Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Tesco PLC (TSCO)

  Print      Mail a friend       Annual reports

Wednesday 05 December, 2012

Tesco PLC

Third Quarter Interim Management Statement

RNS Number : 7657S
Tesco PLC
05 December 2012
 



 

 

News release…

Wednesday 5th December 2012

 

TESCO PLC

THIRD QUARTER INTERIM MANAGEMENT STATEMENT

 

FURTHER PROGRESS WITH BUILDING A BETTER TESCO

 

·     Six-part plan showing further progress:

-   Food offer improving for customers

-   Internet food gaining strongly

·     Improved quarter in Asia; tougher conditions in Central Europe

·     Separately announced decision taken to conduct strategic review of Fresh & Easy

 

Philip Clarke - Chief Executive

 

"I am pleased with the performance of our food business in the UK.  Our six-part plan is about improving the shopping trip for customers for the long-term and this is a positive early sign.  We've now refreshed nearly 300 stores, upgraded or introduced well over 3,000 products and added innovations such as Delivery Saver to our already successful online grocery business - and there is plenty more to come in 2013.

 

"Our general merchandise performance overall in the UK was not good enough, and we are renewing our efforts to deliver sustainable, profitable growth in this part of the business.

 

"We have seen a further weakening in consumer spending in Central Europe, although the effects of this have been partly offset by a better quarter in Asia.

 

"I am looking forward to the important seasonal period ahead, and am confident in our plans to deliver further improvements in our shopping trip for customers."

 

Group sales

 

Group sales for the thirteen weeks ending 24 November 2012 increased by 2.4% including petrol at constant exchange rates (1.0% at actual rates) and by 2.9% excluding petrol at constant exchange rates (1.4% at actual rates).

 

UK performance

 

Total sales including VAT and petrol grew by 1.7% and by 2.3% excluding petrol.  Our like-for-like sales, excluding both VAT and petrol, reduced by (0.6)% in the quarter.

 

We have continued to make good progress on our six-part plan to Build a Better Tesco in the UK.  As a result, like-for-like sales growth in our food business - the main focus of the plan to date - has improved to +1.2% for the quarter, outperforming the market.  We are also pleased with the strong performance of our online grocery business, which delivered sales growth of 15%. 

 

The six-part plan is still in its early stages but is already delivering an improved shopping trip for customers. Highlights in the third quarter include:

 

1.  Service & Staff- 11 nationwide training events for managers and Making Moments Matter customer service training for 300,000 UK colleagues

2.  Stores & Formats -  nearly 300 stores now refreshed; new bakery departments now rolled-out to 850 stores

3.  Price and Value -  greater focus on personalised offers - Christmas mailing being sent to over ten million households

4.  Range & Quality -  1,200 additional new or improved own-label products, including a complete re-launch of our meat and poultry categories and the completion of our chilled convenience food upgrade

5.  Brand & Marketing -  launch of our Christmas advertising campaign, our first working with W + K

6.  Clicks & Bricks  -  over 110,000 customers now signed up to Delivery Saver subscription service;  Grocery Click & Collect drive-through now in over 140 locations; over 1,500 stores now offering Tesco Direct Click & Collect for general merchandise

 

Like-for-like sales further reduced in general merchandise, which has led to a greater drag on overall UK performance in the quarter.  While this partly reflects the continuing weakness in consumer demand that is being experienced by the market as a whole, we are renewing our efforts to deliver sustainable, profitable growth in this part of the business.

 

This includes stronger ranging, pricing and promotional positioning, together with a further reallocation of space away from categories such as consumer electronics and home entertainment.  This will enable us to give even greater focus to categories such as clothing, nursery and home, which are delivering better top and bottom line growth.

 

Clothing - which has already received some of this extra focus - has continued to outperform the market, with another quarter of positive like-for-like sales growth.  This is particularly evident in womenswear, essentials and footwear, which are all benefiting from range improvements in F & F, together with improved merchandising.

 

With Tesco Direct now available through over 1,500 Click & Collect collection points in store, we are focusing here too on driving growth in the more profitable non-food categories and further extending the range offered by third-party Sellers at Tesco.

 

International performance

 

Consumers in our international businesses faced even more challenging conditions, particularly in Central Europe.  Despite this, we saw improvements in market share in the majority of markets, even with a lower contribution from new space.

 

In Asia, total sales grew by 6.8% at constant rates and 5.1% at actual exchange rates.  The rate of like-for-like sales growth for the region as a whole improved significantly from the second quarter, reflecting a strong growth rate in Thailand, as it annualised on the impact of the floods in the third quarter last year.  Malaysia and Korea also both saw an improvement in like-for-like performance, with the latter benefiting from a lower than expected level of enforced non-trading days.

 

In addition to two new stores in China in the quarter, we plan to open a further seven in the next month, in line with our plans to maintain our annual opening programme at a similar level to last year, in this strategically important market for Tesco.  Our like-for-like sales in China declined, driven by a continued slowdown in economic growth and  lower consumer spending.  This was partly due to two key holiday events falling on consecutive dates this year, rather than being celebrated as two separate occasions, as was the case last year. 

 

Total sales in Europe excluding petrol grew by 1.1% at constant exchange rates, with the continuing weakness of the European currencies against sterling impacting growth at actual rates.  Like-for-like sales declined by (3.6)%, as the challenging conditions seen in the first half deteriorated in the majority of markets.  Poland, Slovakia and the Czech Republic have been particularly affected, with declining economic growth, increasing unemployment and weakening consumer confidence.  General merchandise sales across the region were weak as a result, although clothing sales saw positive like-for-like sales growth, helped by a stronger F & F performance.

 

In the United States, Fresh & Easy's like-for-like sales performance fell below 2%.   We have separately announced today that we are conducting a strategic review of the business, with all options under consideration.

 

Tesco Bank

 

Tesco Bank's overall performance saw strong growth in banking products and a robust performance in the insurance business in a very challenging market.   Although overall Bank revenues have seen a small reduction for the third quarter, this was due to the continued run-off of the legacy insurance business.

 

In banking, customer numbers and balances increased, helped by a strong balance transfer offer on credit cards and competitive rates on our existing loan products.  Customers also continue to respond positively to our mortgage offer, with our initial product range enhanced by market leading interest rates, and backed by the Government's Funding for Lending Scheme.  The launch of ISAs in November has allowed us to further meet the savings needs of our customers, while helping to diversify our funding base.

 

Our motor insurance business - like many in the sector - has faced challenging trading conditions, with increased price competition.  Across our insurance business as a whole, we are increasing our focus on meeting the needs of loyal Clubcard customers.

 

 

Outlook

 

In the UK, ahead of the important seasonal period, and with the progress we have made so far on our plans to improve the shopping trip for customers, our outlook for the year as a whole is unchanged.

 

Elsewhere, we expect the broad trends in the third quarter to continue through the balance of the year, in particular the increasingly tough conditions for consumers in Central Europe.

 

 

Appendix 1 - Segmental Sales Growth Rates

 

 


Third Quarter 2012/13 Sales Growth


Actual rates

Constant rates

Like-For-Like


Inc. Petrol

Exc. Petrol

Inc. Petrol

Exc. Petrol

Inc. Petrol

Exc. Petrol

Group

1.0%

1.4%

2.4%

2.9%

(1.5)%

(1.3)%

International

(0.2)%

(0.1)%

4.1%

4.2%

(2.2)%

(2.3)%

   Asia

5.1%

5.1%

6.8%

6.8%

(1.2)%

(1.2)%

   Europe

(6.1)%

(6.2)%

1.1%

1.1%

(3.4)%

(3.6)%

   United States

8.8%

8.8%

9.6%

9.6%

1.8%

1.8%

UK

1.7%

2.3%

1.7%

2.3%

(1.2)%

(0.7)%

Tesco Bank

(1.6)%

(1.6)%

(1.6)%

(1.6)%

n/a

n/a

 

 



 

Appendix 2 - UK Like-For-Like Growth

 

 


Third Quarter Like-For-Like Growth 2012/13


Second Quarter Like-For-Like

Growth 2012/13

UK LFL (inc. VAT, inc. Petrol)

(1.2)%


(0.8)%

UK LFL (inc. VAT, exc. Petrol)

(0.7)%


0.2%

UK LFL (exc. VAT, exc. Petrol)

(0.6)%


0.1%

UK LFL (exc. VAT, exc. Petrol and IFRIC 13 compliant)

(0.1)%


0.3%

 

 

Appendix 3 -  Country Like-For-Like Growth exc. Petrol

 

 


Third Quarter Like-For-Like Growth 2012/13


Second  Quarter Like-For-Like

Growth 2012/13

Asia

(1.2)%


(3.0)%

China

(1.5)%


(1.0)%

Malaysia

1.7%


0.9%

South Korea

(5.1)%


(6.6)%

Thailand

4.4%


0.9%

Europe

(3.6)%


(0.8)%

Czech Republic

(9.2)%


(7.0)%

Hungary

0.6%


(0.8)%

Poland

(6.6)%


1.0%

Slovakia

(2.1)%


2.6%

Turkey

(7.0)%


(1.6)%

Republic of Ireland

(0.3)%


0.2%

United States

1.8%


6.9%

 

 

 

Contacts

 

Investor Relations:      Chris Griffith                                             01992 644 800

 

Press:                         Tom Curry                                                 01992 644 645

Brunswick                                                 0207 404 5959

 

Notes:

These results have been reported on a continuing operations basis and exclude the results from our operation in Japan which have been treated as discontinued following our decision to sell the business.

All figures quoted are at actual exchange rates, including VAT and excluding petrol unless otherwise stated.

For UK, ROI and USA, these results are for 91 days for both the current year and the previous year comparison, for the periods ended 24 November 2012 and 26 November 2011 respectively.

For Tesco Bank and India, these results are for 91 days for both the current year and the previous year comparison, for the periods ended 30 November 2012 and 30 November 2011 respectively.

For all other countries, these results are for 91 days for both the current year and the previous year comparison, for the periods ended 25 November 2012 and 27 November 2011 respectively.


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