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Tesco PLC TSCO (U.K.: London)
4:35 pm gmt 11/22/23.
- Volume 11,362,835
- 65 Day Avg Vol 22,406,578
- 1 Day Range 276.88 - 280.05
- 52 Week Range 219.96 - 307.23 (12/16/22 - 03/08/23)
- Compare to Benchmark:
- Open 278.10
- Prior Close 276.50 (11/21/23)
- S&P 500 0.42%
- Retail/Wholesale 0.21%
Earnings & Estimates Tesco PLC
Per share data tesco plc, all values updated annually at fiscal year end, ratios & margins tesco plc, profitability, capital structure.
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- Tesco raises profit forecast as cost pressures ease Oct 04 2023
- Tesco's profits halve in tough grocery conditions Apr 13 2023
- Will supermarkets' strong Christmas mean a good year? Jan 18 2023
- Trading update: Tesco maintains forecasts after Christmas showing Jan 12 2023
- Transaction in Own Shares Nov 22 2023
- Director/PDMR Shareholding Nov 21 2023
- Total Voting Rights Nov 01 2023
- Publication of Base Prospectus Oct 18 2023
- Tesco PLC Interim Results 2023/24 Oct 04 2023
- Tesco PLC Interim Results 23/24 Oct 04 2023
- Block listing Interim Review Oct 02 2023
- TSCO:LSE trading volume exceeds daily average by +64.65% Nov 22 2023
- TSCO:LSE price moved over +1.05% to 279.40 Nov 22 2023
- TSCO:LSE price falls below 15-day moving average to 275.30 at 08:00 GMT Nov 22 2023
- TSCO:LSE price rises above 15-day moving average to 276.70 at 08:00 GMT Nov 21 2023
- TSCO:LSE price falls below 15-day moving average to 275.50 at 08:00 GMT Nov 20 2023
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Board of Directors
Dr Gerry Murphy, Chairman
Ken Murphy, Group Chief Executive
Imran Nawaz, Chief Financial Officer
Byron Grote, Senior Independent Director
Melissa Bethell, Independent Non-Executive Director
Bertrand Bodson, Independent Non-Executive Director
Dame Carolyn Fairbairn DBE, Independent Non-Executive Director
Thierry Garnier, Independent Non-Executive Director
Stewart Gilliland, Independent Non-Executive Director
Alison Platt CMG, Independent Non-Executive Director
Caroline Silver, Independent Non-Executive Director
Karen Whitworth, Independent Non-Executive Director
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Tesco PLC - statistics & facts
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Grocery market share in Great Britain 2017-2023
Tesco's number of stores worldwide 2008-2023
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Tesco group revenue in the United Kingdom (UK) 2015-2023
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- The Co-operative Group
- Basic Statistic Leading food and beverage retailers of Europe 2021, based on revenue
- Basic Statistic Most valuable UK brands 2023
- Premium Statistic Grocery market share in Great Britain 2017-2023
- Premium Statistic Tesco sales growth year-on-year in Great Britain 2015-2023
Leading food and beverage retailers of Europe 2021, based on revenue
Leading food and beverage retailers of Europe in 2021, based on retail revenue (in billion U.S. dollars)
Most valuable UK brands 2023
Leading UK brands in 2023, by brand value (in billion GBP)
Market share of grocery stores in Great Britain from January 2017 to October 2023
Tesco sales growth year-on-year in Great Britain 2015-2023
Percentage change in sales at Tesco in Great Britain compared to a year earlier from January 2015 to October 2023
- Basic Statistic Tesco brand value 2018-2023
- Premium Statistic Tesco group revenue in the United Kingdom (UK) 2015-2023
- Premium Statistic Tesco's sales worldwide 2016/2017-2022/2023, by region
- Premium Statistic Tesco group revenue results breakdown in the United Kingdom and ROI 2016/17-2022/23
- Premium Statistic Tesco like-for-like sales performance in the United Kingdom (UK) 2015-2023
- Premium Statistic Tesco's statutory operating profit in the UK and Ireland 2014/15-2022/23
- Basic Statistic Christmas trading sales growth of Tesco plc UK, ROI and Central Europe 2022
Tesco brand value 2018-2023
Brand value of Tesco worldwide from 2018 to 2023 (in billion U.S. dollars)
Annual revenue of Tesco Group in the United Kingdom (UK) and the Republic of Ireland from financial year 2015 to 2023 (in million GBP)
Tesco's sales worldwide 2016/2017-2022/2023, by region
Tesco's revenue worldwide between 2016/2017 to 2022/2023, by region (in million GBP)*
Tesco group revenue results breakdown in the United Kingdom and ROI 2016/17-2022/23
Value of Tesco Group revenue results in the United Kingdom (UK) and the Republic of Ireland (ROI) From 2016/17 to 2022/23, by segment (in million GBP)
Tesco like-for-like sales performance in the United Kingdom (UK) 2015-2023
Change in Tesco like-for-like sales in the United Kingdom (UK) and the Republic of Ireland (ROI) from third quarter 2015/16 to fourth quarter 2022/23
Tesco's statutory operating profit in the UK and Ireland 2014/15-2022/23
Annual statutory operating profit or loss of Tesco in the United Kingdom (UK) and Ireland from 2014/15 to 2022/23 (in million British pounds)
Christmas trading sales growth of Tesco plc UK, ROI and Central Europe 2022
Sales growth of Tesco plc during the Christmas trading period in the United Kingdom (UK), Ireland, and Central Europe in 2022
Stores & employees
- Basic Statistic Tesco's number of stores worldwide 2008-2023
- Premium Statistic Tesco store numbers in the United Kingdom (UK) and Ireland 2012-2023
- Premium Statistic Tesco stores numbers in the United Kingdom (UK) 2022/23, by type
- Premium Statistic Tesco food waste by category in the United Kingdom (UK) 2022/23
- Premium Statistic Tesco group: number of employees in the United Kingdom (UK) 2012-2023
- Premium Statistic Tesco group: number of employees worldwide 2023, by region
Tesco's number of stores worldwide 2008-2023
Tesco's number of stores worldwide from 2008 to 2023
Number of Tesco stores in the United Kingdom (UK) and the Republic of Ireland from financial year 2012 to 2023
Tesco stores numbers in the United Kingdom (UK) 2022/23, by type
Number of Tesco group stores in the United Kingdom (UK) as of financial year end 2022/23, by type
Tesco food waste by category in the United Kingdom (UK) 2022/23
Share of Tesco store food waste in the United Kingdom (UK) in 2022/23, by category breakdown*
Tesco group: number of employees in the United Kingdom (UK) 2012-2023
Average number of employees at Tesco in the United Kingdom (UK)* from 2012 to 2023
Tesco group: number of employees worldwide 2023, by region
Average number of employees at Tesco worldwide in 2023, by region
E-commerce & customer awareness
- Premium Statistic Leading groceries websites worldwide 2023, based on visit share
- Basic Statistic UK: Top 10 online stores 2022
- Premium Statistic Most downloaded shopping apps in the UK 2022
- Premium Statistic E-commerce net sales of tesco.com from 2014 to 2023
- Basic Statistic Most well-known grocery stores in the UK 2022
- Premium Statistic Tesco brand profile in the UK 2023
- Premium Statistic Most attractive loyalty schemes in Great Britain 2022
Leading groceries websites worldwide 2023, based on visit share
Most popular groceries websites worldwide in April 2023, based on share of visits
UK: Top 10 online stores 2022
Top online stores in the United Kingdom in 2022, by e-commerce net sales (in million U.S. dollar)
Most downloaded shopping apps in the UK 2022
Leading shopping apps in the United Kingdom (UK) in 2022, by number of downloads (in millions)
E-commerce net sales of tesco.com from 2014 to 2023
E-commerce net sales of tesco.com from 2014 to 2023 (in million U.S. dollar)
Most well-known grocery stores in the UK 2022
Leading grocery stores ranked by brand awareness in the United Kingdom in 2022
Tesco brand profile in the UK 2023
Tesco brand awareness, usage, popularity, loyalty, and buzz among grocery store customers in the UK as of September 2023
Most attractive loyalty schemes in Great Britain 2022
Most popular loyalty programs in Great Britain in 2022
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- Tesco : Notice of Annual General Meeting 2023
Notice of Annual
General Meeting 2023 .
Tesco PLC, Heart building, Shire Park, Welwyn Garden City, Herts, AL7 1TW
Friday, 16 June 2023 at 11.30am
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION
If you are in any doubt as to what action to take, you should immediately consult your stockbroker, bank manager, solicitor, accountant or other independent professional advisor authorised under the Financial Services and Markets Act 2000 if you are resident in the United Kingdom or, if you reside elsewhere, another appropriately authorised financial advisor. If you have sold or transferred all of your shares in Tesco PLC, please send this document as soon as possible to the stockbroker, bank or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.
Chair's letter .
Online voting is, however, quicker and more secure than paper voting, and saves Tesco time and resources in processing the votes. You can vote online by scanning this QR code:
I look forward to welcoming you to the Tesco PLC 2023 Annual General Meeting (AGM). This year's AGM will be held on Friday, 16 June 2023 at 11.30am in the Heart building on our Welwyn Garden City campus.
Details of how to get to the venue are set out on page 12. To assist with your journey, we will provide shuttle buses between Welwyn Garden City railway station and the Heart building from 10.15am. Parking will also be available for those shareholders travelling by car. A light lunch will be made available to shareholders from approximately 1.00pm, after the formal meeting.
If you are unable to attend in person, you will be able to watch the AGM via a live webcast. Details on how you can access the webcast facility are set out on page 15 of the Additional information section.
This Notice of Meeting (Notice) describes the business that will be proposed at the AGM and sets out the procedures for your participation and voting. The official business of the AGM is set out on pages 3 and 4. The AGM is a significant event and your participation is important to us. It provides a valuable opportunity for the Board to consider with shareholders the performance of the Group in 2022/23 and the early part of 2023/24, as well as to engage with shareholders. Please note that only shareholders, proxy holders and corporate representatives participating in the AGM will be eligible to ask questions during the AGM.
You can also submit a question in advance of the AGM. Please email your question to [email protected] by 11.30am on Wednesday, 14 June 2023. Questions submitted in advance which are of common interest will be published on the Company's website at www.tescoplc.com/AGM2023 and will be available on the website until Monday, 17 July 2023.
Your vote is important to us and you are encouraged to vote either in advance of the AGM or on the day in person. If you will not be attending the AGM, please vote your shares by appointing a proxy. Details of how to submit your proxy instructions are set out on pages 13 and 14.
In line with our previous practice, we will not be sending out paper proxy forms by default. This reflects the increasing popularity of electronic communications and further reduces our environmental impact. You can still request a paper proxy form if you prefer by contacting Equiniti and further details are outlined on page 13.
2 Tesco PLC Notice of Annual General Meeting 2023
In October 2022, we welcomed Caroline Silver to the Board. Caroline has undertaken a tailored induction programme to better understand the business and she will stand for election at the forthcoming AGM. Her biographical details, along with those of the other Directors seeking re-election, are detailed in this Notice and on pages 51 to 54 of the Annual Report and Financial Statements 2023. In September 2023, we look forward to welcoming Dame Carolyn Fairbairn as an independent Non-executive Director. Both Caroline and Carolyn bring a wealth of knowledge and experience across a number of commercial, financial, international and governance roles which will bolster the Board in supporting the delivery of the Group's strategic priorities.
As announced in February 2023, Lindsey Pownall will step down from the Board at the conclusion of the AGM. I would like to thank Lindsey for her wise counsel, excellent insights and invaluable contributions to Tesco over many years and I wish her well for the future. Stewart Gilliland will succeed Lindsey as Sustainability Committee Chair.
The Board's intention is to pay a progressive dividend each year, broadly targeting a payout of around 50% of earnings. In line with this policy, and given the strong financial performance of the business and the Board's confidence in ongoing cash generation, the Board is recommending a final dividend of 7.05 pence per share. This makes the total dividend for the year 10.90 pence per share, including the payment of an interim dividend of 3.85 pence per share in November 2022. If approved, the final dividend will be paid to shareholders on the register of members at the close of business 12 May 2023. Resolution 3 seeks shareholder approval of the final dividend.
As a responsible business, Tesco is committed to reducing its carbon footprint across all business activities. As previously announced, we will no longer be paying dividends by cheque. To continue to receive dividends, you will need to provide your bank or building society account details to Equiniti, so that dividend payments and any other money payable to you in connection with your shares can be made by direct credit.
Your Directors are unanimously of the opinion that all of the resolutions set out in this Notice are in the best interests of both Tesco PLC and its shareholders as a whole. Accordingly, the Directors recommend that you vote in favour of all resolutions, as they intend to do in respect of their own holdings. The results of the AGM will be announced via the London Stock Exchange Regulatory News Services and will be published on our website www.tescoplc.com as soon as practicable after the conclusion of the AGM.
I look forward to meeting you in person at the forthcoming AGM.
John Allan CBE
Notice of meeting .
Notice is hereby given that the 2023 Annual General Meeting (the AGM) of Tesco PLC (the Company) will be held at Tesco PLC, Heart building, Shire Park, Welwyn Garden City, Herts, AL7 1TW on Friday, 16 June 2023 at 11.30am to consider and, if thought fit, pass the following resolutions.
Resolutions 19 to 22 will be proposed as special resolutions, with the remainder being proposed as ordinary resolutions.
- Report and accounts To receive the audited accounts for the financial year ended 25 February 2023, together with the strategic report, directors' report and auditor's report on those accounts.
- Directors' remuneration report To approve the Directors' remuneration report set out on pages 77 to 101 of the Annual Report and Financial Statements for the year ended 25 February 2023.
- Final dividend To declare a final dividend of 7.05 pence per share for the year ended 25 February 2023, as recommended by the Directors.
- Election as a Director To elect Caroline Silver as a Director.
To re-elect as Directors by separate resolutions each of:
- Reappointment of auditor To reappoint Deloitte LLP as auditor of the Company, from the conclusion of the meeting until the conclusion of the next general meeting before which accounts are laid.
- Auditor's remuneration To authorise the Audit Committee, on behalf of the Board, to set the auditor's remuneration.
- Political donations That, in accordance with section 366 of the Companies Act 2006 (the Act), the Company and any company which is, or becomes, a subsidiary of the Company at any time during the period for which this resolution has effect, be authorised to:
- make donations to political parties and/or independent election candidates not exceeding £100,000;
- make political donations to political organisations, other than political parties, not exceeding £100,000; and
- incur political expenditure not exceeding £100,000,
as such terms are defined in Part 14 of the Act during the period beginning on the date of the passing of this resolution and ending on the date of the next annual general meeting of the Company, provided that the aggregate of all expenditure under paragraphs (a), (b) and (c) shall not exceed £100,000 in total.
18. Authority to allot shares
That, in place of the equivalent authority given to the Directors at the last annual general meeting of the Company (but without prejudice to the continuing authority of the Directors to allot equity securities pursuant to an offer or agreement made by the Company before the expiry of the authority pursuant to which such offer or agreement was made), the Directors be generally and unconditionally authorised in accordance with section 551 of the Companies Act 2006 (the Act) to allot:
- shares of 6 1 / 3 pence each in the capital of the Company (Shares) or to grant rights to subscribe for, or to convert any securities into Shares in the Company up to a maximum aggregate nominal amount of £154,460,314; and, in addition,
- equity securities (as defined in section 560 of the Act) of the Company up to an aggregate nominal amount of £154,460,314 in connection with an offer of such securities by way of a rights issue,
provided that this authority shall expire at the end of the next annual general meeting of the Company, save that the Company may, before such expiry, make an offer or agreement which would or might require rights to subscribe for or to convert any securities into Shares to be granted or equity securities to be allotted after such expiry and the Directors may allot equity securities or grant such rights under any such offer or agreement as if the authority conferred by this resolution had not expired.
'rights issue' means an offer of equity securities to:
- holders of Shares on the register on a record date fixed by the Directors in proportion (as nearly as may be practicable) to their existing holdings; and
- holders of other equity securities as required by the rights of those securities or as the Directors otherwise consider necessary, but subject to such exclusions or other arrangements as the Directors may deem necessary or expedient to deal with any treasury shares, fractional entitlements or legal or practical issues arising under the laws of or the requirements of any recognised regulatory body or any stock exchange in any territory.
19. Disapplication of pre-emption rights
That, subject to the passing of resolution 18, the Directors be empowered pursuant to section 570 of the Companies Act 2006 (the Act) to allot equity securities (as defined in section 560 of the Act) for cash pursuant to the authority given by resolution 18 and/or to sell equity securities held as treasury shares for cash pursuant to section 727 of the Act, in each case as if section 561(1) of the Act did not apply to any such allotment or sale, provided that this power shall be limited:
- to the allotment and/or sale of equity securities in connection with an offer of such securities by way of a rights issue (as defined in resolution 18); and
- to the allotment and/or sale (otherwise than pursuant to sub-paragraph (a) above) of equity securities up to an aggregate nominal value of £23,169,047,
such authority to expire at the end of the next annual general meeting of the Company save that the Company may, before such expiry, make an offer or agreement which would or might require equity securities to be allotted or equity securities held as treasury shares to be sold after such expiry, and the Directors may allot equity securities and/or sell equity securities held as treasury shares in pursuance of such an offer or agreement as if the power conferred hereby had not expired.
Notice of meeting continued
20. Disapplication of pre-emption rights for acquisitions and other capital investment
That, subject to the passing of resolution 18, the Directors be empowered pursuant to section 570 of the Companies Act 2006 (the Act) in addition to any authority granted under resolution 19, to allot equity securities (as defined in section 560 of the Act) for cash pursuant to the authority given by resolution 18 and/or to sell equity securities held as treasury shares for cash pursuant to section 727 of the Act, as if section 561(1) of the Act did not apply to any such allotment or sale, provided that this power shall be:
- limited to the allotment and/or sale of equity securities up to an aggregate nominal value of £23,169,047; and
- used only for the purposes of financing (or refinancing, if the authority is to be used within six months after the original transaction) a transaction which the Directors determine to be an acquisition or other capital investment of a kind contemplated by the Statement of Principles on Disapplying Pre-Emption Rights published by the Pre-Emption Group in 2015,
such authority to expire at the end of the next annual general meeting of the Company, save that the Company may, before such expiry, make an offer or agreement which would or might require equity securities to be allotted or equity securities held as treasury shares to be sold after such expiry and the Directors may allot equity securities and/or sell equity securities held as treasury shares in pursuance of such an offer or agreement as if the power conferred hereby had not expired.
21. Purchase of own shares
That, the Company be generally and unconditionally authorised to make market purchases (within the meaning of section 693(4) of the Companies Act 2006 (the Act)) of shares of 6 1 / 3 pence each in the capital of the Company (Shares) on such terms as the Directors think fit, provided that:
- the maximum number of Shares which may be purchased is 731,654,119;
- the minimum price, exclusive of any expenses, which may be paid for each Share is 6 1 / 3 pence;
- the maximum price, exclusive of any expenses, which may be paid for each Share is an amount equal to the higher of:
- 105% of the average of the middle market quotations of a Share as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which the Share is contracted to be purchased; and
- the amount equal to the higher of the price of the last independent trade of a Share and the highest current independent bid for a Share on the trading venue where the purchase is carried out; and
- this authority will expire at the end of the next annual general meeting of the Company, except in relation to the purchase of Shares under this authority the contracts for which are made before the expiry of this authority and which are executed wholly or partly thereafter.
22. General meetings
That, a general meeting other than an annual general meeting may be called on not less than 14 clear days' notice.
By order of the Board
Group Company Secretary
Welwyn Garden City
Registered in England and Wales: 00445790
4 Tesco PLC Notice of Annual General Meeting 2023
Notes to the resolutions .
Resolutions 1 to 18 are proposed as ordinary resolutions, which must each receive more than 50% of the votes cast to be passed. Resolutions 19 to 22 are proposed as special resolutions, which must each receive at least 75% of the votes cast to be passed.
1. Report and accounts
The Directors are required to present the Annual Report and Financial Statements for the year ended 25 February 2023 to the meeting. The Annual Report and Financial Statements 2023 is available at www.tescoplc.com/ar2023. A printed copy has been sent to those shareholders who have requested this.
2. Directors' remuneration report
This resolution seeks shareholder approval of the Directors' remuneration report for the year ended 25 February 2023 as set out on pages 77 to 101 of the Annual Report and Financial Statements 2023. The vote is advisory.
3. Final dividend
This resolution is to approve a final dividend of 7.05 pence per share for the year ended 25 February 2023. If approved, the final dividend will be paid on 23 June 2023 to shareholders on the register of members at close of business on 12 May 2023.
4 - 14. Election and re-election of directors
Caroline Silver will stand for election at this year's AGM following her appointment to the Board on 1 October 2022. In accordance with the Company's articles of association, all Directors are required to retire and stand for re-election at the AGM. In accordance with this requirement, John Allan, Melissa Bethell, Bertrand Bodson, Thierry Garnier, Stewart Gilliland, Byron Grote, Ken Murphy, Imran Nawaz, Alison Platt and Karen Whitworth will retire and offer themselves for re-election. Lindsey Pownall will stand down from the Board at the conclusion of the AGM and will not offer herself for re-election.
Biographical details of the Director standing for election or re-election, together with the contribution that they bring to the Board, are set out in this Notice of Meeting and on pages 51 to 54 of the Annual Report and Financial Statements 2023.
The Nominations and Governance Committee identifies, evaluates and recommends to the Board candidates for appointment and reappointment as Directors. Appointments are made on merit and candidates are considered against objective criteria, having regard to the benefits of the diversity of the Board. The Committee keeps diversity, mix of skills, experience and knowledge of the Board under review and seeks to ensure an orderly succession of Directors. The formal annual evaluation of each Director, and the outside directorships and broader commitments of the Non-executive Directors, including time commitments, are also monitored by the Committee.
The Nominations and Governance Committee has reviewed the independence of each Non-executive Director and determined that they are all independent in character and judgement and there are no relationships or circumstances which are likely to affect the judgement of any of the Non-executive Directors.
The Non-executive Chair was considered independent upon appointment.
Following the internal 2022/23 Board evaluation process, the Board believes that the oversight the Non-executive Directors provide is balanced, contributing a broad range of skills, diverse experience and knowledge, demonstrating independence and constructive challenge. The Board considers each Director to be effective and committed to their role. Further, notwithstanding their external appointments, the Board is satisfied that each Non-executive Director is able to commit sufficient and appropriate time to their Board responsibilities. Following the significant vote against the re-election of Bertrand Bodson at the 2022 AGM, Tesco further consulted with major shareholders to understand their concerns, which related to his overall commitments. In responding to these concerns, Bertrand Bodson has taken the decision to step down as a member of the Supervisory Board of Wolters Kluwer N.V. at the end of his current term on 10 May 2023.
15 - 16. Reappointment of auditor and remuneration of auditor
At each meeting at which the Company's accounts are presented to its members, the Company is required to appoint auditors to serve until the next such meeting.
The Audit Committee has assessed the effectiveness, independence, objectivity, appropriate mindset and professional scepticism of the external auditor, Deloitte LLP, and concluded that the external auditor was in all respects effective. Deloitte LLP have indicated their willingness to continue in office as auditor of the Company until the conclusion of the next annual general meeting at which accounts are laid before the Company. Deloitte LLP was first appointed at the 2015 AGM following a formal tender process. Further details on how the Audit Committee assessed the auditor prior to recommending them for reappointment can be found on page 76 of the Annual Report and Financial Statements 2023. Resolution 16 gives authority to the Audit Committee to set the auditor's remuneration. Details of the remuneration paid to Deloitte LLP in 2022/23 can be found in Note 3 to the Annual Report and Financial Statements 2023.
17. Political donations
The Company's policy is that it does not, directly or through any subsidiary, make what are commonly regarded as donations to any political party. The authorities being requested from shareholders are not designed to change this. However, the Companies Act 2006 (the Act) defines political donations very broadly and, as a result, covers activities that form part of normal relationships and which are accepted as a way of engaging with stakeholders and opinion formers to ensure that companies' issues and concerns are considered and addressed. Activities of this nature are not designed to support any political party or to influence public support for a particular party and would not be thought of as political donations in the ordinary sense of those words.
The resolution, if passed, will renew the Directors' authority until the conclusion of the annual general meeting of the Company in 2024 to make donations and incur expenditure which might otherwise be caught by the terms of the Act, up to an aggregate amount of £100,000 for the Company and for subsidiary companies.
In the financial year ended 25 February 2023, the Company and its subsidiaries did not incur any expenditure pursuant to equivalent authorities.
This is an excerpt of the original content. To continue reading it, access the original document here .
- Original Link
- Original Document
Tesco plc published this content on 12 May 2023 and is solely responsible for the information contained therein. Distributed by Public , unedited and unaltered, on 12 May 2023 10:15:53 UTC .
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Tesco: An Overview
- Tesco's Businesses
- Acquisition Timelie
The Bottom Line
- Company Profiles
- Consumer Staples
How Many Companies Does Tesco Own?
Tesco ( TSCDY ) is probably one of the most recognizable retail names in the United Kingdom—at least when it comes to grocery shopping. But what you may not know is that it owns five different companies outside of its grocery business. This allows Tesco to diversify its portfolio to include wholesaling, data and consultancy services, financial services, and mobile phone operations. This article outlines a brief overview of the company's history and the companies it acquired since it was first created.
- Tesco was founded in 1919 by Jack Cohen who opened its first store in London in 1929.
- The company owns several businesses: Tesco, Booker, Dunnhumby, Tesco Bank, and Tesco Mobile.
- The multinational corporation has acquired as many as 30 different companies, expanding its reach beyond London.
Tesco PLC was founded in London in 1919 by Jack Cohen. He began selling groceries from a small stall after returning from the battlefield. It was at this stall where he made a profit of £1 on total sales of £4. Cohen began selling tea under the Tesco brand in the mid-1920s. In 1929, he opened his first Tesco store where he sold dry goods and Tesco tea. Cohen expanded his operations to include new locations and explored self-service stores during the 1930s and 1940s.
Much of the company's growth has come through acquisitions . Tesco began acquiring other companies in the 1950s—a strategy that continues even today. While the original focus was on groceries, the company has expanded its portfolio of offerings to include a diversified interest in clothing, books, furniture, toys, electronics, software, financial services, and even gasoline.
Tesco is now one of the world's largest retailers, with 4,859 locations in five different European markets. The majority of these are found in the United Kingdom. The company's market capitalization was about $24.13 billion as of June 2023. For the 52-week period ending Feb. 25, 2023, the company reported group sales of roughly $68.93 billion and group operating profit of $3.14 billion.
The company began floating on the London Stock Exchange (LSE) under the name Tesco Stores. It now trades under the ticker symbol TSCO and is part of the FTSE 100 Component index.
Tesco may have started as a grocery store but it also competes with other retailers like convenience stores and general merchandisers. The British multinational made a name for itself through organic growth and, most notably, through a series of strategic acquisitions. It continues to expand its business interests through organic growth ,
The company lists the following businesses in its annual report:
- Tesco: The company's main unit—its grocery retail business. Tesco has a presence in the U.K., Ireland, the Czech Republic, Hungary, and Slovakia.
- Booker: This unit is a food and beverage wholesaler serving businesses like caterers and independent retailers.
- Dunnhumby: Tesco's data science business. Dunnhumby provides tech, software, and consulting solutions for brands , retail grocery, pharmacy, and financial services groups.
- One Stop: The convenience store unit has more than 1,000 locations.
- Tesco Bank: With more than five million customers, Tesco Bank offers a range of financial services and insurance products.
- Tesco Mobile: This unit has more than five million customers across the United Kingdom. It launched in 2003 as a result of the joint venture between Tesco and O2.
These businesses operate as Tesco brands, so they represent non-acquired companies.
A Timeline of Tesco Acquisitions
The early days.
Tesco purchased 19 Burnards stores in 1955. The company acquired 500 new stores to its portfolio over the next five years. It expanded outside London over the next decade by purchasing 212 Irwin’s stores in Liverpool. In 1964, it entered the self-service business, buying 97 Charles Phillips stores. That same year, Tesco bought Cadena, giving it 49 bakeries and cafes. A year later, it acquired Manchester-based Adsega, which owned 47 stores.
The 1980s and 1990s
After a long break from acquisitions, Tesco bought Cartier stores in Kent in 1980. Seven years later, Tesco completed a hostile takeover of the Hilliards chain, involving 40 supermarkets in northern England.
Tesco continued its strategic investments , acquiring Holland-based S-Market and Scotland supermarket chain William Low in 1994. Tesco moved into Poland in 1995 with the purchase of the Savia chain.
In 1996, it purchased several K-Mart locations in the Czech Republic and Slovakia. Tesco bought the retail division of Associated British Foods, which gave the company the Quinnsworth, Stewarts, and Crazy Prices chains—all located in Ireland.
The new millennium ushered in a series of other key deals including:
- The purchase of 13 HIT hypermarkets in Poland in 2002
- The purchase of Kipa shops in Turkey in 2003
- The acquisition of Adminstore convenience stores in London in 2004
- Buying out 21 Safeway/BP stores in 2005
- Purchasing an 80% stake in Poland's Leader Price supermarkets in 2005
- Buying Dobbies Garden Centres in 2008, then selling in 2016
- Purchasing 36 Homever stores in South Korea in 2008
- Acquiring retail consultancy Dunnhumby in 2010
- The purchase of the mobile book platform Mobcast Services in 2012
- Acquiring Giraffe restaurants and cafes in 2013
- Purchasing Euphorium Bakery in 2015 and selling it a year later
- Purchasing food wholesaler Booker Group in 2017
Losses Hurt Tesco Acquisitions
Some of Tesco's acquisitions seemed logical when they were made but resulted in losses. For example, the company purchased the Victor Value chain in 1968 but sold it in 1986 due to heavy losses.
In 1993, Tesco bought a French supermarket and convenience store chain called Catteau. The company was forced to sell the chain four years later because of its failure to live up to performance expectations.
What Happened to Tesco in Asia?
Tesco expanded beyond Europe by moving into several Asian countries, including China, Thailand, Malaysia, Japan, South Korea, and India. A number of issues prevented the British retailer from succeeding in many of these markets, including high costs, customer demands, and financial problems. Tesco sold off many of these assets to focus on its core business in the U.K.
How Can I Invest in Tesco?
You can invest in Tesco by purchasing shares directly through your broker as long as you have a trading account. You can also invest in the company by buying shares in mutual funds or exchange-traded funds (ETFs) that have Tesco in their portfolios.
Does Tesco Operate in the United States?
No, although it did make an attempt. Tesco entered the U.S. market in 2007, opening 200 stores in California, Nevada, and Arizona under the name Fresh & Easy. But the venture didn't do well with consumers as the locations were smaller than the average American grocery store. Tesco decided to exit the market and sold its U.S. interests to investment firm YFE Holdings in 2013.
Along with its organic growth, Tesco has grown through a series of acquisitions. By most accounts, the company acquired about 30 different entities since it first popped up as a stall in London in 1919. But keep in mind that this figure may be misleading. That's because many of the companies Tesco acquired were absorbed or rebranded as Tesco properties. This has occurred over a period of 60 years and appears to be a method for going forward for Tesco even today.
Tesco. " Our History ."
Tesco. " Annual Report and Financial Statements 2023 ," Page 2.
CompaniesMarketCap. " Tesco ."
Tesco. " Key Facts ."
Tesco. " Annual Report and Financial Statements 2023 ," Page 3.
Progressive Grocer. " Tesco Acquires HIT Hypermarkets in Poland ."
Hurriyet Daily News. " Competition Authority Approves Acquisition of Tesco Kipa by Migros ."
Office of Fair Trading. " Anticipated Acquisition by Tesco Plc of 45 Outlets from Adminstore Ltd. "
Office of Fair Trading. " Anticipated Acquisition by Tesco Stores Limited of Former BP/Safeway Petrol Forecourts and Stores from Wm Morrison Supermarkets Plc. "
CompaniesHistory. " Tesco Plc History, Profile and History Video ."
City A.M. " Tesco's Share Price Edges Up As It Weeds Out Dobbies Garden Centres in 217m Pound Sale ."
Talking Retail. " Tesco Buys Stores in South Korea ."
Quartz. " Why an Obscure British Data-Mining Company Is Worth $3 Billion ."
Tesco. " Tesco Acquires eBook Platform Provider Mobcast ."
BigHospitality. " Tesco Acquires Giraffe Restaurants ."
Retail Week. " Tesco Sells Euphorium Bakery a Year After Taking Full Ownership ."
Tesco. " Competition and Markets Authority (CMA) Gives Final Clearance for Tesco's Merger with Booker Group Plc ."
LeicestershireLive. " Inside 1960s Supermarket Victor Value, the Nationwide Chain That Died Out Decades Ago ."
The Guardian. " Tesco Timeline—The Retail Giant's Rise and Fall ."
Reuters. " Tesco completes China exit with $357 million stake sale ."
Nikkei Asia. " Tesco disappears from Southeast Asia as CP renames outlets ."
CNBC. " Here’s why Tesco’s ‘Fresh & Easy’ stores failed in the United States ."
Tesco. " Tesco sells Fresh & Easy to Yucaipa ."
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The Motley Fool
£5k in an ISA? I’d buy Tesco shares for dividends in 2024
Posted: 22 November 2023 | Last updated: 22 November 2023
If I had £5k parked in a Stocks and Shares ISA right now, which FTSE 100 stock would I buy first? Well, it would depend on whether I was going for growth, dividends or a combination of both. If I were aiming for passive income though, I’d invest in Tesco ( LSE: TSCO ) shares today.
A strong year
While the FTSE 100 has laboured this year, Tesco shares have outperformed splendidly. They’ve returned 21% in 2023, and that’s without factoring in cash dividends on top.
There have been a few positive developments that have helped the shares really perform.
First, despite fierce competition from budget chains Aldi and Lidl, Tesco has strengthened its position as the UK’s top supermarket. Its Aldi Price Match strategy and cheaper prices for Clubcard customers have kept shoppers loyal.
In fact, according to Kantar’s latest October grocery report, Tesco gained share for the fourth consecutive month to take 27.4% of the market. That’s an increase of 0.4 percentage points versus a year ago.
In October, the firm also reported that half-year underlying retail operating profit rose 13.5% year on year to £1.4bn. This allowed it to slightly raise its profit outlook for the full year (Tesco’s financial year ends 25 February). It now expects underlying retail profit to be £2.6bn-£2.7bn.
Food inflation has been falling in recent months, which broadly benefits the firm in two ways. One, shoppers are less likely to feel the need to trade down to cheaper supermarkets and foods. Two, pinched pockets should have more cash in them for higher-margin, non-food items in store.
Finally, the company has been buying back its own shares . It has purchased almost £1.6bn worth of shares since October 2021.
Management sees its buyback programme as “ an ongoing and critical driver of shareholder returns, reflecting the strength of our balance sheet and our confidence in delivering strong future cash flows “.
The stock currently boasts a forward-looking dividend yield of about 4.6%. I find this attractive, as it’s more than I’d hope to get from the average FTSE 100 stock.
More specifically, it means a £5k investment could generate me annual income of around £230.
Of course, like any dividend, this isn’t guaranteed. But the prospective yield is covered twice over by next year’s forecast earnings. So there’s reassuringly strong dividend cover here.
Beyond groceries and Booker (its wholesale business), there is of course Tesco Bank. In H1, it was boosted by higher interest rates and recorded £65m in adjusted operating profit, a 25% increase.
However, Tesco appears keen to sell its banking arm, with Barclays reported to be interested. The bank had a book value of nearly £1.5bn at the end of August.
Could shareholders enjoy a special dividend after any potential sale? Well, Tesco has paid them before, so it’s certainly possible.
Looking ahead, Christmas will clearly be a key period. An all-out festive price war wouldn’t be ideal, as it could see the discounters gobble up market share and would dent margins. This is worth watching, I’d say.
Whatever happens though, I’m confident enough Tesco Clubcards will be getting used to keep the dividends flowing. So if I had spare cash to increase my passive income, I’d add the shares to a diversified ISA portfolio in the months ahead.
The post £5k in an ISA? I’d buy Tesco shares for dividends in 2024 appeared first on The Motley Fool UK .
5 stocks for trying to build wealth after 50
Inflation recently hit 40-year highs… the ‘cost of living crisis’ rumbles on… the prospect of a new Cold War with Russia and China looms large, while the global economy could be teetering on the brink of recession.
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- Like passive income? Here are 3 top dividend shares to consider
- What does the future hold for the Tesco share price?
- Tesco shares are rising! Is now the time to buy?
- Is the Tesco share price too cheap to ignore?
- Is the Tesco share price a screaming ‘buy’ today?
Ben McPoland has no position in any of the shares mentioned. The Motley Fool UK has recommended Barclays Plc and Tesco Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.
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The IRS Won't Make Taxpayers Report Taylor Swift Ticket Sales (and Other Online Transactions Over $600)
For now, at least..
Eric Boehm | 11.22.2023 2:40 PM
The IRS will once again postpone enforcement of a new provision in the tax code that requires online sellers to report as little as $600 in annual income.
So if you sold Taylor Swift concert tickets this year, congrats: the feds won't come after you for not giving them a cut.
In a statement on Tuesday, the IRS said the decision to postpone the new rule was made "following feedback from taxpayers, tax professionals, and payment processors and to reduce taxpayer confusion." Instead, tax officials will rely on the old standard, which required taxpayers to report miscellaneous online sales only if they exceeded $20,000 in revenue or 200 transactions.
The IRS now plans to transition in stages toward the new $600 threshold, which was created by the American Rescue Plan (a bill ostensibly meant to provide pandemic relief). It plans to use a $5,000 threshold for tax year 2024.
"Taking this phased-in approach is the right thing to do for the purposes of tax administration, and it prevents unnecessary confusion," IRS Commissioner Danny Werfel said in a statement .
That's a surprisingly rational decision for the IRS to make, given the potential for mass confusion about the new rules, which would require Americans to disclose transactions few people would consider being subject to IRS scrutiny. Still, the better approach would be for Congress to scrap this plan to require tax payments on mostly minuscule transactions—a plan that will undoubtedly affect low-income Americans without access to professional tax assistance more than anyone else.
"All of the problems and concerns that led the IRS to delay implementing it a year ago remain in place today, which is why it is a relief for taxpayers that it has been delayed for another year," Joe Bishop-Henchman, vice president of the National Taxpayers Union Foundation, said in a statement . "While the threshold change was a law passed by Congress, every expert (including those charged with administering it) is saying that lowered threshold is unworkable."
When the American Rescue Plan was passed, Democrats argued that the lower reporting threshold for 1099-K income would generate a mere $8.4 billion over 10 years. Former tax officials went on the record at the time to say that enforcement would be difficult and costly—especially for workers who end up caught in the IRS' crosshairs.
"Workers who are under-reporting their income now will become guilty of nonpayment next year and subject to penalties and actions by the agency," Nina Olson, a former head of the IRS taxpayer advocacy office, told Roll Call as the bill was being debated in Congress, adding that an IRS collection action "can destroy a person's life."
It's great that the IRS has once again decided to postpone its efforts at destroying those lives. Unfortunately, it seems likely to try again next year.
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Read the full report .
The questions in this section were only shown to respondents who indicated that they use databases.
Which databases have you used in the last 12 months?
SQLite has dropped from third to fifth place, and we’re stumped as to why. Lightweight and easy to use, SQLite is employed in standalone desktop applications, embedded development, local storage for mobile applications, and just about anywhere else. Are local databases quickly becoming redundant in an era when even your coffee maker has a backend in the cloud? Or maybe developers are switching to other embedded databases? If you have a better explanation, we'd love to hear it!
- “SQL – main” includes those who ranked SQL first among their primary programming languages.
- “SQL – primary” includes those who identified SQL as one of their three primary programming languages (possibly as their main one).
- “SQL – secondary” includes everyone else who has used SQL in the past 12 months.
Relative popularity of databases by region
Relative popularity is defined as the popularity of a database in a particular region in comparison to its popularity worldwide. For example, the share of MySQL in Germany is 39%, whereas its worldwide share is 51%. Dividing the difference (–12%) by 51%, we get –24%. This is how we define the relative popularity of MySQL in Germany.
Relative popularity of databases by primary programming language
Relative popularity is defined as the popularity of a database among users of a certain programming language in comparison to its popularity in general. For example, the share of MongoDB among Python users is 29.2%, whereas its general share is 26.6%. Dividing the difference (+2.6%) by 26.6%, we get +10%. We refer to this as the relative popularity of MongoDB among Python developers.
In this reciprocity table, each value denotes how many users of the Column database also use the Row database. For example, 38% of MySQL users also use PostgreSQL, whereas 51% of PostgreSQL users also use MySQL.
Which tools do you regularly use for working with databases?
Different users engage with databases in different ways. While database professionals prefer using DataGrip or SQL Server Management Studio, those who use SQL only occasionally tend not to install dedicated applications for this purpose but instead rely on the Database plugin in a JetBrains IDE or simply the command line.
Considering that most respondents use two or more databases at the same time, it’s no wonder that, for example, Redis users also use pgAdmin. JetBrains products appear to be particularly popular among Redis users, something we’ve observed in our reports since 2020. Notably, built-in Redis support was introduced in DataGrip 2022.3; previously, it was possible to use Redis via a specialized plugin.
Relative popularity of database tools by region
Relative popularity is defined as the popularity of a tool in a region compared to its popularity worldwide. For example, the share of Command Line in Argentina is 7.8%, whereas its worldwide share is 19.4%. Dividing the difference (–11.6%) by 19.4%, we get –60%. We refer to this as the relative popularity of Command Line in Argentina. A handful of tools exhibit significant regional specificity. For instance, Navicat is highly popular in China, where an impressive 42% of developers use it. This comes as no surprise, as the tool was developed in Hong Kong and has been well-tailored to Chinese users from the outset, actively establishing a strong presence primarily in that market.
Experience with databases
Do you use a version control system (vcs) to track changes in the database schema, how do you store database schema changes in the vcs, what tools do you use to store database schema changes in the vcs, how many connections do you have in your database explorer, approximately how many rows (or equivalent) does your largest table have.
Many databases, one tool
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Feed Ontario to release its annual Hunger Report on November 27, 2023
This report explores why hunger is becoming the new normal as ontarians struggle to get ahead and presents data on food bank use in ontario.
Toronto, Ontario, CANADA
TORONTO, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Feed Ontario will release the findings of its 2023 Hunger Report on Monday, November 27, 2023.
This year’s report includes an in-depth look at the drivers of food bank use as Ontario experiences record-breaking increases in food bank use. The report presents food bank use data from the past year and discusses how food banks are on the brink of not being able to meet the need in their community.
Embargoed copies of the 2023 Hunger Report will be available to journalists in advance. The embargo will lift on Monday, November 27, 2023, at 12:01 a.m.
Request an embargoed copy : Email Andrea Waters at [email protected] indicating that you accept the embargo conditions.
Attend the Hunger Report press event:
About the Feed Ontario Hunger Report
The Hunger Report is the only comprehensive, province-wide report on hunger and food bank use in Ontario. The report discusses poverty trends and factors driving the continued need for food banks in the province. The 2023 Hunger Report is available to news media only under an embargo that will end at 12:01 a.m. Eastern Time, November 27, 2023.
Fork in the Road – Online Tool
Alongside the 2023 Hunger Report, Feed Ontario has launched its new online platform ‘Fork in the Road’. This interactive tool guides users through some of the tough decisions that Ontarians living on a low income face each month as well as the systematic forces that trap them in poverty. Can you make it through the month? This interactive digital experience tool will be available on November 27, 2023, on the Feed Ontario website. Embargoed access is also available upon request.
About Feed Ontario: From securing fresh and healthy food sources to driving change through policy research and innovative programming, Feed Ontario unites food banks, industry partners, and local communities in its work to end poverty and hunger. Join Feed Ontario and help build a healthier province. Every $1 raised provides the equivalent of 2 meals to an Ontarian facing hunger. Learn more at www.feedontario.ca .
For more information, please contact: Andrea Waters | Feed Ontario | [email protected] | 416-656-4100 x2941
- Feed Ontario Website