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OK remove Aldi of the subject on business rates, but rest of post stands.
Good to see a couple more companies doing the right thing, but will the budget stores Aldi/Lidl do the same.
The pressure is on them, but it may well be more difficult financially, the big 3 to date can to a certain degree weather the additional costs incurred, due to stronger sales and store covid friendly adaptation, the 2 budget companies had a far more strict low base of staff and operational costs and therefore all extra staff and store adaptation would of incurred a bigger financial impact to them.
I would also like to give a mention regarding Tesco's Aldi price match advertising, this has long been over due and the company is at last seeing the benefits, however like for like increase has been difficult to compare due to this starting just when Covid hit and shopping habits changed , the Xmas adverts are fantastic this year and Tesco advert is been seen wildly as one of the top ones, it is current, humorous and very cleaver using slots and individuals from I'm a Celebrity.
In my opinion on adverts.
Tesco. best xmas advert.
Sbry, Flat and controversial gravy bore.
Asda, cheap and awful and predictable mixed race family.
Morrisons, no thought and imagination, same as previous years.
M&S, same format, just different voices.
Aldi, the carrot theme is at it's end predictable.
Lidi, oh my god don't get me started on this appalling, ear crunching total piece of ...t.
Morrison and Aldi too
Just seen that Sainsburys have also decided to follow suit. So probably by the end of next week the grocer that has not offered to pay the money back will be the odd one out.
Tesco have avoided the headlines and wide public disapproval of paying a vast 50p dividend after accepting public money. It's also conceivable a public hearing would have been made that would also serve as bad press. The law and details may well be on Tesco's side to keep the grant, but the mainstream view will only see one thing, a vast payout to shareholders built from government aid. Tesco's have pre-empted the scandal by declaring this now before the Asian sale dividend is scheduled.
Now do the right thing and hand your bonus back,
Also nothing like shooting yourself in the foot..just when it looked like a steady rise to 230 area oh well back to the drawing board
Looks like we’re going 24 hours from the 14th to Help spread the shoppers out over chrimbo
Eaten bread is soon forgotten
Some nice big'afterbhours' buys showing someone has confidence it TSCO ..
This is the business that was hurt by pandemic and was lucky not to fold. These idiots know they got bad loans on the book and how much the petrol, mobile and cloth departments had suffered. Just look at the news, retailers with active online sale are going down. There was no need to return the money when Tesco needs it. For heaven’s sake Pound is a reserved currency and Government doesn’t run by our tax money. Government won’t go bankrupt if they are short of money. Board’s decision would have made more sense if we could not print our own money like EU state countries or our national debts were in form of other currencies.
These actions just play into the hands of online retailers and foreign domiciled competitors, who either don't pay business rates at the same level or can minimise their Corp tax. Consumers will head for the best value and leave these nobel businesses to suffocate themselves. Just look how much tesco pays in debt interest and Corp tax on top of these rates. Tesco needs the money to reduce debt not to give to me as an investor.
Morrisons have just issued a RNS confirming they are goung to pay 2020/21 business rates in full and pay a special div. of 4p to shareholders.
Ccc.
Great Post sums it all up the others will follow like sheep no more to be said.
To all.
Look around at the high positive comments Tesco is receiving.
To many here are only looking at this news as a personal financial one and not the company business decision, which in there view is the right thing to do morally correct in the circumstances.
The company has lost out in the short term with the additional costs, however the long term gains from this announcement and the favourable headlines received throughout covid will do the company very well, i have no doubt.
I am an ex employee and know that stores in my region are trading very well at this stage of year.
Some customers are quite savvy and have no particular loyalty, but any company doing the right thing gets recognition and footfall will increase further.
The other supermarkets have been outdone by Tesco today, the pressure will be on all of them to follow, those who don't may live to regret it.
Could never see any politician or member of the public objecting to the money being kept by the company. The additional staff employed by supermarkets will eventually be returned in kind through tax on their wages by staff not relying on welfare. Simple economics.
Could have got better PR by using the money for community schemes. Food banks for example.
Well said EdGasket !
Rosewell, Look do we live in a communist state where all profits have to be returned to the government? What about the risk I took investing in Tesco through the pandemic? What about the complete wipeout I've had on some of my other shares due to Covid? Are the government giving me money back that I lost? No they aren't. So don't get on your high horse.
Tesco were entitled to rates relief due to additional costs of Covid and shareholders are entitled to any profit and assets of Tesco. End of.
Due to pandemic they faced over £735m extra costs and still decided to return rate relief? Board must be bunch of freaking nuts to think they can spend shareholders money as they wish. Shouldn’t such amount of spending be voted by shareholders?
Edgasket
"All Tesco have done is spent what is rightly ours"
You were doing so well up to then. That money is not rightly ours. That is a shocking statement.
Saintly, Tesco are NOT doing a good thing here and neither are they returning taxpayers money. Instead they have wasted shareholder's funds by returning Covid relief to the government which the government doesn't want because the government wants money in the economy to stimulate it. That is why the government is creating so much currency. All Tesco have done is spent what is rightly ours and in doing so trashed prices of their own and other shares in the sector.
My understanding of "funny money" is that the Bank of England, magics the money out of thin air and then sells it in the form of bonds to buyers e.g. UK Government. It is these bonds that are then repaid with "real money" (or more borrowed funny money) over time. Is that the process in the simplest of terms?
I heard last week that the loan that was taken out to pay for the compensation to slave owners on emancipation (about £20 billion in today's money) nearly 200 years ago was finally paid off in 2015. Heck knows how long it will take to repay £400 billion for Covid).
Leas
"You will qualify if you hold shares prior to the sale being finalised. The completion of the sale is in effect the ex div date. "
Where did you get the information about the ex div date? I don't remember that being in the published circular. A company can determine a date independently of the sale date.
Remember, part of the money coming, we hope, from the sale of the Asian businesses was for working capital, I think in excess of £200 million from memory, this will make a dent in the repayment. Also, the repayment will reduce the tax bill and may not have as large an impact as you may think.
Could be some strategy involved here,. look for some big buys at the lower share price .. either way I think Tesco can handle this payment .. competitors will probably be shamed into doing likewise ..
Thanks for reply
We have a 10% bonus on the way for the month of December for all hours worked.
Stores are trading well market share growing my Center over a million pounds per week up on sales.
A dot com store.