The Week Ahead: Tesco's new boss to be focus at full-year results

As the new man in charge, Philip Clarke – who took over the reins from Sir Terry Leahy not much more than six weeks ago – will have all eyes on him tomorrow when Tesco announces its full-year results.

The figures from the UK's largest supermarket come in the wake of the latest survey from the British Retail Consortium last week, which, despite revealing that March saw the most dramatic drop in sales since the survey began over 15 years ago, was more positive for the supermarkets, with food sales dropping just 0.3 per cent year-on-year.

Nonetheless, Jefferies International still expects Tesco's international businesses to be the major source of strength, and it predicts that outside of the UK its earnings before interest and tax will increase over 20 per cent. In this country the broker's analysts expect its sales to have grown 8 per cent, contributing to a generally "solid" set of numbers.

In terms of Mr Clarke's maiden comments, they are expecting him to "flag some subtle changes in the leadership approach", including "a more critical view of the group's UK performance... and international laggards". Meanwhile, Credit Suisse believes his debut will "provide a fresh perspective on Tesco's growth" and that he will take "an open, consistent, and thorough approach to financial communication which should be well-received by investors".

The broker adds that the update provides a stage for "Tesco to counter some recent negatives and refocus investors on its multiple opportunities". It also feels that the group's new board "will oversee changes – in areas like non-food, premium fresh and marketing – that will mean some current concerns fade".


Results/Updates: Jupiter Asset Management.


Sentiment around Burberry has been damaged in recent weeks thanks to the devastating tragedy in Japan, but Royal Bank of Scotland still expects the luxury goods group to report tomorrow that trading in the second-half of the year has been "robust".

The broker feels its sales growth will have slowed slightly in the final three months, but predicts it will still see an increase in wholesale revenues – minus China – of around 15 per cent.

Its analysts expect, because of the timing, the Japanese tsunami and earthquake to have had little impact on the company's numbers for the financial year, but believe the upmarket retailer could discuss how it expects the current 12 months to be affected.

Results/Updates: Burberry, Hargreaves Lansdown, Reed Elsevier, SABMiller and Tesco.


Bunzl's interim management statement on Wednesday is the distribution group's first update since it was relegated to the FTSE 250 last month. Although Shore Capital notes that it is "seemingly unloved by many investors, being oft described as 'dull'", the broker's analyst, Robin Speakman, is still a fan, saying that instead of being boring it is "predictable – which we like". Mr Speakman is certainly not anticipating any major surprises, instead expecting the release "to confirm steady growth and cash generation", although he does add that there could possibly be "further news on the acquisition pipeline".

Reckitt Benckiser is also updating the market on Wednesday, after its shock announcement last week of the upcoming retirement of its long-serving chief executive Bart Becht. The immediate response of its share price was to drop over 7 per cent, so investors will be hoping for their fears to be eased by comments about the changeover to Mr Becht's successor, the consumer goods company's marketing chief Rakesh Kapoor.

Results/Updates: BHP Billiton, Bunzl, Charter International, Computacenter, DS Smith,Home Retail and Reckitt Benckiser.


Elementis reports its interim management statement for the first quarter on Thursday, and the chemicals group will hope the update prompts its share price to continue the rally that has seen it rise more than 50 per cent since November. Altium Securities' Iain Staples is positive, noting bullish investment elsewhere in the sector from its Dutch peer AkzoNobel and strong automobile-production data from China, and the analyst is expecting the company to experience "continuing robust and long-term demand ... for its key products".

Also releasing an update is Autonomy, and JP Morgan Cazenove says it will "be closely linked to the timing and revenue recognition" of the numerous large contracts announced over the first quarter.

Results/Updates: Anglo American, Autonoy, Elementis, Persimmon, Sports Direct and William Hill.

Economics Diary


Rightmove house price index.

Markit Household Finance index.


EU current account data; preliminary mortgage approvals data; US building permits report; US housing starts.


Minutes of the last Bank of England Monetary Policy Committee meeting; Public sector net borrowing data; US existing home sales data.


Retail sales data'; US Philadelphia Federal Reserve survey; US unemployment data.


UK markets closed (Good Friday).

Suggested Topics
Start your day with The Independent, sign up for daily news emails
Life and Style
Steve Shaw shows Kate how to get wet behind the ears and how to align her neck
healthSteven Shaw - the 'Buddha of Breaststroke' - applies Alexander Technique to the watery sport
Arts and Entertainment
The sight of a bucking bronco in the shape of a pink penis was too much for Hollywood actor and gay rights supporter Martin Sheen, prompting him to boycott a scene in the TV series Grace and Frankie
footballShirt then goes on sale on Gumtree
Terry Sue-Patt as Benny in the BBC children’s soap ‘Grange Hill’
voicesGrace Dent on Grange Hill and Terry Sue-Patt
Arts and Entertainment
Performers drink tea at the Glastonbury festival in 2010
Arts and Entertainment
Twin Peaks stars Joan Chen, Michael Ontkean, Kyle Maclachlan and Piper Laurie
tvName confirmed for third series
Cameron Jerome
footballCanaries beat Boro to gain promotion to the Premier League
Arts and Entertainment
ebookA unique anthology of reporting and analysis of a crucial period of history
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Guru Careers: Software Developer / C# Developer

£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...

Neil Pavier: Management Accountant

£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...

Sheridan Maine: Commercial Accountant

£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...

Laura Norton: Project Accountant

£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...

Day In a Page

Abuse - and the hell that came afterwards

Abuse - and the hell that follows

James Rhodes on the extraordinary legal battle to publish his memoir
Why we need a 'tranquility map' of England, according to campaigners

It's oh so quiet!

The case for a 'tranquility map' of England
'Timeless fashion': It may be a paradox, but the industry loves it

'Timeless fashion'

It may be a paradox, but the industry loves it
If the West needs a bridge to the 'moderates' inside Isis, maybe we could have done with Osama bin Laden staying alive after all

Could have done with Osama bin Laden staying alive?

Robert Fisk on the Fountainheads of World Evil in 2011 - and 2015
New exhibition celebrates the evolution of swimwear

Evolution of swimwear

From bathing dresses in the twenties to modern bikinis
Sun, sex and an anthropological study: One British academic's summer of hell in Magaluf

Sun, sex and an anthropological study

One academic’s summer of hell in Magaluf
From Shakespeare to Rising Damp... to Vicious

Frances de la Tour's 50-year triumph

'Rising Damp' brought De la Tour such recognition that she could be forgiven if she'd never been able to move on. But at 70, she continues to flourish - and to beguile
'That Whitsun, I was late getting away...'

Ian McMillan on the Whitsun Weddings

This weekend is Whitsun, and while the festival may no longer resonate, Larkin's best-loved poem, lives on - along with the train journey at the heart of it
Kathryn Williams explores the works and influences of Sylvia Plath in a new light

Songs from the bell jar

Kathryn Williams explores the works and influences of Sylvia Plath
How one man's day in high heels showed him that Cannes must change its 'no flats' policy

One man's day in high heels

...showed him that Cannes must change its 'flats' policy
Is a quiet crusade to reform executive pay bearing fruit?

Is a quiet crusade to reform executive pay bearing fruit?

Dominic Rossi of Fidelity says his pressure on business to control rewards is working. But why aren’t other fund managers helping?
The King David Hotel gives precious work to Palestinians - unless peace talks are on

King David Hotel: Palestinians not included

The King David is special to Jerusalem. Nick Kochan checked in and discovered it has some special arrangements, too
More people moving from Australia to New Zealand than in the other direction for first time in 24 years

End of the Aussie brain drain

More people moving from Australia to New Zealand than in the other direction for first time in 24 years
Meditation is touted as a cure for mental instability but can it actually be bad for you?

Can meditation be bad for you?

Researching a mass murder, Dr Miguel Farias discovered that, far from bringing inner peace, meditation can leave devotees in pieces
Eurovision 2015: Australians will be cheering on their first-ever entrant this Saturday

Australia's first-ever Eurovision entrant

Australia, a nation of kitsch-worshippers, has always loved the Eurovision Song Contest. Maggie Alderson says it'll fit in fine