Home / Knowledge / News / Apparel/Garments / Group sales up; we can do better - Tesco Chief Executive
Group sales up; we can do better - Tesco Chief Executive
19
Apr '11
Tesco plc announced preliminary result for 2010/11.

• Group sales up 8.1% to £67.6bn
• 12.3% rise in underlying profit before tax to £3.8bn
• Group return on capital employed (ROCE) increased to 12.9% (last year 12.1%)
• 7.8% growth in Group trading profit to £3.7bn, including 30% growth in Asia
• Underlying diluted EPS growth of 10.8%; dividend per share growth of 10.8%
• Net debt reduced to £6.8bn by year-end, ahead of plan
• Exceeded our 2010/11 carbon targets

Philip Clarke - Chief Executive

"I am pleased with our strong overall performance in the face of some challenging conditions and we are well-positioned, with multiple opportunities to deliver long-term growth and rising returns. I want to thank the 500,000 people who work at Tesco for their contribution to this performance.

We have equipped the business for global growth with new management structures and teams -including an experienced UK Board, which is bringing more focus and energy to our largest business. Asia and Europe made excellent progress contributing nearly 70% of our profit growth in the year. The momentum in the USA is building but still has some way to go."

New management structures in place and increased focus on UK core business:

• New global Executive Committee in place, combining key business areas and support functions
• Six immediate team objectives set - around performance, growth and returns
• Dedicated, experienced UK Board appointed and operational
• Plans to align senior management remuneration with growth and ROCE improvement

We have set some immediate objectives for the Tesco team:

• First, keeping the UK strong and growing.
• Second, we want to be outstanding internationally, not just successful.
• Third, as the combination of stores and online becomes compelling for customers, we aim to become a multi-channel retailer wherever we trade.
• Fourth, we will deliver on the potential of Retailing Services - of which the Bank is a big part.
• Fifth, by applying Group skill and scale we will give our customers even more value and increase the competitive advantage to our businesses.
• Sixth, deliver higher return on capital employed for shareholders.

For UK, ROI and US, these results are for the 52 weeks ended 26 February 2011 and the previous year comparison is made with the 52-week period ended 27 February 2010. For all other countries and Tesco Bank these results are for the year ended 28 February 2011 and the previous year comparison is made with the year ended 28 February 2010. All growth rates are calculated at actual exchange rates unless otherwise stated. Statutory numbers include the accounting impact of IFRIC 13 (Customer Loyalty Programmes). All other numbers are shown excluding the accounting impact of IFRIC 13, consistent with internal management reporting. More information can be found in Note 1 to the preliminary consolidated financial information.


Must ReadView All

Textiles | On 28th Jun 2017

GST and textiles industry: Analysis and opinion

The Goods and Services Tax (GST) is at long last all set to be rolled ...

Textiles | On 28th Jun 2017

India probing dumping of polyester yarn by China

Indian government is probing anti-dumping allegations against a...

Courtesy: Raymond

Apparel/Garments | On 28th Jun 2017

Raymond plans to invest Rs 1,400 crore in Amravati plant

Raymond, Indian textiles and apparel major, has decided to invest Rs...

Interviews View All

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
July 2017

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search