| Tesco £2.3BILLION Profit on 09:42 - Apr 10 with 2485 views | Deano69 |
Every little helps. |  |
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| Tesco £2.3BILLION Profit on 09:44 - Apr 10 with 2467 views | Deano69 |
Microsoft make that a week. | |
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| Tesco £2.3BILLION Profit on 09:46 - Apr 10 with 2449 views | Herbivore |
It's not like there's a huge problem with cost of living and food poverty or anything. Sales up 4% but profits up 11% which suggests they've improved their margins, despite supermarkets denying they were using high inflation to bolster their profits. |  |
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| Tesco £2.3BILLION Profit on 09:54 - Apr 10 with 2412 views | Mullet |
| Tesco £2.3BILLION Profit on 09:46 - Apr 10 by Herbivore |
It's not like there's a huge problem with cost of living and food poverty or anything. Sales up 4% but profits up 11% which suggests they've improved their margins, despite supermarkets denying they were using high inflation to bolster their profits. |
Tesco's new approach to the clubcard probably helps massively. If you forget it or don't use it, it adds a huge premium on your shop. Likewise there are so many incentives to getting everything through them e.g. your phone etc. it's easy for them to syphon off a bigger % of peoples' wages each month.
If they can do that with only 10-20% of the population it's no wonder they're raking it in. |  |
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| Tesco £2.3BILLION Profit on 09:57 - Apr 10 with 2389 views | Guthrum |
That's about 3.8% of revenue. Around the same as you'd get from a high-interest savings account.
They are one of the largest companies in the world by turnover. |  |
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| Tesco £2.3BILLION Profit on 10:00 - Apr 10 with 2366 views | homer_123 |
| Tesco £2.3BILLION Profit on 09:57 - Apr 10 by Guthrum |
That's about 3.8% of revenue. Around the same as you'd get from a high-interest savings account.
They are one of the largest companies in the world by turnover. |
I would add that within this sector, there is also a lot of competition and choice for the consumer if they don't want to shop at Tesco. |  |
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| Tesco £2.3BILLION Profit on 10:05 - Apr 10 with 2327 views | SuperKieranMcKenna |
So do your shop at Lidl - they lost money in the UK last year keeping prices under control. |  | | |
| Tesco £2.3BILLION Profit on 10:06 - Apr 10 with 2325 views | lurcher |
It's a shop not a charity, other shops are available. [Post edited 10 Apr 10:07]
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| Tesco £2.3BILLION Profit on 10:06 - Apr 10 with 2326 views | Chris_ITFC |
| Tesco £2.3BILLION Profit on 10:00 - Apr 10 by homer_123 |
I would add that within this sector, there is also a lot of competition and choice for the consumer if they don't want to shop at Tesco. |
I do get it - capitalism, competition, etc.
But when we’re talking about a supplier of basic food and drink, it jars somewhat to see people struggling (food banks etc) at the same time as an absolute fortune is siphoned from the average man and woman into the pockets of shareholders. |  | | |
| Tesco £2.3BILLION Profit on 10:08 - Apr 10 with 2289 views | homer_123 |
| Tesco £2.3BILLION Profit on 10:06 - Apr 10 by Chris_ITFC |
I do get it - capitalism, competition, etc.
But when we’re talking about a supplier of basic food and drink, it jars somewhat to see people struggling (food banks etc) at the same time as an absolute fortune is siphoned from the average man and woman into the pockets of shareholders. |
Don't get me wrong, I completely understand that and you are right - no one should be struggling, that's not even a discussion is it. | |
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| Tesco £2.3BILLION Profit on 10:10 - Apr 10 with 2274 views | keighleyblue |
| Tesco £2.3BILLION Profit on 10:00 - Apr 10 by homer_123 |
I would add that within this sector, there is also a lot of competition and choice for the consumer if they don't want to shop at Tesco. |
Exactly, I do exactly that. It justriles me however that Tesco as a British company is so far removed from helping people eat well for less money than its EU based rivals.... |  | | |
| Tesco £2.3BILLION Profit on 10:13 - Apr 10 with 2228 views | Sarge |
| Tesco £2.3BILLION Profit on 10:06 - Apr 10 by lurcher |
It's a shop not a charity, other shops are available. [Post edited 10 Apr 10:07]
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Yep because Tesco are the only ones making record profits and profiteering from a global crisis. There’s only an illusion of choice for consumers, you will be taken advantage of from all sides. | | | |
| Tesco £2.3BILLION Profit on 10:14 - Apr 10 with 2212 views | TractorWood |
There is currently a bull market on defence stocks from various conflicts and possiblity of Trump back in the whitehouse.
I guess the game is the game though.... |  |
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| Tesco £2.3BILLION Profit on 10:17 - Apr 10 with 2197 views | SuperKieranMcKenna |
| Tesco £2.3BILLION Profit on 10:13 - Apr 10 by Sarge |
Yep because Tesco are the only ones making record profits and profiteering from a global crisis. There’s only an illusion of choice for consumers, you will be taken advantage of from all sides. |
See above - Lidl lost GBP 76m in the UK last year so that simply isn’t true. | | | |
| Tesco £2.3BILLION Profit on 10:24 - Apr 10 with 2157 views | SuperKieranMcKenna |
| Tesco £2.3BILLION Profit on 09:57 - Apr 10 by Guthrum |
That's about 3.8% of revenue. Around the same as you'd get from a high-interest savings account.
They are one of the largest companies in the world by turnover. |
Indeed, but why let facts get in the way of outrage. The UK is also a huge market of 70m people, and an additional 20pc of their revenue comes from abroad. Unless we go back to shopping only at local stores firms are going to make huge profits. French chain Carrefour made similar levels of profit to Tesco last year. | | | |
| Tesco £2.3BILLION Profit on 10:24 - Apr 10 with 2159 views | homer_123 |
| Tesco £2.3BILLION Profit on 10:10 - Apr 10 by keighleyblue |
Exactly, I do exactly that. It justriles me however that Tesco as a British company is so far removed from helping people eat well for less money than its EU based rivals.... |
Food is an interesting one, in 2022 the UK spent around 12% of their annual income on food. Historically, food accounted for a much higher % (upwards of 50% of annual income at times and still does in many Countries around the World).
So, food is 'cheap' in comparison to what it used to be - however, this actually comes at a huge cost in terms of quality and the environment.
Tomatoes - as one example - they stay fresher for longer and therefore can be transported further but the quality of those tomatoes in terms of nutrients is much less than traditional tomatoes.
Not withstanding Chris's point about foodbanks before, the availability of food is far greater than we have ever had, seasonal foods are almost a thing of the past and it's cheap but...as I say, that comes at a cost.
I digress somewhat from the original OP, sorry! | |
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| Tesco £2.3BILLION Profit on 10:30 - Apr 10 with 2131 views | SitfcB |
Shoplifting should be encouraged at places like this. |  |
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| Tesco £2.3BILLION Profit on 10:31 - Apr 10 with 2118 views | lurcher |
| Tesco £2.3BILLION Profit on 10:13 - Apr 10 by Sarge |
Yep because Tesco are the only ones making record profits and profiteering from a global crisis. There’s only an illusion of choice for consumers, you will be taken advantage of from all sides. |
Businesses that don't make decent profits get taken over or cease to exist. There is still a choice, you can shop at independent stores, Waitrose, Tesco or Aldi. Sadly if you don't have money there is no profit to be made from you and you have no choice. Its the world we live in, it is what the majority voted for. | | | |
| Tesco £2.3BILLION Profit on 10:42 - Apr 10 with 2055 views | catch74 |
On a personal note it does feel a bit sour.
In lock down Rishi Sunak said he’d do anything it takes for the hospitality industry. There were even
mentions of the obvious increased tax burden being loaded onto those businesses benefitting from the lockdowns - supermarkets and online. This never happened.
Our industry is being absolutely decimated, the highest duty raise in 50 years (so well masked by the freezing of the duty on the pint of beer that a number of my customers were confused that we weren’t putting beer prices down.) Increase in minimum wage, whilst I’m all for as a small business with margins shredded by 30% supplier price rises, paying energy bills more than we pay ourselves as owners, the aforementioned duty increase, return of business rates I’m not sure where we fund the rise.
Suoermarket business rates equate to about 2.5p in the price of a pint, pubs it’s 23.5p. Supermarkets don’t pay VAT on food sales, pubs do, at 20%. This was all our industry were asking - to match that VAT, would have saved thousands of pubs and restaurants, now closing in bloodbath in the industry.
Yes it’s a massive business, so small margin of profit and yes there are other supermarkets. The issue is that’s what going to be left, bland mass produced packaged products in a soulless warehouse. Companies able to tell producers what they’ll charge for their product.
It’s not badly run pubs and restaurants closing now it’s people at the top of their game and it’s not because there isn’t customer demand it’s because costs have been driven up by huge energy companies also being allowed to make eye watering profits. There’s been no help, no wherever it takes - there’s clearly a benefit for some people for our industry to die. |  |
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| Tesco £2.3BILLION Profit on 10:48 - Apr 10 with 2018 views | Herbivore |
| Tesco £2.3BILLION Profit on 10:24 - Apr 10 by SuperKieranMcKenna |
Indeed, but why let facts get in the way of outrage. The UK is also a huge market of 70m people, and an additional 20pc of their revenue comes from abroad. Unless we go back to shopping only at local stores firms are going to make huge profits. French chain Carrefour made similar levels of profit to Tesco last year. |
It's the facts that are causing the outrage, mate. Not everyone is cool with an increasingly small cabal of massive companies making eye watering sums of monn t while the country crumbled and more and more people struggle to make ends meet. If that's not a legitimate source of outrage, what is? | |
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| Tesco £2.3BILLION Profit on 11:05 - Apr 10 with 1946 views | SuperKieranMcKenna |
| Tesco £2.3BILLION Profit on 10:48 - Apr 10 by Herbivore |
It's the facts that are causing the outrage, mate. Not everyone is cool with an increasingly small cabal of massive companies making eye watering sums of monn t while the country crumbled and more and more people struggle to make ends meet. If that's not a legitimate source of outrage, what is? |
Most of the problems you, and the poster above you have outlined are problems of government policy, not Tesco making an <4pc profit margin. I’m not outraged as I don’t shop there. As I noted I shop mostly at Lidl who lost money last yea, and Asda as it’s cheaper - alternatives are available.
Tesco have never been the cheapest in my lifetime. Of course they will make large profits in such a large and wealthy market, that’s the globalised world we live in now. It’s only because they’ve been cr@p at expanding internationally that they aren’t making more (on a global scale they are far below their peers). Brexit is a bigger problem, it’s led to increased food prices and inflation rates higher the rest of Western Europe - despite being less reliant on Russian gas imports. [Post edited 10 Apr 11:07]
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| Tesco £2.3BILLION Profit on 11:05 - Apr 10 with 1943 views | Herbivore |
| Tesco £2.3BILLION Profit on 10:31 - Apr 10 by lurcher |
Businesses that don't make decent profits get taken over or cease to exist. There is still a choice, you can shop at independent stores, Waitrose, Tesco or Aldi. Sadly if you don't have money there is no profit to be made from you and you have no choice. Its the world we live in, it is what the majority voted for. |
Did we ever have a vote on whether we wanted an economy that distributes money upwards from the masses to a small elite who profiteer from the rest? I must have missed that particular vote. | |
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| Tesco £2.3BILLION Profit on 11:08 - Apr 10 with 1923 views | Guthrum |
| Tesco £2.3BILLION Profit on 10:06 - Apr 10 by Chris_ITFC |
I do get it - capitalism, competition, etc.
But when we’re talking about a supplier of basic food and drink, it jars somewhat to see people struggling (food banks etc) at the same time as an absolute fortune is siphoned from the average man and woman into the pockets of shareholders. |
I understand entirely the anger. But "shareholders" is not just wealthy individuals. A large proportion* are ordinary people's pensions, mortgage endowments, savings, plus charities and the like.
* Tho they may be removed by a layer or two of funds invested in other funds. Same as the Arizona emergency workers money went into ORG, a subsidiary fund of which then put cash into ITFC. | |
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| Tesco £2.3BILLION Profit on 11:09 - Apr 10 with 1903 views | DarkBrandon |
| Tesco £2.3BILLION Profit on 09:54 - Apr 10 by Mullet |
Tesco's new approach to the clubcard probably helps massively. If you forget it or don't use it, it adds a huge premium on your shop. Likewise there are so many incentives to getting everything through them e.g. your phone etc. it's easy for them to syphon off a bigger % of peoples' wages each month.
If they can do that with only 10-20% of the population it's no wonder they're raking it in. |
Ah, yes. The privacy tax |  | | |
| Tesco £2.3BILLION Profit on 11:10 - Apr 10 with 1890 views | Herbivore |
| Tesco £2.3BILLION Profit on 11:05 - Apr 10 by SuperKieranMcKenna |
Most of the problems you, and the poster above you have outlined are problems of government policy, not Tesco making an <4pc profit margin. I’m not outraged as I don’t shop there. As I noted I shop mostly at Lidl who lost money last yea, and Asda as it’s cheaper - alternatives are available.
Tesco have never been the cheapest in my lifetime. Of course they will make large profits in such a large and wealthy market, that’s the globalised world we live in now. It’s only because they’ve been cr@p at expanding internationally that they aren’t making more (on a global scale they are far below their peers). Brexit is a bigger problem, it’s led to increased food prices and inflation rates higher the rest of Western Europe - despite being less reliant on Russian gas imports. [Post edited 10 Apr 11:07]
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They are problems largely created by capitalism. This is a fairly route one example of how capitalism enables large corporations to make eye watering profits from money earned by those who don't have very much in the grand scheme of things. Governments can choose to do more to alleviate poverty but until they start meaningfully looking to stop the upwards redistribution of wealth then it's tinkering around the edges. | |
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