IFRS Guidance and Seminar

Tesco PLC
25 February 2005

25 February 2005



                     Tesco holds IFRS Seminar for investors

Tesco will hold a seminar today, to help investors and analysts understand the
changes which will impact the company's reported accounts from the 2005/06 year
end as a result of the introduction of International Financial Reporting
Standards (IFRS).

The seminar will show that, while some reported figures may alter as a result of
IFRS, the business itself will not change.

Commenting on the seminar, Finance and Strategy Director Andrew Higginson, said:

'Tesco is the same business under IFRS as it was before. The adoption of IFRS is
an important issue for all EU listed companies and one that we take seriously,
but ultimately, it is an accounting, not an operational change.'

Tesco estimates that IFRS will have a small impact on statutory profit after tax
(between zero and £30 million)* and no impact on group pre-tax cash flow.

To help investors further, the 2004/05 accounts, restated under IFRS, will be
issued in May 2005.

Year end changes

The company will also take the opportunity to provide an update on the changes
to its reporting timetable which result from the harmonisation of international
and group year ends.

The 2005/06 financial year will end on 2 April 2006. Thereafter, the timetable
will be as follows:

• Half year end - last Sunday in September / first Sunday in October

• Year end - first Sunday in April

• 13 week quarters, with trading updates for Q1 and Q3 (Q3 to include
  Christmas and New Year)

The full presentation will be made available at 9.00am this morning on the
company's website, at www.tesco.com/corporateinfo

* This impact excludes the effect of IAS32 and IAS39 - Tesco has elected to take
a one year exemption on these standards, as allowed under IFRS rules


Contacts

Investor Relations Steve Webb        01992 644800
Press Jon Church                     01992 646606


Notes to Editors

1. International Financial Reporting Standards have been drawn up by the
   International Accounting Standards Board (www.iasb.org) and will come into 
   force this year for listed companies in all member countries of the European 
   Union and in many other countries around the world.

2. While UK industry has to cope with the introduction of 37 new standards under
   IFRS, 17 of these have little or no impact on Tesco. A further 9 lead only 
   to additional disclosure. Of the 11 remaining standards, in line with many 
   other companies, Tesco has elected to take a one-year exemption on IAS32 
   and IAS39.

3. Tesco will report its final full year results under UK GAAP on 12th April
   2005.





                      This information is provided by RNS
            The company news service from the London Stock Exchange
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