Well, someone's still making a lot of money: Tesco rake in £3bn

[edesignuk]

Tesco achieves £3bn annual profit

The supermarket chain Tesco has reported underlying annual pre-tax profits of £3.13bn, an improvement of 10% on the previous year.

Its sales topped £1bn a week for the first time with group sales coming in at £59.4bn.

The boss of Tesco said that he was confident the retailer would "continue to make good progress even in the current global economic environment".

The profits are the highest on record for a UK retailer.

BBC.

10% up on last year

 

[sammich]

I think well managed/well positioned Supermarkets will fare very well through this economics crisis. The Australia supermarket group, Woolworths, announced a couple of months ago they were going to hire an extra 7000 jobs over the next year.

Crisis or not, people still need groceries.

http://www.news.com.au/adelaidenow/story/0,22606,25346213-913,00.html

 

[edesignuk]

The Australia supermarket group, Woolworths

heh, our Woolworths went bankrupt

 

[MOFS]

heh, our Woolworths went bankrupt

In truthe probably because of the supermarkets and Wilkinson's.

 

[nick9191]

People have it in their heads that Tesco's is cheap, so they stop shopping where they normally shop and go to Tesco's instead. They fail to realise that most of the stuff Tesco's sell can be found cheaper elsewhere.

 

[iJohnHenry]

Oh average, consumers are somewhat thick, and forget/don't-know-about bait and switch.

And lazy, OMG!!

 

[Abstract]

People have it in their heads that Tesco's is cheap, so they stop shopping where they normally shop and go to Tesco's instead. They fail to realise that most of the stuff Tesco's sell can be found cheaper elsewhere.

I never thought Tesco's was cheap.


However, that never stopped me from shopping wherever was most convenient. There was a Safeway "close by", say 40 minute walk up a hill, or 10 minute bus ride up the same hill. However, I have literally worked beside a Sainsbury on two separate occasions (one near Finchley Rd Station, the other at Camden tube station), so that's where I shopped at the time. Another time, I lived near a Safeway and Tescos. Tescos was closer and in an area with less traffic (I walked), so that's where I went. Why travel out of the way to save two quid?

There must be a lot of people who shop at Tescos only because they're everywhere. I don't think it's because they're cheap.