Tesco loses £6.4 billion

[Tongo]

Wow!

Where's it all gone wrong for them?

Have to say we dont shop there any more. We go to Waitrose, as Mrs T works for JL, and pick up a few bits from the near by Lidl.

 

[MegaSteve]

This government has not left enough pounds in the pockets of PAYE person so they can treat themselves, on a regular basis, to Tesco finest...

 

[Adi2Dassler]

All the while Tesco etc are taking £11 Billion in taxpayers subsidies to make up wage shortfall.What a mental world we live in.

http://metro.co.uk/2015/04/13/super...government-has-to-chip-in-1bn-a-year-5148380/

 

[SwingsitlikeHogan]

In my experience they are a nasty, heartless and vindictive company - I weep no tears.

 

[Paul_Stewart]

This government has not left enough pounds in the pockets of PAYE person so they can treat themselves, on a regular basis, to Tesco finest...

Six months of Millibean and Mrs Krankie running the country and no-one will be able to afford to even shop at LidL. They will have bankrupted the country by then.

 

[pbrown7582]

Six months of Millibean and Mrs Krankie running the country and no-one will be able to afford to even shop at LidL. They will have bankrupted the country by then.

:rofl:

 

[MegaSteve]

Six months of Millibean and Mrs Krankie running the country and no-one will be able to afford to even shop at LidL. They will have bankrupted the country by then.

I golf with a couple of guys, that were in retail, and they advise that they felt more money came over their counters in the Labour years... Neither though, would break the code, and vote for the red rosette...

 

[vkurup]

Tesco was bleeding for a while, but today's result may not be a bad thing. They decided to bundle all the writedown (esp their property portfolio) in one go and amputate it off. Trading performance has been improving and Tesco stock was holding ok this afternoon.

Having said that, I havent been to a Tesco in about 2 years (there is none in our area!!!)

 

[MegaSteve]

(there is none in our area!!!)

None around here either... When Tesco got a plot in nearby Ickenham the locals fought long and hard to keep them out... Looks like they've succeeded... Can concentrate their efforts on HS2 now....

 

[Doon frae Troon]

This really annoys me as well.
Plus 89p for two ltrs of milk totally screwing our farmers
Serves them right.
http://www.dailymail.co.uk/news/art...s-rely-taxpayers-ensure-staff-food-table.html

Sorry Adi ....missed your earlier post.

 

[Fyldewhite]

Six months of Millibean and Mrs Krankie running the country and no-one will be able to afford to even shop at LidL. They will have bankrupted the country by then.

I tip my hat to you sir.....a sound and well reasoned argument. Was it a direct quote from the Mail or all your own work?

 

[bobmac]

I know how they feel. I was mad when I lost a pound coin last week, so they must be furious :angry:

 

[Deleted member 18588]

I tip my hat to you sir.....a sound and well reasoned argument. Was it a direct quote from the Mail or all your own work?

As balanced as post #2.

 

[ger147]

No mention of the £4 billion hole in their pension fund?

 

[Hacker Khan]

Kind of have a love hate relationship with Tesco. On one hand they usually have some really good beers on offer. But on the other I mostly struggle to find any fresh produce or bread with a 'best before date' more than 2 days in advance every time I've ever been in one. Even when you do rummage at the back of the shelf or lift up the tray currently on top.

 

[JCW]

There is one near me , I use waitross or Sainsbury these days , better quality products , Tesco does not help its suppliers , they are known for it , got too greedy and now paying for it , There are Tesco Express everywhere , Lidi and Aldi plus Tesco are killing small business

 

[full_throttle]

listening to the Jeremy Vine show on Radio 2, it appears that tesco has re-evaluated it's property portfolio, which accounts for much of the 'loss'.

 

[CheltenhamHacker]

listening to the Jeremy Vine show on Radio 2, it appears that tesco has re-evaluated it's property portfolio, which accounts for much of the 'loss'.

Pretty common practice, known as the "big bath" practice (or something like that). Was highlighted by Vodafone in 2007(?) who did similar. The theory being that if you're going to make a loss, make it as big as legally possible, through accounting policies), so that you take the hit in one go. In future years, you hope that you're starting from a better position and can make profits. People prefer one big loss and lots of profits, rather than loads of mediocre minimal losses/profits.

 

[Val]

It hasnt really lost £6.4b though, a write down of the value of property (£3.8b) isn't technically a loss of money, likewise the almost £1b cost of halting opening stores.

Anyone think this is Tescos way of avoiding tax to feed the pension fund deficit or am i being very cynical?

 

[HomerJSimpson]

HID has been shopping at Waitrose for several years for no significant increase in cost and prefers the quality of the food on offer. We have several Tesco's around our way but it's either Waitrose of Sainsbury's and I can't get her to go to Lidl for love nor money (I think because it's not brand names she recognises - read trusts)