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Jstar.
Let'not assume mortgages. See RNS dated 3rd Sep 2019. Provisions are not plucked out of the air. They are carefully calculated numbers that are likely to happen. But yes, RBS and Lloyds are likely to post much higher provisions.
Like its rivals, Tesco has had a busy year so far. Sales rose by 9.2% during the three months to 30 May, which is a very high growth rate for a big supermarket.
Rosewall
Well said !
Atisha,
And what exactly was the 10& extra payment for if it wasnt for the recognition of the hard work that colleagues have done. The email from Dave Lewis was that the extra money was for going above and beyond. Also, many colleagues participate in the share ownership schemes and they will get the special dividend. A lot of the money is going into the staff pension scheme. What else would you like the company to do?
Should get a share of the £8bn sale proceeds after the exceptional effort they have put in since the Covid outbreak, especially the Dotcom dept which has increased sales by 48%. The customer base for deliveries and C&C will only increase after this. The C&C staff at my local Extra store have slogged their guts out with the extra volume.
It wasn't Dave Lewis that got Tesco into vanity projects, he is the one that got us out of them. By your argument you should be grateful to him.
TRB
And don't forget the confidential whistle blowing hot line. It works. I used it to good effect when a person of colour was being racially abused by colleagues.
Dave lewis has sold quite a few chunks of the Tesco empire off Fresh and easy “ well the yanks will look after themselves and buy from themselves so it was never going to work , garden centres, restaurant chain, why we stuck our fingers in these pies I’ll never know , but the Thai business is making money whilst I appreciate it needs investment. The long term I think it would of been worth it. But the latter in my opinion with the special dividend has kept and inflated the share price a little trying to help him( mr lewis) to get his bonus but they under estimated Ocado and should still Not under estimate them.
As for myself I shall look after number 1 as I’m only a number to Tesco but will stand up for my colleagues.
I was disturbed yesterday to hear of some bullying and intimidation going in store against another long standoff member of staff to which I have implored him to make a complaint in writing and email “ I like emails they leave a trail “ paperwork goes missing in store when it’s critical in certain circumstances.
TRB
At the end of the day, those shareholders you put all the bottom of th pile, are your colleagues and other pensioners.
Im sure yiu will be sadly missed!! Good riddance.
Stop trying to make big corporate descisions you don't understand and concentrate on packing out yogurts sure if John Lewis gave you a job which they wont you would moan about them too cutting bonuses etc people like you build their lives moaning about Tesco or any job that's what's wrong with this country dave lewis had a huge task to turn tesco round and he done it think your a bit of a hate the world as i call them enough said.
Me also out at 231, if the last few weeks are anything to go by it will drop back now.. but will probably fly now that I'm out.. ??
Well well justice as they say for moving the goal posts on his bonus and rightly so . I bailed at 231 just over 7500 shares gives me a little to play with .
I will bail from my job next year don’t worry, it will do for now As suits my needs but not before I have my day , and after speaking to Leigh day I’m correct in my grievance, unless of course Leigh day win by next year then I won’t have to bother putting it in which will save the embarrassment of me outing a store manager for lying,
I will be off to John Lewis as mentioned before at least Sharon white has her head screwed on to focus on the staff not the shareholders or senior managers.
I tried management but that was an utter disaster from start to finish with even my sponsor apologising for the incompetence of the farce.
Of course the bad loan provision is just that a provision, not cash at the moment.
Assume mortgages? If tesco 150million is realistic estimate what on earth are rbs and lloyds going to have to provide. UK mortgages are most of their balance sheets.
The hiden messages are key here, no mention of profits of which will be much much higher than the 9% growth due to deals being removed. I can't believe that they have actually claimed the rates relief, this in my opinion will be paid back to the government in due course once they have to declaire some of the bumper profits made. They will try to hide as much as they can in Bank provisions, CEO bumper bonus, price investments etc.... but shareholders will ultemately want to see some of it so some will have to be declaired at some point.
Moonman1977 it pays to be wise, the more the better.
I do not work for Tesco,my wife does and has for 20years.They are a fair employer in my opinion,there are worse out ther,trust me.Yes,double time etc has gone but most companies do not pay this anymore.Dave Lewis took some tough decisions but he has turned the company around and moving forward is a solid investment if not spectacular.
Moonman1977 you restore my faith
Results are good but costs of sales is up and not offset by business rates relief.
Tesco already has a capital expenditure and the investment into bigger online capacity wouldn't have come cheap.
However in the longer team if the extra customers stay loyal this will be a positive turning point. The other strength is Booker and the supply of independent convenience stores like Londis - these stores are booming.
A second wave would prolong the peak in sales and the idiitic British public seem intent on this
With the prevailing turbulence Tesco is a great defensive stock to hold.
SP seems to picking up now
Tesco PLC
TSCO
228.70 GBX
+2.30 (1.02%)
approaching 230 fast.........
Start the day on 222p, with an immediate 4p+ to make up just to get level on yesterday...... this share is up and down up and down..... 222 to 234 and back...... results??? good??? where's the results in the SP???? barely touching 227p
Fab results and why is sp down?
Same ol rhetoric, for what the results are in given circumstances? Just Excellent, absolutely fab that how I read it!
TRB
If the manager is that lazy then you know where to report it. If he is that bad then it will be reflected in the figures. As for the boss's golden goodbye, that has been as transparent as it can be from day one. Has he done a bad job too?