Tesco - £5bn loss
Discussion
FourWheelDrift said:
Level of staff or belief their customers are ignorant and can't do simple maths?
You realise two of those pics show prices for 2 different products and that aren't in any way misleading? The spam one is valid though.Perhaps read the labels before blaming the retailer entirely?
iambeowulf said:
What?
That's just business my friend.
Pick any industry and there will always be manipulation.
As an ex supplier I was aware of the rules but still thought it worthwhile financially, if not for my sanity!
No, not "just business". That's why we have a Competition and Markets Authority, for when dominance becomes abuse. That's just business my friend.
Pick any industry and there will always be manipulation.
As an ex supplier I was aware of the rules but still thought it worthwhile financially, if not for my sanity!
(I know they aren't very effective, but they have their moments)
Ditto in Europe. Look how mobile costs were regulated in the interests of the consumer. The abuse by the operators was not "just business my friend" it was market abuse based on oligopoly supply controls.
eldar said:
You realise two of those pics show prices for 2 different products and that aren't in any way misleading? The spam one is valid though.
Perhaps read the labels before blaming the retailer entirely?
Yes but I became sick of such stupid attempts such as this , why should we have to play such games when it should be the simple transaction of buying food Perhaps read the labels before blaming the retailer entirely?
And the whole Tesco bad press re treatment of suppliers , I am sure they all play that game but Tesco seem the worst and I for one would gladly pay a little more for milk for example if it meant the farmers got a better deal
eldar said:
You realise two of those pics show prices for 2 different products and that aren't in any way misleading? The spam one is valid though.
Perhaps read the labels before blaming the retailer entirely?
All Robinson's double concentrate 1.25l bottles - 2 for £4.Perhaps read the labels before blaming the retailer entirely?
1 bottle of Robinson's 1.25l double concentrate (orange & pineapple flavour) £1.29
FourWheelDrift said:
All Robinson's double concentrate 125ml bottles - 2 for £4.
1 bottle of Robinson's 125ml double concentrate (orange & pineapple flavour) £1.29
The single price is a mistake in that case, they are meant to be £2.89. Human error pricing one of millions of items is still pretty good going really.1 bottle of Robinson's 125ml double concentrate (orange & pineapple flavour) £1.29
Lost soul said:
R8Steve said:
The single price is a mistake in that case, they are meant to be £2.89. Human error pricing one of millions of items is still pretty good going really.
I suppose all the price mistakes are errors 
TheInternet said:
You wake up and so often have to hear about all the misery, horror, death; it comes as some relief to hear a genuine good news story which brings a ray of sunshine into everyone's life. You could see the spring in the step of people getting off the train, and I saw drivers falling over themselves to let traffic out of side roads. It's like we've just won the World Cup - no doubt there will be the resultant baby boom in 9 month's time.
Let's see:300,000+ jobs at risk - Check
Millions of pension pots impacted - Check
Loss of tax revenue to pay down the debt - Check
If that's your definition of good news, I think you're a bit dim.
oyster said:
TheInternet said:
You wake up and so often have to hear about all the misery, horror, death; it comes as some relief to hear a genuine good news story which brings a ray of sunshine into everyone's life. You could see the spring in the step of people getting off the train, and I saw drivers falling over themselves to let traffic out of side roads. It's like we've just won the World Cup - no doubt there will be the resultant baby boom in 9 month's time.
Let's see:300,000+ jobs at risk - Check
Millions of pension pots impacted - Check
Loss of tax revenue to pay down the debt - Check
If that's your definition of good news, I think you're a bit dim.
Anyway, they are going to take us all down
http://www.thedailymash.co.uk/news/society/tesco-v...
oyster said:
Let's see:
300,000+ jobs at risk - Check
Millions of pension pots impacted - Check
Loss of tax revenue to pay down the debt - Check
If that's your definition of good news, I think you're a bit dim.
That's a fairly negative and myopic assessment of things, perhaps in the fullness of time you will be able to bask in the upsides like everyone else? There are myriad PlusPoints in this which you can benefit from, however if you are one of the minority/300,001, have a poorly managed pension, or were not let out of a side road this morning then you have my sympathies.300,000+ jobs at risk - Check
Millions of pension pots impacted - Check
Loss of tax revenue to pay down the debt - Check
If that's your definition of good news, I think you're a bit dim.
FredClogs said:
trashbat said:
bad company said:
Glad I sold my shares.
At what price?You are clearly still showing a good profit but hardly any dividend. In your position I would probably hold on.
eldar said:
FourWheelDrift said:
Level of staff or belief their customers are ignorant and can't do simple maths?
You realise two of those pics show prices for 2 different products and that aren't in any way misleading? The spam one is valid though.Perhaps read the labels before blaming the retailer entirely?
ETA:
in regards to OP not reading the labels properly before posting. Doh!oyster said:
TheInternet said:
You wake up and so often have to hear about all the misery, horror, death; it comes as some relief to hear a genuine good news story which brings a ray of sunshine into everyone's life. You could see the spring in the step of people getting off the train, and I saw drivers falling over themselves to let traffic out of side roads. It's like we've just won the World Cup - no doubt there will be the resultant baby boom in 9 month's time.
Let's see:300,000+ jobs at risk - Check
Millions of pension pots impacted - Check
Loss of tax revenue to pay down the debt - Check
If that's your definition of good news, I think you're a bit dim.
People who lose their jobs also have a knock on effect to the local economy. I'm a dog walker/pet sitter and walked her dogs every weekday lunchtime...now I'm not needed.
I find that it is the British way, get successful and the baying mob cannot wait to drag you down. No one made anyone buy at Tesco, people did it as they were happy to have what Tesco offered. But when the down turn came and people started to look at every penny they chose to look elsewhere and some of the Tesco management were negligent in seeing what was happening.
Tesco then got caught playing with the accounts and quite rightly were found to be doing wrong and have paid a heavy price.
But to all those celebrating, they will still rise up to great things again in time, and they still have 30% of the market share so not everyone wants to go and stand side by side with those who want to buy everything at the lowest price from pokey shops.
They have problems but so do all the others in one way or another. The real losers are the staff, some have lost jobs or seen their pension scheme scrapped to new starters and reduced for others. Their suppliers have lost, if they are not able to sell their goods Tesco will not buy from them, more job losses and possibly businesses will fail. Building firms have lost out as new stores have been cancelled and yet the real culprits have left or been paid off.
Anyone who has a pension has lost. The country has lost as the tax Tesco has paid in the UK over the years has been immense, how much has Aldi and Lidl paid?
Tesco are here to stay, so to those who like seeing this enjoy it will you can as they still have a market value of £19 billion so are unlikely to not survive.
Tesco then got caught playing with the accounts and quite rightly were found to be doing wrong and have paid a heavy price.
But to all those celebrating, they will still rise up to great things again in time, and they still have 30% of the market share so not everyone wants to go and stand side by side with those who want to buy everything at the lowest price from pokey shops.
They have problems but so do all the others in one way or another. The real losers are the staff, some have lost jobs or seen their pension scheme scrapped to new starters and reduced for others. Their suppliers have lost, if they are not able to sell their goods Tesco will not buy from them, more job losses and possibly businesses will fail. Building firms have lost out as new stores have been cancelled and yet the real culprits have left or been paid off.
Anyone who has a pension has lost. The country has lost as the tax Tesco has paid in the UK over the years has been immense, how much has Aldi and Lidl paid?
Tesco are here to stay, so to those who like seeing this enjoy it will you can as they still have a market value of £19 billion so are unlikely to not survive.
Tesco back in the news again for all the wrong reasons.
telegraph said:
Tesco investors are set to launch a huge damages claim, saying they lost tens of millions because of the accounting scandal at the supermarket.
Group litigation fund Bentham Europe has gathered institutional investors who believe they lost out when the retailer admitted overstating its profits by £250m.
http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/12121817/Tesco-faces-100m-damages-claim-over-accounting-black-hole.html?utm_source=dlvr.it&utm_medium=twitterGroup litigation fund Bentham Europe has gathered institutional investors who believe they lost out when the retailer admitted overstating its profits by £250m.
reuters said:
Britain's biggest supermarket group Tesco propped up its finances by short-changing suppliers when it began lagging rivals, the country's grocery watchdog ruled on Tuesday.
Tesco had an endemic culture of making unilateral deductions from suppliers' bills and delaying payments, in one case taking more than two years to pay a multi-million pound sum owed, a probe by Groceries Code Adjudicator (GCA) Christine Tacon found.
Tacon began investigating Tesco's relations with its suppliers last February after it admitted in 2014 to overstating its profits by 263 million pounds.
Tesco admitted that pressures within the business to meet profit targets, which intensified as the group started to lose customers, led to its buyers leaning too heavily on suppliers.
http://uk.reuters.com/article/uk-tesco-investigation-idUKKCN0V4108Tesco had an endemic culture of making unilateral deductions from suppliers' bills and delaying payments, in one case taking more than two years to pay a multi-million pound sum owed, a probe by Groceries Code Adjudicator (GCA) Christine Tacon found.
Tacon began investigating Tesco's relations with its suppliers last February after it admitted in 2014 to overstating its profits by 263 million pounds.
Tesco admitted that pressures within the business to meet profit targets, which intensified as the group started to lose customers, led to its buyers leaning too heavily on suppliers.
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