Selling well we have another big delivery of the hudl 2 next week. 5.00 off forty next week to drive a bit of trade. 5 extra vans for our dot com fleet to handle our growing business as we are operating at 95% capacity. That's over 100 now going out three times a day, samecday ordering rolling out with most of the additional sales as new business. Keep the faith a lot of negative talk I for one do not want to pay for local parking pay for my bags and wait to get through the tills with a trolley of second rate food from the discounters. Gla
Like a queue for the only working self-checkout, critics were lining up today to stick the boot into troubled supermarket Tesco (LON:TSCO). Legendary investor and one time fan Warren Buffett again voted with his feet. Having recently branded the supermarket group the worst investment he had ever made, his Berkshire Hathaway vehicle unloaded another chunk of shares, taking its holding down to 245mln shares or less than 3%. Prior to today’s sale Berkshire Hathaway’s stake had been close to 4%, but it is now below the threshold where Buffett has to declare any changes to his holding. From a peak of nearly 5%, Berkshire Hathaway started selling a year ago and has continued to reduce its stake as the problems have mounted. Tesco’s value has halved this year after a profit warning was followed by a revelation that profits had been overstated by £250mln due to an accounting error. Its response to intense competition from no-frills discounters Aldi and Lidl has also been heavily criticised for being slow and unfocused. Meanwhile, a report in today’s Evening Standard newspaper in London suggested that Tesco was in chaos in the wake of the accounting scandal and effectively had no leadership. Eight senior executives have been suspended as part of the ongoing investigation into the accounts shambles, including the UK heads of food, sourcing, beers, wines and spirits, and convenience. Chris Bush, UK chief executive, Carl Rogberg, UK finance director, and Kevin Grace, commercial director, are also not working due to the investigation. Shares today fell a further 1.4% to 173p. At the start of the year they were 334p.
I do agree with you no company is too big to fail. See what happened with Yell, the investors have lost their money and they simply changed company name to hibu and still trading.
I sent to Tesco Extra in Port Solent and likey you have said, lack of staff and when I asked for help they kept me waiting and sending me back and forth. I went there to collect my internet grocery shopping for the first time and having spend half hour trying to get someone to comeout with my delivery bags was nightmare in the freezing winter season. There was no body on the click and collect delivery checkout. I kept on ringing bells and after 10 minutes I gave up and went to the customer service desk and they asked me to go there again and they'll send someone to help me. guess what,,,,,,? same thing, after 10 more minutes I was furious and went back and the lady didn't even bother to apologize to me and since then I have decided I'll go to ASDA, and Tesco Never again...
their staff suck, they need to train them to deliever better customer service.
The market was expecting Buffet's move to scale back his investment in Tesco. The question is, at what rate will he do this, and how far will he go? We can only guess, but my view is that he sees Tesco's recovery taking far longer than he has left of his 'active trading life', and he won't want to leave Tesco as part of his legacy. The pace (or halt) of disposals will be determined to a large extent by the imminent statement from Tesco's new management team.
Tesco’s accounting scandal has created a culture of fear among its buyers and is impeding the running of the business, according to one of its major suppliers.
The Independent quoted a source at one of Tesco’s largest suppliers: “The confidence at Tesco is catastrophic. There’s no leadership and those in charge know nothing about Tesco.
“It’s not business as usual, because there’s no one to talk to any more. A load of people who you’d actually speak to are gone and the ones still there are in meetings all the time.
“Everyone feels as though they are under suspicion, with one eye over their shoulder.”
Eight Tesco directors have been suspended since chief executive Dave Lewis revealed it had overstated its profits by £250m. These include UK chief executive Chris Bush and UK finance director Carl Rogberg.
Deloitte and law firm Freshfields are investigating the accounting issues. However, the supplier source said that was leading to the business being run in a “legalistic way, not a commercial way – and that’s not good for business.”
Tesco boss Dave Lewis is poised to speak to the City to reveal the grocer’s interim results for the first time since being parachuted in last month.
one more thing, it doesn't seem that long ago, probably about 9-10 years ago that Tesco were constantly in the news about massive profits, in the billions, and that every £2 spent in a supermarket £1 went to Tesco. This wasn't long before the credit crunch starting to bite into peoples spending habits and maybe some animosity or resentment began to filter through. The recent news of company private jets shows an arrogance to consumers. Competition for our daily/weekly shopping money is fierce and Tesco have to raise the game and give more or be known as giving more to the consumer than "every little helps" ......
jim all you should be concerned about are how much your shares are worth and how much less the dividends will be in the future.Tesco could be busy but still not making enough profits due to high overheads. The previous regime were arrogant.They took their customers for granted and they also believed they had a god given right to always be a success no matter what. Tesco will take a very long time to be the force it once was, if it does recover that is as nothing is certain. Plus remember no company is too big to collapse and die.
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