Tesco trading picture cheers retail sector
Wednesday 18 January 1995
In France, sales at the Catteau subsidiary were up by 19.5 per cent in the second half, compared with 12.5 per cent in the first six months.
In line with other retailers, Tesco reported a sluggish October and November, with sales increasing during the final weeks before Christmas. Sir Ian MacLaurin, chairman, said: "Our performance was better than many retailers."
The trading statement was the first to include the contribution from William Low, the Scottish supermarket chain bought by Tesco for £247m in a fierce takeover battle last summer. Sir Ian said the stores had performed well under Tesco's control and had benefited from the introduction of Tesco ranges such as the budget-price Value Line.
The 12 branches of William Low in England will trade under the Tesco name from this weekend, and the 45 Scottish stores will be re-branded by the autumn.
Sir Ian said that the effects of tighter planning controls on out-of-town stores would be redressed by building more small, in-town stores and Tesco Metros, the chain of mini-stores in inner city areas. Tesco has 10 smaller stores at present and will open a further 10 this year.
The statement encouraged City analysts to upgrade their full-year profit forecasts to around £590m-£604m. It also prompted analysts to reappraise their views of other food retailing stocks.
Andrew Fowler of the stockbroker UBS raised his forecast for Argyll, the Safeway group, from £380m to £390m. "At the very worst, these stocks are fair value," he said.
- 2 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 4 How the language you speak changes your view of the world
General Election 2015: Fishing is on Nigel Farage's mind as he casts a line to the disaffected of Grimsby
The man who filmed the Freddie Gray video has been arrested at gunpoint
Indonesia executions: Death row British grandmother Lindsay Sandiford will refuse to wear a blindfold when she faces firing squad
Oxygen-starved 'dead zones' with no marine life up to 100-miles long discovered in the Atlantic Ocean
Russian warships accused of 'chasing away' Swedish vessel to prevent Baltic States from achieving energy independence
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£16000 - £18500 per annum: Recruitment Genius: This is an excellent opportunit...
£24000 - £28000 per annum: Recruitment Genius: A Senior SEO Executive is requi...
£16000 - £18000 per annum: Recruitment Genius: An Online customer Service Admi...
£18000 - £22000 per annum: Recruitment Genius: This global, industry leading, ...