Final Results
Tesco PLC
20 April 2004
20 April 2004
TESCO PLC
PRELIMINARY STATEMENT OF RESULTS
53 WEEKS ENDED 28 FEBRUARY 2004
'UNDERLYING GROUP PROFITS UP 21.9%'
GROUP HIGHLIGHTS
• GROUP SALES UP 18.7% TO £33.6BN
• UNDERLYING PRE-TAX PROFITS* OF £1,708M UP 21.9%
• PRE-TAX PROFIT UP 17.6% TO £1,600M
• POST TAX RETURN ON CAPITAL EMPLOYED INCREASES TO 10.5%
• UNDERLYING DILUTED EPS* UP 16.7% TO 16.31P
• DILUTED EPS UP 11.3% TO 14.93P
• FULL YEAR DIVIDEND UP 10.3% TO 6.84P
• DEBT HAS REDUCED TO £4.1BN FROM £4.7BN
• GEARING HAS REDUCED TO 51% FROM 73%
• 326,000 EMPLOYEES WORLD-WIDE SHARE A RECORD £148M IN PROFIT SHARE AND
SAVE AS YOU EARN
• A FURTHER 20,000 JOBS WORLD-WIDE WILL BE CREATED IN 2004/05
UK
• SALES ARE UP 16.3% TO £26.9BN (UP 14.2% TO £26.4BN ON A 52 WEEK BASIS)
• LIKE FOR LIKE GROWTH OF 6.7%, INCLUDING STRONG VOLUME OF 6.6%
INTERNATIONAL
• TOTAL INTERNATIONAL SALES UP 29% TO £6.7BN
• TOTAL INTERNATIONAL UNDERLYING OPERATING PROFIT UP 44% TO £306M
• 48.7% OF GROUP SPACE AND 90,000 STAFF OVERSEAS
RETAILING SERVICES
• TESCO PERSONAL FINANCE ACHIEVES £160M PROFIT**. TESCO SHARE IS £80M, UP
FROM £48M LAST YEAR
• TESCO.COM INCREASES SALES*** TO £577M AND PROFITS ARE UP TO £28M FROM
£12M LAST YEAR
Terry Leahy, Chief Executive, comments:
'Today's figures demonstrate what a great British success Tesco is at home and
abroad. The last year has been an exciting time for retail and a great year for
Tesco. Sales in our core UK market have grown by more than 14%. We have seen a
step change in non-food with an increase in market share. Our retail services
are helping us to grow profits strongly by giving our customers choice and
value. Internationally we have grown profits by an impressive 44%.'
* Underlying pre-tax profit excludes net loss on disposal of fixed assets (£9m),
integration costs (£45m) and goodwill amortisation (£54m).
** Pre tax profits post minority interest.
*** Sales and profit exclude USA and Korea start up losses
Underlying operating profit on the following pages refers to operating profit
excluding integration costs and goodwill amortisation.
FINANCIAL
Group sales including VAT increased by 18.7% to £33.6bn (2003 - £28.3bn) up
16.7% to £33.0bn on a 52 week basis.
Group underlying pre-tax profit increased by 21.9% to £1,708m, up 20.2% to
£1,684m on a 52 week basis. Pre-tax profit increased by 17.6% to £1,600m (2003 -
£1,361m).
We have made one accounting adjustment which brings us in line with the latest
guidance issued in November 2003 on revenue recognition given by the Accounting
Standards Board in relation to FRS 5. The total impact is a £395m reduction in
sales this year and £333m last year. This does not materially impact sales
growth. Profit and cash flow are not impacted at all.
UK sales on a 52 week basis grew by 14.2% to £26.4bn (2003 - £23.1bn) of which
6.7% came from existing stores and 7.5% from net new stores. Existing store
growth has been driven by strong volumes of 6.6%.
UK underlying operating profit on a 53 week basis was 17.7% higher at £1,526m
(2003 - £1,297m). The operating profit margin increased 0.1% to 6.2%.
Total international sales grew by 29% to £6.7bn and contributed £306m to
underlying operating profits, up 44% on last year. The operating profit margin
grew from 4.5% to 5.1%.
In The Rest of Europe sales rose by 27.5% to £3.8bn (2003 - £3.0bn) and
contributed an underlying operating profit of £184m, up 30.5% on last year.
In Asia sales were up 31.1% to £2.8bn and we made an underlying operating profit
of £122m up 71.8% on last year.
Our share of Total joint ventures' and associates' profit (excluding goodwill
amortisation) for the year was £99m compared to £72m last year. Tesco Personal
Finance profit was £160m and our share was £80m, up from £48m last year.
Tesco.com made a profit of £28m up from £12m and we achieved sales of £577m, up
29% on last year.
Net interest payable was £223m (2003 - £180m). Interest cover is strong at 8.2
times.
Tax has been charged at an effective rate of 31.1% (2003 - 30.5%). Prior to
accounting for the net loss on disposal of fixed assets, goodwill amortisation
and integration costs, our underlying tax rate was 29.5% (2003 - 29.6%).
Underlying diluted earnings per share increased by 16.7% to 16.31p (2003 -
13.98p). Diluted earnings per share increased by 11.3% to 14.93p (2003 -
13.42p).
The Board has proposed a final dividend of 4.77p (2003 - 4.33p). This, together
with the interim dividend of 2.07p (2003 - 1.87p), gives a total dividend of
6.84p (2003 - 6.20p). This represents an increase of 10.3%, significantly ahead
of inflation and in line with our policy of strong dividend growth whilst
increasing cover. Dividend cover increases to 2.38 times from 2.25 times last
year. The final dividend will be paid on 25 June 2004 to shareholders on the
Register of Members at the close of business on 30 April 2004. Shareholders will
continue to have the right to receive the dividend in the form of fully paid
ordinary shares instead of cash. The first day of dealing in the new shares will
be on 25 June 2004.
Group capital expenditure for the year was £2.3bn (2003 - £2.1bn). We anticipate
group capital expenditure to be around £2.4bn next year. UK capital expenditure
was £1.5bn, including £735m on new stores and £272m on extensions and refits.
Total international capital expenditure was £765m including £322m in Asia and
£443m in Europe.
Although we are investing heavily for growth a strong balance sheet and credit
rating are important to us. Operating cash flows are outstripping capital
expenditure. This year, we generated £2.9bn of operational cashflow and spent
£2.3bn on capital expenditure, leaving £0.6bn to help cover non-operating cash
outflows such as tax, dividends and interest costs.
Working capital improvements contributed £0.5bn to cashflow this year and whilst
£50m is due to the 53rd week, the rest is due to increased management focus.
In January we strengthened our balance sheet further by placing 315 million
shares, raising £773m which was used to pay down debt. Subsequently our credit
rating was confirmed at A+, by S&P.
Gearing has now reduced to 51%, from 73% last year, and return on capital
employed has increased to 10.5% from 10.2%.
Year end debt has reduced to £4.1bn, from £4.7bn last year end.
Post year end we completed a property joint venture deal which provided £650m of
competitive funding.
We have an award winning defined benefit pension scheme for staff. It is a young
scheme with over 120,000 members and only 10,000 pensioners. Our FRS 17 post tax
pension deficit was £472m at the year end reducing from £540m last year.
STRATEGY
All four parts of the strategy have contributed to our excellent results:-
• Core UK;
• Non food;
• Retailing Services; and
• International.
CORE UK BUSINESS
We have seen UK sales grow by 14.2%, including 6.6% like for like volume,
contributing to 29% volume growth in the last five years. It has been a good
year and one of our strongest in recent times.
We have been investing in further improving our price position. £70m in January
and a further £70m yesterday are the two most recent price campaigns maintaining
our position as the UK's best value retailer.
During the year we opened 21 Extra stores, of which eight were new and 13 were
extensions giving us 83 in total.
We have further evidence that customers love our Express stores and we have
grown our share of the convenience market to 5.9%. We now have 277 Express
stores and the customer offer is the best in the convenience sector achieving
high sales per sq. ft. and increasing returns.
Our Step Change programme ensures efficiency savings are re-invested for
customers. We delivered savings of over £200m this year.
NON-FOOD
We are growing rapidly and are achieving our goal of being as strong as we are
in food.
Some highlights include:-
• being number one retailer in the baby goods market selling more than
both Boots and Mothercare combined;
• achieving 60% sales growth in DVD's; and
• Cherokee and Florence & Fred contribute to having the fastest growing
clothing offer in the UK.
RETAILING SERVICES
Retailing Services have seen further exciting developments in the year.
Tesco Personal Finance has had an exceptional year delivering a profit of £160m
in the year. (Tesco share is £80m).
Tesco.com achieved sales of £577m and delivers 120,000 customer orders per week.
This is a fast growing and profitable business with sales up 67% in the last
three years and generating £28m profit this year up from £12m last year.
Building a new Telecoms business is the latest stage of our strategy in
developing popular retail services. We have repeated our approach to banking,
delivering convenience and value to customers seeking lower phone bills from a
brand they can trust.
INTERNATIONAL
We are trading very well against our competitors. Sales are up by 29%, with very
strong volume growth. Profits have grown strongly by 44%, and operating margins
have increased from 4.5% last year to 5.1%.
This year we opened 37 hypermarkets giving us an additional 3m sq. ft. of new
sales space.
During the year we purchased KIPA, a small hypermarket business in Turkey and C
Two-Network, a convenience operator in Japan.
In Europe sales are up 27.5% and profits up 30.5%.
In Hungary we have seen strong like for like growth in a relatively buoyant
market. We opened seven hypermarkets in the year giving us 33 in total and are
the clear market leader.
In Poland market conditions are tougher and consumer spending is tight. We have
successfully completed the HIT integration and opened four further hypermarkets
this year giving us 38 in total and market leadership.
In Slovakia we are also market leader. This year we opened six new stores giving
us 23 in total. We opened our first two 30,000 sq. ft. compact hypermarkets and
our third hypermarket in the fast growing city of Bratislava.
In the Czech Republic market conditions are challenging. We opened five stores
this year giving us 22 in total.
In the Republic of Ireland we have seen strong sales and profit growth. Our
development programme has really moved on with eight new store openings. We have
a strong forward development programme including our first Extra store at Clare
Hall in Dublin.
In Asia sales are up 31% to £2.8bn and profits are up 72% to £122m.
In Thailand we have seen strong sales and increased market share. We opened five
hypermarkets, four compact hypermarkets and three Express stores. Margins have
improved and we are now self funding.
In Korea we are still seeing difficult economic conditions with the tightening
of consumer credit availability. We are pushing ahead and have opened seven
stores this year taking the total to 28. Our Korean family card is popular and
now used by 77% of shoppers and we are also busy developing banking products.
Sales, profits and returns have all increased this year.
In Taiwan we have four hypermarkets and seen strong like for like growth of 22%.
In Malaysia we now have five hypermarkets and a further two stores opening this
year.
Next year we plan to open a further 51 hypermarkets and 51 other stores in our
international markets.
CORPORATE SOCIAL RESPONSIBILITY
We are committed to the communities in which we operate. This year our Corporate
Social Responsibility achievements have included:-
• Our award winning Race for Life sponsorship for Cancer UK, with 300,000
women taking part, raising £17.5m and helping with a fight for a healthier
lifestyle;
• Through our Computers for Schools programme we have given away over £84m
of computer equipment in the last 12 years; and
• Our Regeneration Partnerships continue to be a success. This year we
have opened three new sites at Shettlestone, Warrington and Batley creating
hundreds of jobs and training for the long term unemployed.
CONCLUSION
Our staff share in our success. This year staff have benefited from a total of
£148m from Save As You Earn and profit share. Our Profit Share scheme is open to
all staff with one year's service. Over 100,000 of our staff are now
shareholders.
All four parts of the strategy have contributed to our outstanding results this
year. We have an excellent plan for next year and believe we can continue to
deliver the best shopping experience for customers.
-ends-
Contacts
Analysts Steven Butler 01992 644800
Press Jonathan Church 01992 646606
Angus Maitland The Maitland Consultancy 020 7379 5151
This document is available via the Internet at www.tesco.com
Today there will be an analysts meeting at 9.00am and a press conference at
11.00am both at Royal Bank of Scotland, 280 Bishopsgate, London, EC2M 4RB
TESCO PLC
GROUP PROFIT AND LOSS ACCOUNT
Restated
Acquisi- Total Total
Existing tions 2004 2003 Increase
53 weeks ended 28 Note £m £m £m £m %
February 2004 ----- ------ ------- ------ ------- --------
Sales at Net Selling
Prices 2 33,418 139 33,557 28,280 18.7%
----- ------ ------- ------ ------- --------
Turnover including share
of joint ventures 30,919 131 31,050 26,197
----- ------ ------- ------ ------- --------
Less share of joint
ventures' turnover (236) - (236) (193)
----- ------ ------- ------ ------- --------
Turnover excluding value
added tax 2 30,683 131 30,814 26,004 18.5%
- Normal operating expenses (28,804) (121) (28,925) (24,444)
- Employee profit sharing (57) - (57) (51)
- Integration costs (45) - (45) (4)
- Goodwill amortisation (48) (4) (52) (21)
----- ------ ------- ------ ------- --------
Operating profit 3 1,729 6 1,735 1,484 16.9%
Share of operating profit
of joint ventures and
associates 97 - 97 70
Net loss on disposal of
fixed assets (9) - (9) (13)
----- ------ ------- ------ ------- --------
Profit on ordinary
activities before
interest and taxation 1,817 6 1,823 1,541 18.3%
----- ------ ------- ------ ------- --------
Net interest payable (223) (180)
----- ------ ------- ------ ------- --------
Profit on ordinary
activities
before taxation 1,600 1,361 17.6%
Underlying profit before
net loss on disposal of fixed
assets, integration costs
and goodwill amortisation 1,708 1,401 21.9%
Net loss on disposal of
fixed assets (9) (13)
Integration costs (45) (4)
Goodwill amortisation (52) (21)
Goodwill amortisation in
joint ventures and asociates (2) (2)
Tax on profit on ordinary
activities (498) (415)
----- ------ ------- ------ ------- --------
Profit on ordinary
activities
after taxation 1,102 946 16.5%
Minority interests (2) -
----- ------ ------- ------ ------- --------
Profit for the financial 1,100 946 16.3%
year
Dividends (516) (443)
----- ------ ------- ------ ------- --------
Retained profit for the
financial year 584 503 16.1%
----- ------ ------- ------ ------- --------
Pence Pence
Earnings per share 5 15.05 13.54
Adjusted for net loss on
disposal of fixed assets
after taxation 0.11 0.18
Adjusted for integration
costs ater taxation 0.55 0.06
Adjusted for goodwill
amortisation 0.74 0.32
----- ------ ------- ------ ------- --------
Underlying earnings per 5 16.45 14.10 16.7%
share ----- ------ ------- ------ ------- --------
Diluted earnings per 5 14.93 13.42 11.3%
share
Adjusted for net loss on
disposal of fixed assets
after taxation 0.11 0.18
Adjusted for integration
costs after taxation 0.54 0.06
Adjusted for goodwill
amortisation 0.73 0.32
------------------------ ----- ------ ------- ------ ------- --------
Underlying diluted
earnings per share 5 16.31 13.98 16.7%
----- ------ ------- ------ ------- --------
Dividend per share 6.84 6.20 10.3%
Dividend cover (times) 2.38 2.25 5.8%
TESCO PLC
GROUP BALANCE SHEET
2004 2003
As at 28 February 2004 Note £m £m
Fixed assets
Intangible assets 965 890
Tangible assets 14,094 12,828
Investments 34 59
Investments in joint ventures
Share of gross assets 2,006 1,708
Less: share of gross liabilities (1,712) (1,459)
Goodwill 15 17
-------- -------
309 266
Investments in associates 21 18
------- --------
15,423 14,061
Current assets
Stocks 4 1,199 1,140
Debtors 840 662
Investments 430 239
Cash at bank and in hand 670 399
------- --------
3,139 2,440
Creditors: falling due within one (5,618) (5,372)
year ------- --------
Net current liabilities (2,479) (2,932)
------- --------
Total assets less current 12,944 11,129
liabilities
Creditors: falling due after more
than one year (4,368) (4,049)
Provisions for liabilities and
charges (586) (521)
------- --------
Total net assets 7,990 6,559
======= ========
Capital and Reserves
Called up share capital 384 362
Share premium account 3,470 2,465
Other reserves 40 40
Profit and loss account 4,051 3,649
------- --------
Equity shareholders' funds 7,945 6,516
Minority interests 45 43
------- --------
Total capital employed 7,990 6,559
======= ========
TESCO PLC
GROUP CASH FLOW STATEMENT
2004 2003
53 weeks ended 28 February 2004 Note £m £m
Net cash inflow from operating activities 6 2,942 2,375
Dividends from joint ventures and associates
Income received from joint ventures and associates 60 11
Returns on investments and servicing of finance
Interest received 41 37
Interest paid (320) (253)
Interest element of finance lease rental payments (17) (2)
Cash received on sale of financial instruments 235 -
-------- --------
Net cash outflow from returns on investments and
servicing of finance (61) (218)
Taxation (326) (366)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (2,239) (2,032)
Receipts from sale of tangible fixed assets 62 32
Purchase of own shares (51) (52)
-------- --------
Net cash outflow from capital expenditure and
financial investment (2,228) (2,052)
Acquisitions and disposals
Purchase of subsidiary undertakings (269) (419)
Net cash at bank and in hand acquired with
subsidiaries 53 33
Invested in joint ventures (48) (43)
Invested in associates and other investments (8) (7)
-------- --------
Net cash outflow from acquisitions and disposals (272) (436)
Equity dividends paid (303) (368)
-------- --------
Cash outflow before use of liquid resources and
financing (188) (1,054)
Management of liquid resources
Increase in short-term deposits (220) (14)
Financing
Ordinary shares issued for cash 868 73
(Decrease) /increase in other loans (180) 774
New finance leases 75 249
Capital element of finance leases repaid (73) (73)
-------- --------
Net cash inflow from financing 690 1,023
-------- --------
Increase / (decrease) in cash 282 (45)
======== ========
TESCO PLC
GROUP CASH FLOW STATEMENT (continued)
2004 2003
53 weeks ended 28 February 2004 Note £m £m
Reconciliation of net cash flow to movement in net
debt
Increase / (decrease) in cash 282 (45)
Cash outflow / (inflow) from decrease /(increase) in
debt and lease financing 178 (950)
Increase in liquid resources 220 14
Loans and finance leases acquired with subsidiaries (5) (172)
Amortisation of 4% unsecured deep discount loan
stock, (20) (8)
RPI bond and LPI bond
Other non-cash movements (2) (19)
Foreign exchange differences (6) 3
-------- --------
Decrease / (increase) in net debt 647 (1,177)
Opening net debt 7 (4,737) (3,560)
-------- --------
Closing net debt 7 (4,090) (4,737)
======== ========
TESCO PLC
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
2004 2003
53 weeks ended 28 February 2004 £m £m
Profit for the financial year 1,100 946
(Loss) / gain on foreign currency net investments (157) 22
-------- --------
Total recognised gains and losses relating to the financial
year 943 968
-------- --------
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
2004 2003
53 weeks ended 28 February 2004 £m £m
----------------------------------- -------- --------
Profit for the financial year 1,100 946
Dividends (516) (443)
----------------------------------- -------- --------
584 503
(Loss) / gain on foreign currency net investments (157) 22
New share capital subscribed less expenses 844 421
Payment of dividends by shares in lieu of cash 158 40
-------- --------
Net addition to shareholders' funds 1,429 986
Opening shareholders' funds 6,516 5,530
-------- --------
Closing shareholders' funds 7,945 6,516
-------- --------
NOTES TO THE ACCOUNTS
Note 1 Accounting policies
These financial accounts have been prepared using the accounting policies set
out in the Annual Report and Financial Statements 2003, except for turnover
recognition.
The Group has revised its accounting policy for turnover in line with FRS 5
Application Note G 'Revenue Recognition' (issued November 2003). The principal
adjustments are to report turnover net of vouchers and on a commission-only
basis for mobile phone airtime sales. The impact of the change in policy is to
restate 2003 turnover and cost of sales by £333m. There is no impact on
reported profit or cash flow.
As in the prior year the group has continued to account for pensions and other
post retirement benefits in accordance with SSAP 24, but has complied with the
transitional disclosure requirements of FRS 17.
Note 2 Group turnover analysis
Restated
2004 2003 Increase
53 weeks ended 28 February 2004 £m £m %
Sales (inc VAT)
UK 26,876 23,101 16.3
Rest of Europe * 3,834 3,007 27.5
Asia * 2,847 2,172 31.1
-------- -------- --------
Group 33,557 28,280 18.7
======== ======== ========
Turnover (ex VAT)
UK 24,760 21,309 16.2
Rest of Europe * 3,385 2,664 27.1
Asia * 2,669 2,031 31.4
-------- -------- --------
Group 30,814 26,004 18.5
======== ======== ========
Note 3 Group operating profit analysis
2004 2003 Increase
£m £m %
UK 1,526 1,297 17.7
Rest of Europe * 184 141 30.5
Asia * 122 71 71.8
-------- -------- --------
1,832 1,509 21.4
Integration (45) (4)
Goodwill amortisation (52) (21)
-------- -------- --------
Operating profit 1,735 1,484 16.9
======== ======== ========
UK operating margin 6.2% 6.1%
International operating margin 5.1% 4.5%
* Results for Rest of Europe and Asia are for the year ended 31 December 2003,
with the exception of the Republic of Ireland which is to 28 February 2004.
Note 4 Stocks
Stocks comprise goods held for resale of £1,196m (2003 - £1,122m) and
development property of £3m (2003 - £18m).
Note 5 Earnings per share and diluted earnings per share
The calculation of earnings, including and excluding net loss on disposal of
fixed assets, integration costs and goodwill amortisation, is based on the
profit for the period of £1,100m (2003 - £946m).
For the purpose of calculating earnings per share, the number of shares is the
weighted average in issue during the 53 weeks of 7,307m (2003 - 6,989m).
53 weeks 2004 52 weeks 2003
Million Million
------------- -------------
Weighted average number of dilutive share
options 61 62
Weighted average number of shares in issue
in the period 7,307 6,989
------------- -------------
Total number of shares for calculating diluted
earnings per share 7,368 7,051
------------- -------------
Note 6 Reconciliation of operating profit to net cash inflow from operating
activities
53 weeks 2004 52 weeks 2003
£m £m
Operating profit 1,735 1,484
Depreciation and amortisation 752 602
---------- ----------
Increase in goods held for resale (92) (129)
Decrease in development property 15 3
Decrease / (increase) in debtors 17 (28)
Increase in trade creditors 261 238
Increase in other creditors 254 205
---------- ----------
Decrease in working capital 455 289
---------- ----------
Net cash inflow from operating activities 2,942 2,375
========== ==========
Note 7 Analysis of changes in net debt
At 23 Cash Acquisi- Other Exchange At 28
Feb flow tions non movement Feb
2003 cash 2004
changes
£m £m £m £m £m £m
Cash at bank and in
hand 399 282 - - (11) 670
-------- -------- -------- -------- -------- --------
399 282 - - (11) 670
Money market
investments and
deposits 239 220 - - (29) 430
Bank and other loans (1,286) 496 - - 15 (775)
Finance leases (55) (12) (1) (1) - (69)
-------- -------- -------- -------- -------- --------
Debt due within one
year (1,341) 484 (1) (1) 15 (844)
Bank and other loans (3,863) (316) - (20) 19 (4,180)
Finance leases (171) 10 (4) (1) - (166)
-------- -------- -------- -------- -------- --------
Debt due after one
year (4,034) (306) (4) (21) 19 (4,346)
-------- -------- -------- -------- -------- --------
(4,737) 680 (5) (22) (6) (4,090)
======== ======== ======== ======== ======== ========
Note 8 Accounts
The accounts do not constitute statutory accounts. The results for the 53 weeks
ended 28 February 2004 are extracts from the Group Annual Report and Financial
Statements for that period, which will be delivered to the Registrar of
Companies in due course and on which the auditors have given an unqualified
report which does not contain a statement under Section 237(2) or (3) of the
Companies Act 1985. The results for the 52 weeks ended 22 February 2003 have
been extracted from the Annual Report and Financial Statements for that period,
which have been delivered to the Registrar of Companies and on which the
auditors have given an unqualified report which did not contain a statement
under Section 237(2) or (3) of the Companies Act 1985.
Note 9 Annual Review
Copies of the 2004 Annual Review and Summary Financial Statement will be sent to
shareholders. Copies of the 2004 Annual Report and Financial Statements will be
sent to shareholders who have requested them. Copies of both documents will be
available late May 2004 from the Company Secretary, Tesco PLC, PO Box 18,
Delamare Road, Cheshunt, Waltham Cross, Hertfordshire, EN8 9SL. These documents
will also be available on the internet at www.tesco.com
Note 10 AGM
The Annual General Meeting will be held at the Queen Elizabeth Conference
Centre, Broad Sanctuary, Westminster, London, SW1P 3EE on Friday 18th June 2004
at 11am.
Webcast URL http://events.simplywebcast.com//tesco_apr_2004
This information is provided by RNS
The company news service from the London Stock Exchange