Tesco | GlobalPost

Tesco will not pay executive bonuses without rise in profits

Thomson ReutersMay 23, 2013 11:08

LONDON (Reuters) - Tesco <TSCO.L> executives will not receive a bonus in the current financial year unless they can reverse a decline in profits at Britain's biggest supermarket operator, the company said in its annual report on Thursday. The report rounds off a torrid year for the company, which announced a withdrawal from the United States and wrote down the value of its global operations by $3.5 billion due to the first fall in profit in two decades.

Tesco 'reassured' on India retail sector

Agence France-PresseMay 13, 2013 06:30

The boss of British supermarket Tesco held talks with officials in New Delhi Friday about India's new foreign investor retail policy as the chain decides on its strategy for the emerging market giant. The meeting between Tesco chief executive Philip Clarke and Indian officials came after the government last September changed its rules to allow international supermarkets to establish multibrand stores in the potentially lucrative sector.

European stocks hit by German downgrade rumours, comments

Agence France-PresseApril 17, 2013 13:02

European stock markets fell sharply on Wednesday, hit by comments by the Bundesbank chief that the debt crisis could take a decade to overcome and speculation swirled over a potential credit rating downgrade. Frankfurt's DAX 30 fell 2.34 percent to 7,503.03 points, while in Paris the CAC 40 dropped 2.35 percent to a four month low of 3,599.23 points, and London's FTSE 100 shed 0.96 percent to 6,244.21 points.

Tesco takes £1.2-bn hit from failed US business

Agence France-PresseApril 17, 2013 12:32

British supermarket giant Tesco on Wednesday took a £1.2-billion ($1.8-billion, 1.4-billion-euro) hit from failed US division Fresh & Easy, sparking the first drop in annual profits in almost two decades, and confirmed its exit from the United States. Net profits slumped 95 percent to £124 million in its 2012/2013 financial year, compared with £2.806 billion last time around, Tesco said in a results statement. Revenue edged 1.4 percent higher to £64.83 billion.

European stocks hit by German downgrade rumour

Agence France-PresseApril 17, 2013 10:46

European stock markets fell on Wednesday, with Frankfurt shares briefly shedding more than 2.0 percent as speculation swirled over a potential credit rating downgrade, dealers said. In afternoon trade, Frankfurt's DAX 30 index of top companies sank as low as 7,514.01 points. It later stood at 7,547.77, down 1.75 percent from Tuesday's closing level. Elsewhere, London's benchmark FTSE 100 index slid 0.58 percent to 6,238.31 points, and in Paris the CAC 40 dropped 1.48 percent to 3,631.23 points.

Tesco takes £1.2-bn hit from failed US business

Agence France-PresseApril 17, 2013 04:15

Tesco takes £1.2-bn hit from failed US business

Agence France-PresseApril 17, 2013 03:30

British supermarket giant Tesco on Wednesday took a £1.2-billion ($1.8-billion, 1.4-billion-euro) hit from its failed US division Fresh & Easy, sparking the first drop in annual profits in almost two decades, and confirmed its exit from the United States. Net profits slumped 95 percent to £124 million in its 2012/2013 financial year, from £2.806 billion last time around, Tesco said in a results statement. Revenue edged 1.4 percent higher to £64.83 billion.

Tesco says 2012 profit slumps 95%, confirms US exit

Agence France-PresseApril 17, 2013 03:16

British supermarket giant Tesco announced on Wednesday that its annual net profits slumped 95 percent, and confirmed its costly exit from the United States market. Earnings after taxation tumbled to £124 million ($190 million, 145 million euros) in its 2012/2013 financial year, compared with £2.806 billion last time around, Tesco said in a results statement. Profits nosedived as Tesco took a £1.2-billion hit from its struggling US division Fresh & Easy, and also booked a £804-million writedown on the value of its property portfolio in Britain. mg-rfj/wai

Tesco quits U.S. and takes £2.3 billion global write down

Thomson ReutersApril 17, 2013 02:30

By James Davey and Kate Holton LONDON (Reuters) - Britain's biggest retailer, Tesco, wrote down the value of its global operations by $3.5 billion (2.3 billion pounds) and announced plans to exit the United States, as it tries to rebuild after a year when profit fell for the first time in two decades.

Tesco profit fall to reflect cost of fightback

Thomson ReutersApril 16, 2013 02:15

By James Davey LONDON (Reuters) - Tesco <TSCO.L>, Britain's biggest retailer, is expected to report its first fall in underlying annual profit in two decades, reflecting the cost of a turnaround plan launched after last year's shock profit warning. The group, the world's third largest retailer after Wal-Mart <WMT.N> and Carrefour <CARR.PA>, was one of Britain's most consistent companies in terms of earnings growth until it issued the profit alert in January 2012.