Tesco dodgy dealings?

[Digga]

Pit Pony said:

If Tesco are overstating profit one year, surely it evens out the next? More or less. And it means they have to pay corporation tax early, which can only be good for GB Plc.

Because some of those running plcs have a sneaky habit of deliberately structuring these overstatements to trigger their personal gain - through bonuses and other remuneration - and then fking off into the sunset before the real st hits the fan.

sleep envy said:

Adrian W said:

I'm not a fan, but do you really think that if the countries largest private employer went out of business it would be s good thing?

I wouldn't weep and nor do I care.

Agreed. It would likely give a competitor (with a better track record of employee and supplier relations) the elbow room to succeed. Creative destruction - it's not a zero sum gain.

[Adrian W]

Digga said:

Agreed. It would likely give a competitor (with a better track record of employee and supplier relations) the elbow room to succeed. Creative destruction - it's not a zero sum gain.

I am pretty sure that if you compare how much Tesco pay there staff compared to Aldi or Lidl you will get a surprise, the other thing that people are starting to say out loud is that they have to go to one of the other supermarkets more and more to buy the products Aldi and Lidle don't sell.

[mjb1]

Adrian W said:

I am pretty sure that if you compare how much Tesco pay there staff compared to Aldi or Lidl you will get a surprise, the other thing that people are starting to say out loud is that they have to go to one of the other supermarkets more and more to buy the products Aldi and Lidle don't sell.

I think you might be surprised, Tesco don't (or didn't used to) pay any better than those two. I've worked in Tesco distribution (a few years ago now), and the conditions/treatment of staff were absolutely terrible, and I've done some crap jobs over the years.

[Digga]

mjb1 said:

Adrian W said:

I am pretty sure that if you compare how much Tesco pay there staff compared to Aldi or Lidl you will get a surprise, the other thing that people are starting to say out loud is that they have to go to one of the other supermarkets more and more to buy the products Aldi and Lidle don't sell.

I think you might be surprised, Tesco don't (or didn't used to) pay any better than those two. I've worked in Tesco distribution (a few years ago now), and the conditions/treatment of staff were absolutely terrible, and I've done some crap jobs over the years.

The pay is but one piece of the employment jigsaw; zero hours contracts or being employed vs. agency (try getting a mortgage on the latter) are two other of many considerations. That's before we even get into supplier relations and more nebulous areas like planning and land-grabbing.

[wolves_wanderer]

Adrian W said:

I am pretty sure that if you compare how much Tesco pay there staff compared to Aldi or Lidl you will get a surprise, the other thing that people are starting to say out loud is that they have to go to one of the other supermarkets more and more to buy the products Aldi and Lidle don't sell.

When I was working at Lidl both assistants and managers (controlled for the size of store) were paid more than Tesco.

[Wills2]

wolves_wanderer said:

Adrian W said:

I am pretty sure that if you compare how much Tesco pay there staff compared to Aldi or Lidl you will get a surprise, the other thing that people are starting to say out loud is that they have to go to one of the other supermarkets more and more to buy the products Aldi and Lidle don't sell.

When I was working at Lidl both assistants and managers (controlled for the size of store) were paid more than Tesco.

That's my understanding too, that they pay better than the big four job for job.

[crankedup]

Looking at the share price bombing I ask myself whether those boardroom and ex Directors have sold their shares in the Company, or at least as many as they could. Then I ask myself how this has affected thousands of the 'shopfloor' workers who buy shares in the Company that is part of their pension plan and how they might judge the recent exposures of the Company.

[sleep envy]

H

Adrian W said:

sleep envy said:

Adrian W said:

I'm not a fan, but do you really think that if the countries largest private employer went out of business it would be s good thing?

I wouldn't weep and nor do I care.

Why comment in the first place then

I was commenting on the nonsense you posted in respect to how 'successful' they are and whether foreign governments would be so welcoming of foreign investment in their respective countries.

Contrary opinion is still allowed on PH isn't it?

[crankedup]

sleep envy said:

H

Adrian W said:

sleep envy said:

Adrian W said:

I'm not a fan, but do you really think that if the countries largest private employer went out of business it would be s good thing?

I wouldn't weep and nor do I care.

Why comment in the first place then

I was commenting on the nonsense you posted in respect to how 'successful' they are and whether foreign governments would be so welcoming of foreign investment in their respective countries.

Contrary opinion is still allowed on PH isn't it?

I very often post contrary opinion and regularly beaten over the head for it

[Pit Pony]

s2kjock said:

Pit Pony said:

If Tesco are overstating profit one year, surely it evens out the next? More or less. And it means they have to pay corporation tax early, which can only be good for GB Plc.

If it was a one off "error" or fudge it would as you say even out.

The problem is that these sorts of things need to be perpetuated, and in what is already no doubt a complex accounting process, they can be "obscured" for some time. ie they overstate each year so big variances not necessarily apparent. Will catch up with you eventually though.

Different to the simple cock-up by your accountant.

But eventually it evens out?

[voyds9]

crankedup said:

I very often post contrary opinion and regularly beaten over the head for it

I may often disagree with some of what you post but am always happy to read some elses opinion, especially when it is done without name calling or malice.

[DukeDickson]

Pit Pony said:

When my accountant, failed to record a large pension payment that was made by cheque just before the end of my financial year, but not cashed by my pension company until after the end, thus overstating my profit by £5K, he said humorously "Well it just means that your profit will be £5K lower next year." (We agreed to put it right before submission to HMRC)

If Tesco are overstating profit one year, surely it evens out the next? More or less. And it means they have to pay corporation tax early, which can only be good for GB Plc.

How would you feel if you'd invested a large chunk of your savings in Tesco shares based on profit run rate A, only to find out it was A minus a reasonable percentage (plus the additional doubt factor this introduces & the ongoing implications of that)?


There's a fineish line and they somewhat cockily hurdled it, got rumbled and must now pay the price. That they've been getting worse at many things for the ordinary Joe only exacerbates the current situation.

[Pferdestarke]

This is where we're at with Tesco...


http://www.pistonheads.com/gassing/topic.asp?h=0&a...

[loafer123]

crankedup said:

Looking at the share price bombing I ask myself whether those boardroom and ex Directors have sold their shares in the Company, or at least as many as they could. Then I ask myself how this has affected thousands of the 'shopfloor' workers who buy shares in the Company that is part of their pension plan and how they might judge the recent exposures of the Company.

No Director share sales since April.

Http://www.hl.co.uk/shares/shares-search-results/t...

[spaximus]

The salary staff are paid is only a part of the package. Where I work some staff will quote others as being higher paid, but when you look they are chalk and cheese.
We pay time and a half for overtime-they don't.
We contribute to all staff pensions- they don't
We provide life assurance-they don't
We pay a bonus-they don't
We give staff goods for own use at cost-they don't
We provide uniforms-they don't
We provide sick pay-they don't.

Tesco are that very British example, a company who grew and grew and as a result they got too big so it is decided they must be made to fail.

In the same way we build up sportsmen and celebrities so we can gloat when they crash and burn and lose everything.

Tesco still employ thousands of people directly and indirectly in this country. They pay massive tax as do their staff and contribute to every single person who has a pension invested.

What I want to see is anyone who has done criminal things caught and dealt with. The new guy incharge seems to be doing everything right and admitting what has gone wrong and putting things in place to pull it back. I hope for the thousands who do profit from them that it works.

How can seeing Aldi and Lidl growing when their profits go out of the country be a good thing. If you don't like Tesco don't shop there but if seeing a company brought to it's knees is a good thing I would disagree.

[NicD]

I am happy to continue shopping at Tesco ( as well as M&S, Waitrose etc)

[crankedup]

voyds9 said:

crankedup said:

I very often post contrary opinion and regularly beaten over the head for it

I may often disagree with some of what you post but am always happy to read some elses opinion, especially when it is done without name calling or malice.

Cheers, other posters opinions matter if only to serve as a discussion point. Just imagine how dull it would be if we all agreed
I've even been known to change my POV on occasion having read others posts, and sometimes stubbornly refused to budge.
Merry Christmas (or is it to early for that message)

[soad]

Tesco To Cut Stores and Jobs In Revival Plan: http://news.sky.com/story/1404081/tesco-to-cut-sto...

[Megaflow]

It will be interesting to see where they move head office to.

[jogon]

Shares back above £2 too.