Tesco: It's Growth Terry, But Not As We Know it
Leading British supermarket chain Tesco is reporting first quarter like-for-like sales in the UK up 4.3%.
That's up on the 3.7% growth it reported in the previous quarter, but still lags almost all its other rivals, including the rest of the "big four" Asda, Morrisons and Sainsburys.
Morrisons recently reported 8.2% growth in its most recent quarter, whilst Asda saw growth of 8.4% and Sainsbugs is expected to chip in with growth of 7.3% when it reports its latest figures tomorrow.
Tesco boss Sir Terry Leahy predictably put his own positive spin on the figures saying that Tesco had "made a solid start to the financial year, maintaining good momentum in a challenging economic climate."
Spoken like a man who recently, they say, picked up a £3.7 million cash and shares bonus after his company reported an immoral pre-tax profit up 10% on the previous year to £3.13bn, with sales topping £1bn/week for the first time at £59.4bn for the FY.
Tesco seems now to be relying for much of its growth to come from it's budget "value" range, which is growing at something like 30% year-on-year. In addition it appears that it's non-food side got a lift from the demise of Woolworths with strong demand for electricals, homewares, stationery and toys.
"I'm on income support me, I can only afford to buy the value chicken nuggets and budget fries shaped like David Tennant 'cos I'm saving up for a Nintendo Wii and a 52 inch LCD TV for our Chantelle's fifth next month."
Unfortunately we don't have any specific data on the sale of shell-suits, but you can bet your life that they turned in a strong performance too.
It's probably only a matter of time before everything is collected straight off a pallet on the shop floor. In fact why even bother opening the shop? Chuck it straight into the crowd from the back of the lorry, and maximise your profits even more.
That's up on the 3.7% growth it reported in the previous quarter, but still lags almost all its other rivals, including the rest of the "big four" Asda, Morrisons and Sainsburys.
Morrisons recently reported 8.2% growth in its most recent quarter, whilst Asda saw growth of 8.4% and Sainsbugs is expected to chip in with growth of 7.3% when it reports its latest figures tomorrow.
Tesco boss Sir Terry Leahy predictably put his own positive spin on the figures saying that Tesco had "made a solid start to the financial year, maintaining good momentum in a challenging economic climate."
Spoken like a man who recently, they say, picked up a £3.7 million cash and shares bonus after his company reported an immoral pre-tax profit up 10% on the previous year to £3.13bn, with sales topping £1bn/week for the first time at £59.4bn for the FY.
Tesco seems now to be relying for much of its growth to come from it's budget "value" range, which is growing at something like 30% year-on-year. In addition it appears that it's non-food side got a lift from the demise of Woolworths with strong demand for electricals, homewares, stationery and toys.
"I'm on income support me, I can only afford to buy the value chicken nuggets and budget fries shaped like David Tennant 'cos I'm saving up for a Nintendo Wii and a 52 inch LCD TV for our Chantelle's fifth next month."
Unfortunately we don't have any specific data on the sale of shell-suits, but you can bet your life that they turned in a strong performance too.
It's probably only a matter of time before everything is collected straight off a pallet on the shop floor. In fact why even bother opening the shop? Chuck it straight into the crowd from the back of the lorry, and maximise your profits even more.
