Two bits of bad news for our flaying economy this morning.
Tesco reporting that it did not have a good Xmas with results for the six weeks to the 7th January showing a 2.3 percent drop in sales, excluding fuel and VAT sales tax, at British stores open a year.
The firm gave a warning about its profitability into 2012 saying that it expected minimal trading profit growth in the year to February 2013 as cash-strapped Britons have been cutting back spending on non-essential goods.
Its shares have taken a battering on the stock markets this morning after the news with its price dropping 12 percent to a 32-month low at 339.5 pence,wiping 3.7 billion pounds off its value.
Meanwhile tax payer owned RBS is to axe over 3,500 jobs in investment banking and sell or shut equities and advisory business under its 3-year plan to focus more on domestic retail and corporate banking.
According to Reuters,RBS said it is adapting to "significant new pressures" on its wholesale banking business, and the changes will make it more conservatively funded, more focused on customers and better able to deliver stable returns.
Showing posts with label tesco. Show all posts
Showing posts with label tesco. Show all posts
Thursday, 12 January 2012
Tuesday, 21 April 2009
Tesco UK PLC
So Tesco bucks the gloomy trend in the retail industry and posts record breaking profits for a UK retailer.
No doubt there will be much talk of the compnay taking over the country,destroying local retailers etc etc.
Pre tax profits were up 10 per cent on the previous year at over £3b,like for like sales were up 3 per cent and the retailer insists that despite competition from the likes of Morrisons and the budget grocery stores,it is increasing both the amounts of people coming into the stores and the amount they are spending.
John Rentoul notes something from the results
Strange or not?
I have to admit that I tend to use them even when there are check out points empty.The only problem is that when buying wines or beers you have to wait for an asitant to unfreeze the screen
Maybe this is a sign of the way things are going
No doubt there will be much talk of the compnay taking over the country,destroying local retailers etc etc.
Pre tax profits were up 10 per cent on the previous year at over £3b,like for like sales were up 3 per cent and the retailer insists that despite competition from the likes of Morrisons and the budget grocery stores,it is increasing both the amounts of people coming into the stores and the amount they are spending.
John Rentoul notes something from the results
A quarter of its transactions went through its self-service checkouts.
Strange or not?
I have to admit that I tend to use them even when there are check out points empty.The only problem is that when buying wines or beers you have to wait for an asitant to unfreeze the screen
Maybe this is a sign of the way things are going
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