Tesco is one of the worlds leading international retailers. Since the company first the trading name of Tesco, in the mid 1920s, the group has expanded into different formats, different markets and different sectors. The UKs leading retailer Tesco was floated on the stock exchange in 1947 and in 1995 took over rival Sainsburys position as the UK number one. The principal activity of the group is food retailing, with over 2,000 stores worldwide. Tesco has a long term strategy for growth, based on four key parts: growth in the Core UK business, to expand by growing internationally, to be as strong in non-food as in food and to follow customers into new retailing services. The company launched a home shopping service in 2000, allowing customers to order their shopping online. Tesco is now expanding its convenience stores and overseas into areas such as Taiwan, Malaysia, Poland, the US and Ireland.

Upper graph = 12 month share price with 6 month moving average
Lower graph = 12 month volume (red line = volume average).

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Reuters - Britain's biggest retailer Tesco PLC (TSCO.L) is facing a new claim for damages from an investor about its 2014 profit overstatement, the company said on Tuesday.

A spokesman for the supermarket group said it was aware of a claim filed by Manning & Napier, the U.S. fund manager, and would be filing a defence shortly.

Manning & Napier declined to comment. However, the Financial Times reported that the fund manager said it suffered losses of $212 million because of Tesco's accounting irregularities.

Tesco is already defending a more than 100 million pounds claim from a group of 125 institutional investors that was filed last October.

Tesco issued a statement to the Stock Exchange on Sept. 22,2014, saying that during its final preparations for an interim results announcement it had identified a 250 million pound overstatement of first-half profit, mainly because it booked commercial deals with suppliers too early.

The discovery led to the suspension of eight senior members of staff, sent Tesco's shares tumbling and plunged the company into the worst crisis in its near 100-year history.

Three former senior executives of Tesco accused of fraud and false accounting are due to stand trial in September.

Christopher Bush, who was managing director of Tesco UK, Carl Rogberg, who was UK finance director, and John Scouler, who was UK food commercial director, were charged by the Serious Fraud Office (SFO) last September with one count of fraud by abuse of position and one count of false accounting.

Late last year it emerged that Philip Clarke, the former chief executive of Tesco and Kevin Grace, its former group commercial director, would not face charges.

The SFO's more than two-year-long investigation into Tesco remains active.

Very odd, perhaps almost desperate actions by Tesco. Cannot see any benefits. Trying a different direction almost tells you they are running out of ideas how to turn Tesco around.


Tesco and Booker announce merger

Tesco shareholders will be delighted, not sure Booker shareholders will be.

Surprised by Tesco buying them.

30 Jan Shore Capital N/A Hold
30 Jan Beaufort... 220.00 Hold
30 Jan Goldman Sachs 150.00 Sell
30 Jan HSBC 260.00 Buy
30 Jan Exane BNP... 180.00 Underperform
30 Jan Bryan Garnier 170.00 Sell
30 Jan Deutsche Bank N/A Hold

A consensus then - not!

I think the merger/takeover of booker was plan B as plan A is stumbling. Time will tell.
It has still got to be given the ok yet.

Surely the monopolies committee won't allow this merger.

50/50 Tesco will not be buying the food shops in the Booker group. If they get the ok, they will just be supplying them. Certainly going to gain massive clout in the buying department.

Proactive investor - The FTSE 100 ended down by 0.9% at 7,118.

The losers were led by Tesco (LON:TSCO) down 4.2% at 197.8p, giving up some of Friday's gains when the stock surged in the wake of news of its planned tie-up with food wholesaler Booker (LON:BOK).

Booker, which owns cash n carry outlets Makro also fell, by 3.5% to 204.86p in the FTSE 250 midcaps index.

Over the weekend, press reports suggested the deal faced a lengthy investigation from competition regulators.

31 Jan S&P Global 200.00 Sell

Is portside1 Tanker on ADFN? If so sounds like his investment in Tesco is hurting. Portside1 writes with an as instead of a has exactly the same as Tanker. He should not say buy, with no facts to hand.

Yes!

Which proves that you should make your own decisions when investing or trading and not be swayed by bulletin boards! Fine for swapping ideas but often rotten for reliable advice.

Exactly. :-))

I thought it was no big deal to him if the sp dropped he would just throw in another hundred grand, win, win as he said. As said before Tesco are desperate and nothing surprises.

Proactive investor -


Tesco to cut 1,700 deputy manager roles at Express convenience stores
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14:49 27 Feb 2017
Tesco will replace deputy managers at Express convenience stories with "shift leaders" as part of a major shake-up of the business

Tesco to axe deputy managers at Express stores
Tesco plc (LON:TSCO) plans to axe 1,700 of deputy managers at its Express convenience stores and replace them with lower paid “shift leaders” as part of the supermarket’s restructuring.
The UK supermarket announced the plans in a statement today, saying it will create 3,300 shift leader roles, resulting in a net increase of around 1,500 jobs.
Tesco said the deputy managers will start a 60-day consultation process and will be offered shift leader positions, alternative roles in its other stores or a redundancy.
The decision to replace deputy managers at 1,800 Express stores will result in an increase in the number of staff serving customers on the shop floor.
The news comes after Tesco last month proposed an overhaul of its distribution network that would involve cutting 500 jobs.
Its restructuring is trying to address a fierce pricing war between the UK’s so-called ‘big four’ supermarkets –Tesco, Sainsbury’s, Morrisons and Asda – as smaller discounters, including Lidl and Aldi, take over market share. Adding pressure on the sector, a weaker pound following the Brexit vote has pushed import costs higher.  
In an effort to improve its position in a highly competitive market, Tesco last month agreed a £3.7bn merger with food wholesaler Booker Group for £3.7bn. Booker is the UK’s largest cash and carry operator, supplying items to 700,000 convenience stores, grocers, pubs and restaurants.
Tesco said the deal would create the “UK’s leading food business” and expand its offering beyond its traditional food retail business.
The company reported a £162mln profit before tax in 2016, after suffering a £6.4bn loss a year earlier following a decline in sales and the discovery of a £326m accounting scandal.
Shares in Tesco dipped 0.55% to 188.95p in afternoon trading. 

Cutting staff = poor customer service = loss of customers = gain of customers for Lidl and Aldi.