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Eyewatering Drop In Tesco Profits
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Pre-tax profit slumped to £112m, down more than 90% on the same period in the previous year. When you consider how much the profits have been overstated, possibly for years, by a combination of fraud and mismanagement, how much longer can this ailing company hold off any take-over attempts ?
Pre-tax profit slumped to £112m, down more than 90% on the same period in the previous year. When you consider how much the profits have been overstated, possibly for years, by a combination of fraud and mismanagement, how much longer can this ailing company hold off any take-over attempts ?
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Just out of interest, what has Tesco done to you? You seem to have an obsession and seem to revel in their problems.
Has fraud been proved?
Ailing company? Really? If it was no one would want to take it over.
Having said that looking at the currnt shareprice it must be getting close to predator territory (if you dont think it is ailing that is)
Has fraud been proved?
Ailing company? Really? If it was no one would want to take it over.
Having said that looking at the currnt shareprice it must be getting close to predator territory (if you dont think it is ailing that is)
indeed. There's a good account of the problems here
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Interesting that it suggests the accounting problem really is recent and picked up fairly quickly; they haven't been fiddling figures for years. But they've been hit by recession and the growth of cheaper rivals, and expanded when they shouldn't have
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Still, it seems their market share has dropped less than two points - they still have nearly 29%. Aldi has some way to go.
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Interesting that it suggests the accounting problem really is recent and picked up fairly quickly; they haven't been fiddling figures for years. But they've been hit by recession and the growth of cheaper rivals, and expanded when they shouldn't have
http://
Still, it seems their market share has dropped less than two points - they still have nearly 29%. Aldi has some way to go.
TTT, and others. Tesco is one of our most high profile companies and employs 10,000's of people. If it is difficulty, and it is, then it should be of concern to everybody.
One of the main problems with Supermarkets in general, and Tesco in particular, is that we simply have too many of them now. They have proliferated over the years to the position we have today, where they seem to be on every street corner and every roundabout. In my home town of Swansea and its immediate environs, we have 10 Tesco, 4 Asda, 2 Sainsburys, a huge Morrisons and countless other stores, all trying to sell us our daily bread. We also have at least 6 Lidls or Aldis. Is it any wonder that they are all struggling to get at our money ? Morrisons is also struggling and has been for longer than Tesco's present problems.
Tesco simply built too many stores over the last 10 years or so. They were greedy and naive. And according to the news this morning on The Today Program, they no longer come top in the cheapest food lists. To quote from the BBC this morning ::
"Tesco is the most significant victim of a huge structural change in the UK retail sector - online shopping; the breakdown of the Big Four's dominant position and customers who want smaller, daily top-up shopping. Many believe that a permanently smaller, less profitable Tesco is now a stark reality"
It was also said that that if Tesco didn't have its home delivery service, they would be in even deeper trouble. How many of us had a groceries delivered to our own home, by a refrigerated van 10 years ago ?
I comfortably predict that Tesco will have no option but to sell some of its sites to their rivals. Asda is now owned by the worlds biggest retailer, Walmart, and they would seem to be in prime position to pounce.
One of the main problems with Supermarkets in general, and Tesco in particular, is that we simply have too many of them now. They have proliferated over the years to the position we have today, where they seem to be on every street corner and every roundabout. In my home town of Swansea and its immediate environs, we have 10 Tesco, 4 Asda, 2 Sainsburys, a huge Morrisons and countless other stores, all trying to sell us our daily bread. We also have at least 6 Lidls or Aldis. Is it any wonder that they are all struggling to get at our money ? Morrisons is also struggling and has been for longer than Tesco's present problems.
Tesco simply built too many stores over the last 10 years or so. They were greedy and naive. And according to the news this morning on The Today Program, they no longer come top in the cheapest food lists. To quote from the BBC this morning ::
"Tesco is the most significant victim of a huge structural change in the UK retail sector - online shopping; the breakdown of the Big Four's dominant position and customers who want smaller, daily top-up shopping. Many believe that a permanently smaller, less profitable Tesco is now a stark reality"
It was also said that that if Tesco didn't have its home delivery service, they would be in even deeper trouble. How many of us had a groceries delivered to our own home, by a refrigerated van 10 years ago ?
I comfortably predict that Tesco will have no option but to sell some of its sites to their rivals. Asda is now owned by the worlds biggest retailer, Walmart, and they would seem to be in prime position to pounce.
the market will correct itself mikey, the public buy only so much stuff, if the retail outlets are oversupplying then they will fail, naturally. It's known as "market forces"! No doubt all the major supermarkets have done the same as tesco and will alll be in a pickle. They'll have to rationalise, there'll be a lot of shop space available in the near future. Not sure why you single out only Tesco though.
I am not "singling out" Tesco TTT ! They are making their own headlines this morning and have done for the last 2-3 weeks...I am merely introducing it as a topic for debate. This has been near the top of the New this morning and you appear to agree with my comments, so I unsure why you are criticising me !
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