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Good to see their market share slowing in growth the lack of on-line offering will hit them hard and we are well positioned for growth hopefully sp will start an upward move because its been painful to watch lately.
was announced today some but not all counters will close no more pizza counter hot deli will move to grab and go as will the fish counters no redundancies and all affected colleagues will be guaranteed same hours.
London Investor
Re lack of slots.
With 30 UFCs coming online in the next couple of years, the first being 28th July this year, the lack of slots are being addressed. Tesco have gone from 600,000 to 1,300,000 slots per week in just a month or so - what more would you like. I could tell you the secret of getting a slot at short notice but I would have to kill you :-)
Are your sales up this quarter??
Sounds like you’re an employee??!!
Morning, this is not new. Staff are required to multi-skill and often dot.com pickers are in greater need that checkout people. I cannot see a time when there will be no checkout staff. If money is still going in those tills, then ( a few ) staff will be there. Tesco won't have £1 go into a competitors till. As for uthe counters, I think we will have to wait and see, but Tesco has had this period of time and will be looking at sales figures. As a business they would be
lacking if they didn't. Management restructuring is also changing all the time, we lost a bakery manager recently, he now managers bakery and counters. Restructuring is ongoing constantly
Tesco has also bought Best Foods
Way too go
I wasn’t suggesting everyone will go online.
But it’s clear that online is becoming more and more important.
It’s impossible to get a Tesco delivery slot for at least the next few weeks.
This is not good enough, they need more staff and delivery drivers in the distribution centres.
When recessionary times are upon us, people will always spend more on groceries and take away alcohol. This is a fact. The only question is where they purchase, not so much the method. The disincentives to eat out during covid add to this.
I have been informed today that all the checkout staff are being told to go on .com picking as theyre no jobs in the future on the tills
Also all the deli counters will never open again
This is in a extra store in E Anglia
Also they have to stay tonight to stock take for half year results
Starting from tomorrow a major restructuring in management in store
Sounds like its job loss time for many
Apparently the lady who counts you into the store says the amount of people is at all time highs the last two weeks
Sounds great for us shareholders gla
No supermarket will ever move to online completely until they learn how to pick goods as well as the shopper, until they perform as well as the advertisements. The rubbish that comes out of stores, irrespective of the company involved, has to be seen to be believed.
Yes. Look at Ocado. Massive losses.
Let’s face it, COVID has accelerated online shopping.
I reckon even with a vaccine, store footfall will never be the same again.
Maybe some stores need to close and the company focuses on online? Look at Ocado, massive opportunity.
Has the chainsaw finally run out of petrol :-)
Jaskk,
A couple of points. First, not all of the business in Poland has been sold. Only a part of it has been sold. I kind of find it useful to read what the RNS says rather than opening your mouth and let your belly rumble. The relevant RNS stated
"In addition, the Group has made good progress in selling its remaining Polish property outside of this transaction. Over the past 18 months, the Group has either sold or agreed to sell 22 stores for net proceeds of c.£200m. The Group will continue to seek to realise value from the remaining assets, which include 19 currently trading stores not covered in this transaction."
Secondly, there will be a share consolidation following the Asian deal. That was stated in the circular had you bothered to read it. Following the reduction in NAV post special dividend and pension top up, it will need something like a 5 shares to 3 to get the share price back to the previous levels.
Stop being a ramper and read the RNS and circular, you won't look such an idiot if you do.
The interesting thing about the 1st quarter trading update is that it has group sales of 13,380 compared to 13,978 in the same quarter last year which is circa 4.5% less, despite the fact that both Poland and the Asian figures have bee excluded in the recent figures. Now consider that the sale of the Asian business is roughy 25% of the current market cap and you can see what a great move it is. It is always costly and very difficult breaking into new markets, not to mention exchange rate issues etc. In this climate, sticking to the basics, concentrating at what you do best and strengthening the balance sheet, is always the best option, rather than spreading yourself thin, trying to manage markets that you don't know well enough, with all the local politics it involves.
I never follow the crowd but I agree also. What is more I think without the big disposal the share price might be quite a lot higher. So confused I am.
Jaskk you get my vote
Seen it all before, someone trying to buy in cheaply from the impatient. This a great defensive company with good cashflow, especially worth holding as we head into a severe recession and the potential of a second Covid wave. They have already started reporting financials excluding the Asian business ( as well as the now sold Polish business ) and the dividend is well covered and predicted to grow, which is high in a zero / negative interest rate environment. Patience is key and to ignore the noise ( 5 for 3 shares rubbish etc ). This will re-rate to circa £2.50 plus ( fair value ) when the deal lands and I wouldn't be surprised if there is not a share buy back as well as special dividend.
Ive heard the term giving the tree a shake.Starting to think there trying to chop this one down
Rubbish. Got a short on ?
From experience even in the better circumstances dealing with Thai and Nalaysian bureaucracy can be lengthy
Working on a project for the King of Thailand they once misplaced 2 tonnes of cargo at the airport
Big write up in the Sunday Times todayUpwards tomorrow
Rosewall, apologies I thought you meant from a regulatory body in the UK. Not so sure shareholders will reject it and cannot see employees rejecting it if there is a cash injection to their pension.
I agree that it may fall by more than 50p on XD but like I alluded to earlier the sp may get a boost when and if the Thai regulators allow the sale.
Of course all speculation but uncertainty may be the reason why it keeps falling.
Leas,
The UK hurdle as I see it will be the consolidation that runs alongside the special dividend. If the special dividend goes ahead then, in general expect the share price to fall more than 50p (remember it is £10 billion for the sale but the bulk leaves the company be it dividend or pension contribution). This puts the new share price at a very low level and this will cause the large investment institutions a bit of grief. To head this off, Tesco will consolidate (at what level I don't know - I had it at 5 shares consolidating to 3 shares) and this will cause an amount of grief to PIs and employee shareholders (usually unsophisticated) who may view it as theft and vote against the proposals.
Rosewall, not sure that they will be any UK hurdles. From what little bit of research I have done the Thai regulators will be the one to clear but I can find very little info in relation to mergers and acquisitions that have been rejected by them in the past, so difficult to judge their sentiment.
That said, it is a lot easier to get the 'job done' over there as any obstacle can be readily dealt with. :)