stores. The company purchased 70 Williamsons stores (1957), 200 Harrow Stores outlets (1959), 212 Irwins stores (1960, beating Express Dairies Premier Supermarkets to the deal), 97 Charles Phillips stores (1964) and the Victor Value chain (1968) (sold to Bejam in 1986).[14] Originally specialising in food and drink, it has diversified into areas such as clothing, electronics, financial services, telecoms, home, health, car, dental and pet insurance, retailing and renting DVDs,[10] CDs, music downloads, Internet services and software.
    [Show full text]
  • Lettre C2003-173 ED / MAGASINS TREFF MARCHE
    Bulletin Officiel de la Concurrence, de la Consommation et de la Répression des Fraudes N° 7 bis du 14 septembre 2007 Avis n° 07-A-03 du 28 mars 2007 relatif à l’exécution des engagements souscrits par le groupe Carrefour à l’occasion d’une opération de concentration NOR : ECEC 0764799V Le Conseil de la concurrence (commission permanente) Vu la lettre du 8 juillet 2005, enregistrée sous le numéro 05/0049 A, par laquelle le ministre de l’économie, des finances et de l’industrie a saisi le Conseil de la concurrence, en application des dispositions de l’article L. 430-8-IV du code de commerce, d’une demande d’avis relative à l’exécution des engagements souscrits par le groupe Carrefour sous conditions desquels le ministre a autorisé, par lettre du 7 novembre 2003, l’acquisition de la société Sonnenglut ; Vu le livre IV du code de commerce relatif à la liberté des prix et de la concurrence, et notamment son article L. 430-8 ainsi que le décret 2002-689 du 30 avril 2002 fixant ses conditions d’application ; Vu les observations présentées par le groupe Carrefour ; Vu les autres pièces du dossier ; Le rapporteur, la rapporteure générale adjointe, le commissaire du Gouvernement et les représentants du groupe Carrefour entendus au cours de la séance du 14 mars 2007 ; Adopte l’avis fondé sur les constatations et les motifs ci-après exposés : I. Constatations A. L’OPÉRATION DE CONCENTRATION ET LES ENGAGEMENTS SOUSCRITS PAR LE GROUPE CARREFOUR 1. Par une lettre en date du 7 novembre 2003 le ministre de l’économie, des finances et de l’industrie a autorisé sous conditions le rachat par le groupe Carrefour, via sa filiale Erteco, de la société Sonnenglut Weinkellerei Gesellschaft (ci-après Sonnenglut), propriétaire des magasins à l’enseigne Treff Marché.
    [Show full text]
  • Morrisons Response to Issues Statement
    Non-confidential version PROPOSED MERGER BETWEEN SAINSBURY'S AND ASDA RESPONSE TO ISSUES STATEMENT 1. INTRODUCTION AND EXECUTIVE SUMMARY 1.1 This memorandum sets out comments by Wm Morrison Supermarkets plc ("Morrisons") in relation to: (a) the CMA's Issues Statement (dated 16 October 2018) in connection with the proposed merger between Sainsbury's and Asda; and (b) the Parties initial submission to the CMA (dated 10 October 2016). 1.2 Morrisons is broadly supportive of the areas of focus identified by the CMA in the Issues Statement, which extends significantly beyond the limited range of issues considered by the CMA in its reference decision. 1.3 Given the size of the transaction and the importance of the UK grocery market to UK consumers, it is important that the CMA has sufficient time to get to the bottom of all the issues raised by the proposed transaction. Even a very small price rise resulting from the merger can be expected to have a very significant adverse impact on UK consumers. 1.4 Whilst a key argument of the parties is that the UK grocery sector has fundamentally changed in recent years, and therefore they suggest that a fundamentally different approach to assessing the transaction is needed, Morrisons considers that such changes should not be overstated. The market structure at a national level has remained similar since 2008 with four large retailers that have actually increased market share. Moreover, despite the recent growth of Aldi and Lidl, the presence of Limited Assortment Discounters in the UK groceries market is not new and nor is their business model, and most consumers continue to rely on large grocery stores with a wide product selection for a weekly or fortnightly grocery shop.
    [Show full text]
  • Educating Shoppers About Lidl SHOPRITE CONTRACT SUCCESS
    Winter 2018 Local 152 leadership and staff alongside members of the ShopRite negotiating committee SHOP RITE CONTRACT SUCCESS Educating shoppers about Lidl Protect our market share and shop your local union grocery store ocal 152 members and staff, alongside brothers and sisters from other UFCW locals and Lactivists from across the labor move - ment, gathered in Vineland throughout (Please see page 4) See page 3 Also inside: Mike McWilliams looks back on his career of union service Nomination of delegates to the UFCW International convention Buy Dear UFCW Local 152 Member: of the United Food and Commercial Work - ers International Union, for a continuous ag - American! UFCW Local 152 has received notice that gregate of at least 12 months preceding the the UFCW International will be conducting month in which the Convention call is is - Visit its Regular Convention (“Convention”) pur - sued, shall be eligible to be a delegate to the americansworking.com suant to the UFCW International Constitu - Convention from the Local Union through tion (“Constitution”). The Convention is which he or she holds his or her member - for information on finding scheduled for April 23, 2018 through April ship at the time of nominations, provided 27, 2018 and will be held in Las Vegas, Ne - that said member maintains continuous ac - American-made products. vada. Pursuant to Article 15 of the Constitu - tive membership in said Local Union during Support U.S. workers tion, UFCW Local 152 is authorized to send the interval between his or her election and up to 21 delegates to the Convention. Article the commencement of the Convention.
    [Show full text]
  • View Annual Report
    A business for a new decade Tesco PLC Annual Review and Summary Financial Statement 2010 Contents Financial highlights Overview Group sales (including VAT)* Chairman’s statement 1 +6.8% A business for a new decade 2 Tesco at a glance 6 Underlying profit before tax Chief Executive’s review 8 +10.1% Our business Group profit before tax Long-term strategy and +10.4% business highlights 10 International 12 Underlying diluted earnings per share** Core UK 14 +9.1% Non-food 16 Retailing Services 18 Diluted earnings per share Community 20 +9.8% Our people 22 Dividend per share Summary Financial Statement +9.1% Summary report of the Directors 24 All growth figures reported on a 52-week basis. Group financials 26 Our Board of Directors 29 2008/9‡ 52 weeks ended 27 February 2010 2009/10 52 weeks 53 weeks Group sales (£m) (including VAT)* 62,537 58,570 59,426 Group revenue (£m) (excluding VAT) 56,910 53,115 53,898 Group trading profit (£m) 3,412 3,039 3,086 Underlying profit before tax (£m) 3,395 3,083 3,124 Group profit before tax (£m) 3,176 2,876 2,917 Underlying diluted earnings per share (p) 31.66 28.50 28.87 Dividend per share (p) 13.05 – 11.96 Group enterprise value (£bn) (market capitalisation plus net debt) 41.4 – 35.9 Return on capital employed 12.1% – 12.8% * Group sales (inc. VAT) excludes the accounting impact of IFRIC 13 (Customer Loyalty Programmes). ** Growth in underlying diluted EPS calculated on a constant tax rate basis.
    [Show full text]
  • Tesco PLC Annual Report and Financial Statements 2008
    212584_TESCO_REP_COVER 1/5/08 19:33 Page 1 Tesco PLC Tesco Annual Report and Financial Statements 2008 and Financial Statements Annual Report Every Little Helps More than the weekly shop www.tesco.com/annualreport08 Annual Report and Financial Statements 2008 212584_TESCO_REP_COVER 1/5/08 19:33 Page 2 Tesco PLC Tesco House Contents More than the Delamare Road Cheshunt weekly shop Hertfordshire EN8 9SL Financial highlights 1 Most people know something about Tesco. After all, we are the UK’s largest Chief Executive’s statement 2 grocer and we’ve been serving customers for the best part of a century. What you The use of the FSC logo identifies Report of the Directors 3 might not know, is that Tesco is also the products which contain wood from well-managed forests certified in > Business Review 3 world’s third largest grocery retailer with accordance with the rules of the > General information 18 operations in 12 international markets, Forest Stewardship Council. > Corporate governance 20 employing over 440,000 people and Printed on 100% recycled paper serving millions of customers every week. with FSC certification. All pulps are Elemental Chlorine Free (ECF) and Directors’ remuneration report 25 the manufacturing mill is accredited We’re not simply about providing great with the ISO 14001 standard for Financial statements 39 quality food at affordable prices. environmental management. > Statement of Directors’ Printed by CTD using an alcohol- free process. The printing inks responsibilities 40 We provide more choice than ever to are made with non-hazardous > Independent auditors’ report more customers, whether it’s through vegetable oil from renewable sources.
    [Show full text]