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Tesco (TSCO)

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idpickering
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Re: Tesco (TSCO)

#507800

Postby idpickering » June 17th, 2022, 7:05 am

First Quarter Trading Statement 2022/23.

UK: Ongoing support for customers in challenging times; further improvement in market share
Market share growth of +37bps3, outperforming on both value and volume
Overall distribution of Aldi Price Match and Low Everyday Prices products up c.19% YoY
Maintaining largest improvement in quality & value perception of any food retailer in the market vs pre-pandemic
YoY performance impacted by annualisation of lockdown last year, most notably in GM, clothing and online, partially offset by inflation
ROI: Sales ahead of pre-pandemic levels, one-year performance reflects trading over lockdown last year
Market share growth +11bps YoY4; Brand NPS increased by +4 points YoY to 18
Sales decline due to lapping highest level of restrictions, which is partially offset by inflation
Booker: Strong performance, particularly in Catering, reflects benefit of lapping lockdown and underlying business growth
Catering LFL sales increased by +57.4%; added over 13,000 net new customers
Retail LFL sales increased by +2.3%
CE: Growth driven by inflation across all three markets, despite impact of lapping lockdown
Continued market share growth in all three countries, +40bps overall5
Completed sale of 17 malls & one retail park, generating proceeds of c.£200m as announced in April
Bank: Sales up +38.8% largely from acquisition of Tesco Underwriting; recovery in card sales & travel money
Outlook: At this early stage in the year, our guidance ranges for profit and cash remain unchanged,

Ken Murphy, Chief Executive:
“Whilst the market environment remains incredibly challenging, our laser focus on value, as well as the daily dedication and hard work of our colleagues, has helped us to outperform the market. Our material and ongoing investment in the powerful combination of Aldi Price Match, Low Everyday Prices and Clubcard Prices is removing the need for customers to shop elsewhere.

Although difficult to separate from the significant impact of lapping last year’s lockdowns, we are seeing some early indications of changing customer behaviour as a result of the inflationary environment. Customers are facing unprecedented increases in the cost of living and it is therefore even more important that we work with our supplier partners to mitigate as much inflation as possible. ”


https://www.tescoplc.com/news/2022/1q-t ... nt-202223/

RNS here; https://www.investegate.co.uk/tesco-plc ... 00052180P/

Ian.

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Re: Tesco (TSCO)

#511585

Postby idpickering » July 4th, 2022, 7:11 am

Commencement of Share Buyback Programme.

Further to the announcements made on 13 April 2022 and 26 April 2022, Tesco PLC (the "Company") announces that it has entered into an arrangement with HSBC Bank plc ("HSBC") to repurchase shares on behalf of the Company, as part of its existing commitment to buy back a total of £750 million worth of shares by April 2023.

The arrangement allows HSBC to repurchase shares, together with any other ordinary shares in the Company (the "Shares") purchased on the Company's behalf, in accordance with the Company's current buyback authority granted by shareholders at the Company's 2022 Annual General Meeting.

These share purchases will be made on the Company's behalf and in accordance with the arrangement and, in the case of any purchases made during closed periods, shall be made independently of and uninfluenced by the Company.

Any share purchases effected pursuant to the arrangement will be subject to the terms of the arrangement with HSBC and in any case will be effected in a manner consistent with both the general authority vested in the Company to repurchase shares, the Market Abuse Regulation 596/2014 as it forms part of UK domestic law and Chapter 12 of the United Kingdom Listing Rules, which require that the maximum price paid be limited to be no more than the higher of (i) 105 per cent of the average middle market closing price of the Company's ordinary shares for the five business days before the purchase is made, and (ii) the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out. The aggregate purchase price under this arrangement with HSBC, together with any other Shares purchased on the Company's behalf pursuant to its buyback programme, will not exceed £750 million.

The sole purpose of these share purchases is to reduce the Company's share capital.


https://www.investegate.co.uk/tesco-plc ... 00051039R/

Ian.

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Re: Tesco (TSCO)

#534843

Postby idpickering » October 5th, 2022, 7:08 am

Interims announcement 2022/23.

Strong trading performance built on consistent and competitive offer, leading to strong retail free cash flow:
Retail7 LFL sales up +3.2% following strong performance throughout pandemic; 1-yr UK & ROI LFL reflects post-pandemic normalisation & cost-of-living changes in customer behaviour; strong Booker growth in catering & retail.

Statutory revenue £32.5bn, up +6.7% including strong growth in fuel sales
Total adjusted retail operating profit5 £1,248m, down (10.0)% at constant rates
UK & ROI adjusted operating profit £1,169m, down (11.5)% mainly due to the impact of reduced YoY volumes as a result of post-pandemic normalisation, in addition to net cost inflation and our ongoing investment in the customer offer
C.Europe adjusted operating profit £79m, up +19.1% as volumes remained strong despite significant inflation
Bank adjusted operating profit £67m, down (6.9)% driven primarily by up-front charges on new business
Statutory operating profit £736m, after £(626)m non-current asset impairment charge driven by higher discount rates
Strong retail free cash flow6 £1,283m; YoY decline reflects last year’s exceptionally strong performance
Net debt2,6 reduced by £0.5bn since February driven by strong cash generation; net debt ratio stable at 2.5x
Adjusted diluted EPS5 10.67p, down (4.9)% due to lower profit part offset by reduced tax; statutory diluted EPS 3.44p
Interim dividend of 3.85p, up +20.3%, in line with policy at 35% of prior year’s full year dividend


https://www.tescoplc.com/news/2022/inte ... nt-202223/

RNS here; https://www.investegate.co.uk/tesco-plc ... 00057905B/

From the RNS;
From the RNS;

The interim dividend was approved by the Board of Directors on 4 October 2022. The proposed dividend has not been included as a liability as at 27 August 2022, in accordance with IAS 10 'Events after the reporting period'. It will be paid on 25 November 2022 to shareholders who are on the Register of members at close of business on 14 October 2022.


Ian.

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Re: Tesco (TSCO)

#536432

Postby idpickering » October 11th, 2022, 7:07 am

Continuation of Share Buyback Programme.

Tesco PLC confirms the appointment of HSBC Bank plc to repurchase shares with an aggregate value of up to £100 million as part of its existing £750 million share buyback programme.

Further to the announcements made on 13 April 2022, 26 April 2022 and 4 July 2022, Tesco plc (the "Company") announces that it has entered into an arrangement with HSBC Bank plc ("HSBC") to repurchase shares on behalf of the Company, as part of its existing commitment to buy back a total of £750 million worth of shares by April 2023.

The arrangement allows HSBC to repurchase shares, together with any other ordinary shares in the Company (the "Shares") purchased on the Company's behalf, in accordance with the Company's current buyback authority granted by shareholders at the Company's 2022 Annual General Meeting.

These share purchases will be made on the Company's behalf and in accordance with the arrangement and, in the case of any purchases made during closed periods, shall be made independently of and uninfluenced by the Company.

Any share purchases effected pursuant to the arrangement will be subject to the terms of the arrangement with HSBC and in any case will be effected in a manner consistent with both the general authority vested in the Company to repurchase shares, the Market Abuse Regulation 596/2014 as it forms part of UK domestic law and Chapter 12 of the United Kingdom Listing Rules, which require that the maximum price paid be limited to be no more than the higher of (i) 105 per cent of the average middle market closing price of the Company's ordinary shares for the five business days before the purchase is made, and (ii) the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out. The aggregate purchase price under this arrangement with HSBC, together with any other Shares purchased on the Company's behalf pursuant to its buyback programme, will not exceed £750 million.

The sole purpose of these share purchases is to reduce the Company's share capital.


https://www.investegate.co.uk/tesco-plc ... 00144066C/

Ian.

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Re: Tesco (TSCO)

#536516

Postby pje16 » October 11th, 2022, 2:46 pm

First-half results to 31 August
Revenue up 6.7% to £32.5 billion
Adjusted operating profit down 9.8% to £1.32 billion
Interim dividend up 20.3% to 3.85p per share
Net debt down 1.7% to £10 billion

Guidance:
Expects full-year adjusted operating profit of between £2.4 billion and £2.5 billion, down from a previous £2.4 billion to £2.6 billion

Chief executive Ken Murphy said:

“By staying laser-focused on value and sticking to our strategy of inflating a little bit less and a little bit later, our price position has got even more competitive. Customers are seeking out the quality and value of our own brand ranges as they work to make their money go further, whether they are switching from branded products, between categories or cutting back on eating out.”

“As we look to the second half, cost inflation remains significant, and it is too early to predict how customers will adapt to ongoing changes in the market. Despite these uncertainties, our priorities are clear. We have the right long-term strategy and we will continue to balance the needs of all of our stakeholders. Most importantly, we will stay focused on delivering value for our customers and supporting them in every way we can.”

source:
https://www.ii.co.uk/secure/my-news-fee ... d-ii525591
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Re: Tesco (TSCO)

#536530

Postby idpickering » October 11th, 2022, 3:40 pm

pje16 wrote:First-half results to 31 August
Revenue up 6.7% to £32.5 billion
Adjusted operating profit down 9.8% to £1.32 billion
Interim dividend up 20.3% to 3.85p per share
Net debt down 1.7% to £10 billion

Guidance:
Expects full-year adjusted operating profit of between £2.4 billion and £2.5 billion, down from a previous £2.4 billion to £2.6 billion

Chief executive Ken Murphy said:

“By staying laser-focused on value and sticking to our strategy of inflating a little bit less and a little bit later, our price position has got even more competitive. Customers are seeking out the quality and value of our own brand ranges as they work to make their money go further, whether they are switching from branded products, between categories or cutting back on eating out.”

“As we look to the second half, cost inflation remains significant, and it is too early to predict how customers will adapt to ongoing changes in the market. Despite these uncertainties, our priorities are clear. We have the right long-term strategy and we will continue to balance the needs of all of our stakeholders. Most importantly, we will stay focused on delivering value for our customers and supporting them in every way we can.”

source:
https://www.ii.co.uk/secure/my-news-fee ... d-ii525591
login required


Thanks for this. I posted the details of the interims earlier this month here; viewtopic.php?p=534843#p534843

Ian.

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Re: Tesco (TSCO)

#536535

Postby pje16 » October 11th, 2022, 3:46 pm

Hi Ian
my post was more for Ken Murphy comments
cheers
Paul

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Re: Tesco (TSCO)

#536680

Postby idpickering » October 12th, 2022, 6:01 am

pje16 wrote:Hi Ian
my post was more for Ken Murphy comments
cheers
Paul


Ok Paul. Sorry for sticking my nose in. ;)

Ian.

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Re: Tesco (TSCO)

#536684

Postby pje16 » October 12th, 2022, 7:00 am

idpickering wrote:
pje16 wrote:Hi Ian
my post was more for Ken Murphy comments
cheers
Paul


Ok Paul. Sorry for sticking my nose in. ;)

Ian.

Not a problem, I didn't take it that way at all Ian

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Re: Tesco (TSCO)

#550723

Postby idpickering » November 29th, 2022, 7:08 am

Continuation of Share Buyback Programme.

Tesco PLC confirms the appointment of Citigroup Global Markets Limited ("Citi") to repurchase shares with an aggregate value of up to £203 million as part of its existing £750 million share buyback programme.

Further to the announcements made on 13 April 2022, 26 April 2022, 4 July 2022 and 11 October 2022, Tesco plc (the "Company") announces that it has entered into an arrangement with Citi to repurchase shares on behalf of the Company, as part of its existing commitment to buy back a total of £750 million worth of shares by April 2023.

The arrangement allows Citi to repurchase shares, together with any other ordinary shares in the Company (the "Shares") purchased on the Company's behalf, in accordance with the Company's current buyback authority granted by shareholders at the Company's 2022 Annual General Meeting.

These share purchases will be made on the Company's behalf and in accordance with the arrangement and, in the case of any purchases made during closed periods, shall be made independently of and uninfluenced by the Company.

Any share purchases effected pursuant to the arrangement will be subject to the terms of the arrangement with Citi and in any case will be effected in a manner consistent with both the general authority vested in the Company to repurchase shares, the Market Abuse Regulation 596/2014 as it forms part of UK domestic law and Chapter 12 of the United Kingdom Listing Rules, which require that the maximum price paid be limited to be no more than the higher of (i) 105 per cent of the average middle market closing price of the Company's ordinary shares for the five business days before the purchase is made, and (ii) the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out. The aggregate purchase price under this arrangement with Citi, together with any other Shares purchased on the Company's behalf pursuant to its buyback programme, will not exceed £750 million.

The sole purpose of these share purchases is to reduce the Company's share capital.


https://www.investegate.co.uk/tesco-plc ... 00028344H/

Ian.

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Re: Tesco (TSCO)

#560883

Postby idpickering » January 12th, 2023, 7:05 am

Q3 and Christmas Trading Statement 2022/23.

Most competitive offering to date, delivering further growth on top of an exceptionally strong base

Maintaining strong market share at 27.5%1; with net switching gains in December2; only full-line grocer to increase market share vs pre-pandemic3

Strong performance driven by focus on value & quality, with particular strength in fresh food (up +8.1%), with strong execution across every part of the shopping trip including market-leading availability4

Further strengthened value proposition: Aldi Price Match continuing to provide great value on over 600 key products; Clubcard Prices helped customers spend less on festive lines; volumes on Low Everyday Prices range up +7.4% following launch of price lock commitment in October

New price lock announced last week, holding price of over 1,000 everyday products through to Easter

Continued increase in Clubcard satisfaction - highest ranked supermarket loyalty scheme5; number of customers receiving in-app personalised coupons doubled to 4 million

Overall quality perception up +143bps6 YoY; Finest festive range expanded by 22%, with overall Finest sales up +8.2%, contributing to gains from premium retailers throughout the period7

Continued strong growth across large stores and convenience; online sales returning to growth within the period, with sales +59% higher than pre-pandemic & participation stabilising at around 13%

ROI:

Strong sales, particularly at Christmas given exceptional COVID-related growth in previous two years

Grew market share +46bps YoY8; strong performance in online with sales up +9.6%

Continued strong response to Clubcard Prices; further increase in Clubcard sales penetration to 75%

All nine Joyce's stores converted & re-opened as Tesco stores in time for key Christmas trading



https://www.investegate.co.uk/tesco-plc ... 00034619M/

Ian (I hold).

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Re: Tesco (TSCO)

#565236

Postby pje16 » January 31st, 2023, 2:19 pm

Paperchase: Tesco buys stationery brand but not its shops
Tesco has bought the brand and intellectual property of High Street stationery chain Paperchase, hours after it fell into administration.
https://www.bbc.co.uk/news/business-64457502

Quick move ;)

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Re: Tesco (TSCO)

#569615

Postby idpickering » February 20th, 2023, 7:59 am

Supermarket giant Tesco to explore sale of banking arm.

The UK's biggest retailer is to kick off a review of its presence in the financial services sector that could trigger a formal sale process, Sky News learns.

Tesco, Britain's biggest supermarket chain, is to kick off a review of its presence in the UK banking sector - a move that could lead to a sale of the business.

Sky News has learnt that the grocery giant is lining up Goldman Sachs to advise on the future of Tesco Bank, which launched in 1997.

City insiders said this weekend that the review was at a very preliminary stage and may not lead to a formal sale process.

One source suggested that a partial sale or joint venture could also be an option for the retailer.

A banking analyst suggested this weekend that if it was sold, Tesco Bank could be worth more than £1bn based on its book value.

The company has more than five million customers, offering products including pet insurance, savings accounts and credit cards.

Ken Murphy, who has been Tesco's chief executive since 2020, has been publicly supportive of its presence in the banking sector.


https://news.sky.com/story/supermarket- ... m-12813796

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Re: Tesco (TSCO)

#582496

Postby idpickering » April 13th, 2023, 7:11 am

Preliminary Results.

Delivered strong financial performance, with retail free cash flow ahead of expectations:

Strong sales performance across the Group, with Retail LFL6 sales up 5.1%, as volumes held up relatively well despite cost-of-living pressures and some further post-pandemic normalisation

UK & ROI LFL sales up 4.7%, including UK up 3.3%, ROI up 3.3% and Booker up 12.0%

Central Europe LFL sales up 10.4%

Statutory revenue £65,762m, up 7.2% including fuel sales up 23.3%

Total retail adjusted operating profit4 £2,487m, down (6.3)% at constant rates

UK & ROI adjusted operating profit £2,307m, down (7.0)% driven by the impact of lower YoY volumes and ongoing investment in our customer offer, with Save to Invest largely offsetting significant operating cost inflation

C.Europe adjusted operating profit £180m, up 3.6% with volumes resilient in the face of significant market inflation

Bank adjusted operating profit £143m, down (18.8)%, reflecting post COVID-19 macroeconomic provision release last year

Statutory operating profit £1,525m, after £(982)m non-cash impairment charge due primarily to higher discount rates

Strong retail free cash flow5 £2,133m, including working capital inflow of £468m

Flat net debt2,5 year-on-year, with net debt/EBITDA ratio in middle of target range at 2.6x

Adjusted diluted EPS4 21.85p, flat year-on-year; statutory diluted EPS 10.08p, down YoY due to impairment charge

Proposed final dividend of 7.05pps to take full year dividend to 10.90pps (in line with last year's full year dividend)

Further strengthening our customer offer, underpinned by a relentless focus on value:

Solid UK market share performance; only full-line grocer to gain share over three years

Highest brand NPS of the full-line grocers; outperformed market on customer satisfaction

Most competitive offer ever, with powerful combination of Aldi Price Match, Clubcard Prices & Low Everyday Prices helping us mitigate inflation and drive value perception ahead of the market

Customers recognising our focus on great quality, with perception up 89bps YoY vs other full-line grocers down (153)bps

Opened 2,000th Express store and 1,000th One Stop store; Whoosh rapid delivery service now available in 1,000 stores

Clubcard penetration up again in all markets; further increase in app users, now 11.7m in UK, 0.7m in ROI and 2.0m in CE

Creating long-term, sustainable value for all Tesco stakeholders:

Continued strong focus on customer satisfaction, market share and cash, ensuring we balance all stakeholders' needs

Biggest ever investment in pay; UK store colleagues now paid £11.02/hour7 with access to additional colleague benefits

Working with suppliers to mitigate as much inflation as possible; record supplier satisfaction score of 86.6%

Supporting foodbanks and our communities with daily donations; 52m meals provided by Tesco and our customers

Further progress towards 2035 carbon neutral own operations commitment; additional 243 electric home delivery vans; accelerated aim to halve our food waste in our own operations by 2025, five years earlier than planned

•£750m worth of shares bought back since April 2022; cumulative £1.05bn bought back since October 2021

Ken Murphy, Chief Executive:

"It's been an incredibly tough year for many of our customers, and we have been determined to do everything we can to help. Our results reflect our continued investment in delivering great value and quality for our customers, whilst at the same time looking after our colleagues. This is despite unprecedented levels of inflation in the prices we have paid our suppliers for their products, and the cost of running our own operations. I am very proud of the way the Tesco team has responded to these challenges and would like to thank every colleague for the contribution they have made.

The resilience and agility that we have developed over the last few years has created a sustainable competitive advantage that leaves us well-placed to deal with any challenges that may arise. It has enabled us to deliver another strong performance across the Group, whilst continuing to make strategic progress.

Perhaps most importantly, over the last few years we have fundamentally repositioned our value proposition. We are the most competitive we have ever been, with our market-leading combination of Aldi Price Match, Clubcard Prices and Low Everyday Prices changing the way customers perceive value at Tesco.

Through the combination of an ever more digital Clubcard, a world-class integrated app for all our customers' needs, the 30+ years of experience at dunnhumby and our unique reach and scale, we have built a powerful digital platform that puts us in prime position to take advantage of the exciting media monetisation and personalisation opportunities available to us.

We continue to target growth through making Tesco the most convenient place to shop. This year we have opened 91 stores across the Group and are serving over 450 net new Booker retail partners. Booker delivered its strongest year ever, helped by an outstanding catering performance as even more customers benefited from its unbeatable choice, price and service. Our acquisition of nine Joyce's stores in the Republic of Ireland and, more recently, the Paperchase brand in the UK signals our appetite to find new, value-creating growth opportunities in our core markets.

And later;

The proposed final dividend was approved by the Board of Directors on 12 April 2023 and is subject to the approval of shareholders at the AGM. The proposed dividend has not been included as a liability as at 25 February 2023. It will be paid on 23 June 2023 to shareholders who are on the Register of members at close of business on 12 May 2023.

A dividend reinvestment plan (DRIP) is available to shareholders who would prefer to invest their dividends in the shares of the Company. For those shareholders electing to receive the DRIP, the last date for receipt of a new election 2 June 2023.


https://www.investegate.co.uk/tesco-plc ... 00050413W/

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Re: Tesco (TSCO)

#584170

Postby idpickering » April 21st, 2023, 7:11 am

Commencement of Share Buyback Programme.

Tesco PLC announces the commencement of its buy back of shares with an aggregate market value of up to £750 million by April 2024 as part of its ongoing share buyback programme.

Further to the announcement made on 13 April 2023, Tesco plc (the "Company") announces that it has entered into an arrangement with Goldman Sachs International ("Goldman Sachs") for Goldman Sachs to purchase shares (together with any other ordinary shares in the Company, the "Shares") on behalf of the Company (on a riskless principal basis) on the London Stock Exchange and/or Cboe Europe Limited through the BXE and CXE order books, and/or Turquoise for subsequent repurchase by the Company on the London Stock Exchange. The first tranche of this buyback programme (the "Initial Programme") will be for an aggregate market value of up to £450,000,000. Any further tranches of the buyback programme, which may be conducted after completion of the Initial Programme, will be announced in due course.

The arrangement allows Goldman Sachs to purchase Shares on the Company's behalf (on a riskless principal basis) in accordance with the Company's current buyback authority granted by shareholders at the Company's 2022 Annual General Meeting and any subsequent authority.

These share purchases by Goldman Sachs will be made on the Company's behalf (on a riskless principal basis) in accordance with the arrangement and shall be made independently of and uninfluenced by the Company (including, for the avoidance of doubt, in the case of any purchases made during closed periods).

Any share purchases effected pursuant to the arrangement will be subject to the terms of the arrangement with Goldman Sachs and in accordance with the terms therein will be effected in a manner consistent with the general authority vested in the Company to repurchase shares, the Market Abuse Regulation 596/2014 as it forms part of UK domestic law and Chapter 12 of the United Kingdom Listing Rules, which require that the maximum price paid be limited to be no more than the higher of (i) 105 per cent of the average middle market closing price of the Company's ordinary shares for the five trading days on the London Stock Exchange before the purchase is made, and (ii) the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out. The aggregate purchase price under this Initial Programme, together with any other Shares purchased on the Company's behalf pursuant to its buyback programme, will not exceed £750 million.

The sole purpose of these share purchases is to reduce the Company's share capital.


https://www.investegate.co.uk/tesco-plc ... 00029775W/

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Re: Tesco (TSCO)

#588549

Postby idpickering » May 12th, 2023, 7:05 am

Annual Report and Financial Statements 2023 and Notice of Annual General Meeting 2023.

Tesco PLC (the "Company") announces that it has today published its Annual Report and Financial Statements 2023. In addition, the Company announces that its Notice of Annual General Meeting 2023 has been sent to shareholders. The 2023 Annual General Meeting will be held at our Heart building, Shire Park, Welwyn Garden City, Herts, AL7 1TW on Friday, 16 June 2023 at 11.30am.

The Company's Annual Report and Financial Statements 2023 and Notice of Annual General Meeting 2023 can be viewed on the Company's website at http://www.tescoplc.com or hard copies of the documents obtained free of charge on request from the Company Secretary.

In accordance with Listing Rule 9.6.1R, copies of the following documents in unedited full text have been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism


https://www.investegate.co.uk/announcement/7523925

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Re: Tesco (TSCO)

#590150

Postby idpickering » May 19th, 2023, 3:01 pm

Tesco Chair John Allan stepping down.

Tesco announces today that John Allan will be stepping down from his role as Chair of the Board and a Director of Tesco PLC, at Tesco's AGM on 16 June 2023.

John was appointed in 2015 and his tenure as Chair was due to end shortly. A succession planning process had already been initiated over recent months and is expected to conclude in the near future.

In recent weeks, four allegations have been made in the media in relation to John's personal conduct. Three of these allegations are vigorously denied by John, for the other John unreservedly apologised for the comment he made.

One of the allegations related to the Tesco AGM in 2022. In response, Tesco immediately instigated an extensive review of the allegation. This has involved an internal communication to colleagues inviting them to come forward if they had concerns regarding any conduct issues and specifically at the Tesco 2022 AGM. Tesco attendees at the meeting have been further contacted, including colleagues who have since left the Company. Available video footage of the meeting has been reviewed, as have internal complaints records, including from the Company's confidential whistleblowing service.

The scope of the review has been considered by external legal counsel, who advised that the steps were reasonable and appropriate in the circumstances.

This review has not identified any evidence or complaints in relation to John at the Tesco 2022 AGM or at all in his tenure as Tesco Chair.


https://www.investegate.co.uk/announcement/7535088

Ian. (I reported this post myself as the content/allegations might be inappropriate for these boards?)
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Re: Tesco (TSCO)

#595552

Postby idpickering » June 16th, 2023, 7:04 am

Tesco PLC Q1 23/24 Trading Statement.

Ongoing focus on value for customers, leading to continued strong performance

· Strong performance across all formats and channels:

- maintaining strong market share at 27.1%1

- large stores sales particularly strong (LFL +9.9%)

- online sales up 8.2%; online market share up +75bps to 37.5%2

· Further increased Aldi Price Match to c.700 products; strong volume response to latest Low Everyday Prices price-lock on over 1,000 products; Clubcard Prices now available on over 8,000 lines

· Price index3 further improved; led the market in cutting prices on essential items to support customers

· Ninth consecutive period of switching gains4 from premium retailers, supported by strong Finest performance with sales up 14.9% and over 100 new Finest products launched

· Delivered market-leading availability, with further improvement through the quarter

Strong performance with continued growth in market share year-on-year

· Strong growth in Food (LFL +9.4%), successful integration of Joyce's and five additional new stores contributing to market share up +52bps5 YoY

· Further strengthened price index6 vs. limited range discounters


https://www.investegate.co.uk/announcem ... nt/7578104

Ian (I hold).

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Re: Tesco (TSCO)

#599500

Postby idpickering » July 3rd, 2023, 7:10 am

Appointment of Non-Executive Chair.

Tesco PLC (the "Company") today announces that Dr Gerry Murphy will join the Board and be appointed Chair on 1 September 2023.

Gerry Murphy has extensive global leadership experience in both executive and non-executive roles. He is currently Chair of Burberry Group plc and Tate & Lyle PLC. He will step down from Tate & Lyle PLC on 1 September 2023 to ensure he has sufficient capacity to act as Chair of Tesco. He has previously served as a non-executive director of companies including British American Tobacco plc, Merlin Entertainments plc, Novar plc, Abbey National plc and Reckitt Benckiser plc.

Gerry Murphy's executive career was spent in retail and other customer-focused businesses in senior leadership and commercial roles. Most recently he served as group chief executive of Kingfisher plc. He was previously chief executive of Carlton Communications plc, Exel plc and Greencore Group plc. He was also previously Chair of The Blackstone Group International Partners LLP, Blackstone's principal European entity.


https://www.investegate.co.uk/announcem ... ir/7608198

Ian (I hold).

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Re: Tesco (TSCO)

#601528

Postby idpickering » July 12th, 2023, 7:04 am

Continuation of Share Buyback Programme.

Further to the announcements made on 13 April 2023 and 21 April 2023, Tesco PLC (the "Company") announces that it has entered into an arrangement with Citigroup Global Markets Limited ("Citi") to repurchase shares, together with any other ordinary shares in the Company (the "Shares") purchased on behalf of the Company (on a riskless principal basis) on the London Stock Exchange and/or Cboe Europe Limited through the BXE and CXE order books, and/or Turquoise. The second tranche of this Programme will be for an aggregate market value of £364 million (the "Second Tranche") by April 2024. On 15 June 2023 the company completed the previous tranche of its Programme. Between 21 April 2023 and 15 June 2023, the Company repurchased 145,322,507 ordinary shares with an approximate market value of £386 million.

The arrangement allows Citi to purchase Shares on the Company's behalf (on a riskless principal basis) in accordance with the Company's current buyback authority granted by shareholders at the Company's 2023 Annual General Meeting and any subsequent authority and shall be made independently of and uninfluenced by the Company (including, for the avoidance of doubt, in the case of any purchases made during closed periods).

Any share purchases effected pursuant to the arrangement will be subject to the terms of the arrangement with Citi and in accordance with the terms therein will be effected in a manner consistent with the general authority vested in the Company to repurchase shares, the Market Abuse Regulation 596/2014 as it forms part of UK domestic law and Chapter 12 of the United Kingdom Listing Rules, which require that the maximum price paid be limited to be no more than the higher of (i) 105 per cent of the average middle market closing price of the Company's ordinary shares for the five trading days on the London Stock Exchange before the purchase is made, and (ii) the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out. The aggregate purchase price under this Second Tranche, together with any other Shares purchased on the Company's behalf pursuant to its Programme, will not exceed £750 million.

The sole purpose of these share purchases is to reduce the Company's share capital.


https://www.investegate.co.uk/announcem ... e-/7626938

Ian (I hold).


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