Tesco reveals slowing sales growth
Friday 12 June 1998
The figure, though higher than some analysts' estimates, compared with sales growth of 5 per cent announced by Tesco in April.
Announcing the figures at the company's annual meeting yesterday, Tesco's chairman, John Gardiner, said he expected 1998 to be a "challenging" year but said the group's current trading represented a "solid start". Tesco shares rose on the news before closing 3p down at 540p.
Separately, Tesco dismissed suggestions that it had instituted a hiring freeze in its existing supermarkets, as well as closing fish and delicatessen counters if they did not exceed weekly sales targets. Tesco said it was simply adapting its staffing to customer demand. It confirmed that it had shortened the opening hours at some of its pharmacies and hot chicken counters but said this was to reflect the peaks and troughs of customer needs.
"We had pharmacies that were open at 10-11pm at night and they weren't being used, and we had chicken counters open at 7am whereas when people really want them is just before lunch," a spokesman said.
There were a couple of flashpoints at the company's annual meeting. Tesco was accused by one environmental campaigner of "sheer hypocrisy" for planning to build stores on green-field sites while at the same time promising to safeguard the environment.
Earlier, shareholders arriving at the meeting were met by around 10 Welsh farmers who were protesting about the low prices at which they are forced to sell meat to supermarkets.
Elsewhere in the sector shares in Asda were boosted by positive market share figures. According to new industry figures provided by AGB-Taylor Nelson, Asda's share of the packaged grocery market rose by 1.3 per cent to 16.7 per cent.
Tesco is still top with 21.5 per cent, up 0.5 per cent. It is followed by Asda and Sainsbury's, whose share rose only marginally to 16.7 per cent. Safeway's share edged up to 10 per cent.
- 1 Germanwings crash: Police make 'significant discovery' at home of co-pilot Andreas Lubitz
- 3 Zayn Malik already working on solo material, just days after quitting One Direction
- 4 The West has it totally wrong on Lee Kuan Yew
- 5 #FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Zayn Malik gives first interview since quitting One Direction: 'I've never felt more in control of my life'
Germanwings crash: Police make 'significant discovery' at home of co-pilot Andreas Lubitz
Germanwings captain Patrick Sondenheimer tried to break into locked cockpit door 'with an axe' as plane was descending
Saudi Arabia says it won't rule out building nuclear weapons
#FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Nigel Farage brands LGBT activists 'filth' and 'scum' and accuses them of scaring away his children after they invade his local pub
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Russia threatens Denmark with nuclear weapons if it tries to join Nato defence shield
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Germanwings plane crash live: Andreas Guenter Lubitz intentionally crashed flight 9525 into the Alps in act of mass murder and suicide – latest
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...