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Record Profits for Tesco - Again

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VulcanB2 View Drop Down
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    Posted: 14 Apr 2008 at 11:46pm
http://news.bbc.co.uk/1/hi/business/7347562.stm

I don't shop at Tesco for anything precisely because of this. If they're making a new record profit at the same time most of the world is slowing down, they are obviously ripping us all off big-time.

Best regards,
Vulcan.
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Flightboy View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Flightboy Quote  Post ReplyReply Direct Link To This Post Posted: 14 Apr 2008 at 11:54pm
Waitrose man myself or sainsburys and i dont shop at tesco atall ude to chickens as most of you will already know Smile

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MartinW View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MartinW Quote  Post ReplyReply Direct Link To This Post Posted: 15 Apr 2008 at 8:32am
They are expensive, I go to Morrisons, lots cheaper. Tesco do have a good range of products though.
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Rich View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Rich Quote  Post ReplyReply Direct Link To This Post Posted: 15 Apr 2008 at 9:06am
I know I've said this before but they make the most money because they provide the best service. I do 95% of my food shopping there and have also had credit cards, loans, insurance and broadband from them at various times and found each one of their services to be excellent.
Take Credit Cards for example. Every tried ringing up Barclays to pay a credit card bill?  Its like pulling teeth and I used to have to go into the bank and hand over the cash. With Tescos they have a simple automated process that takes about 2 mins to complete.

Would anyone really prefer to go back to the old days of having to take separate trips to the green grocers, butchers etc to gather up your weekly shopping. I certainly wouldn't, even if the nice old man behind the counter was a jolly old sort who would have a chat with you. Just haven't got the time!
They also give me a £30 voucher every now and again and consistently cheaper petrol as reward for shopping there.

If anyone starts on about farmers I'll have to try and find a picture of the house where my local farmer lives. He isn't short of a bedroom or 6 Shocked

You don't make so much money by chance.
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Scotty View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Scotty Quote  Post ReplyReply Direct Link To This Post Posted: 15 Apr 2008 at 10:49am
Ah. Profits - that dirty word again. I remember when BT was making record profits, massive headlines of rip off profiteering - they are all forgotten now of course. Now its Tescos turn - goodness some people hate success.
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mutley View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mutley Quote  Post ReplyReply Direct Link To This Post Posted: 15 Apr 2008 at 12:47pm
Our local Co Op is pretty good for some things like locally produced food,  I try to support local shops as much as I can but the reality is we just cannot do without the likes of ASDA. 

If it wasn't for the supermarkets I am sure our fuel would be 10% more expensive? 
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Magic Man View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Magic Man Quote  Post ReplyReply Direct Link To This Post Posted: 15 Apr 2008 at 1:06pm
Originally posted by RAS RAS wrote:

Take Credit Cards for example. Every tried ringing up Barclays to pay a credit card bill?  Its like pulling teeth and I used to have to go into the bank and hand over the cash. With Tescos they have a simple automated process that takes about 2 mins to complete.
 
Got a Tesco card myself. Earns me Tesco points and can mange and pay the card off via their online system, easy.

I also don't see the issue here. Yes, they are making a profit - wouldn't be much of a business if they weren't. Are they ripping us off (i.e. assume by that the pointy one questions whether they are inflating prices). Well, if so (possibly) then all the others are guilty of it too since price wise there is not a lot between them.
 
Some items may be cheaper in one place over the others but, generally, things even themselves out. If they are more expensive across the board then how can they be ripping us off if people still choose to shop from there, you are not forced to shop at Tescos...
 
They also have plenty of interests abroad so all this profit is not purely from the UK.
 
In other news... Ferrari are accused of ripping people off because of the high prices they ask for their cars. People have no other choice but to buy a car from them...Wink
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mavestar Quote  Post ReplyReply Direct Link To This Post Posted: 16 Apr 2008 at 8:14am
Car insurance with Tesco for the last 3 years. ASDA is only round the corner and is 24 hours. Ohhh were like a bunch of old women talking about where we do our shopping . 
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MartinW View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MartinW Quote  Post ReplyReply Direct Link To This Post Posted: 16 Apr 2008 at 8:40am

Yes of course Tesco are a good company offering a wide range of products. Jeans for £4 are nothing to be sneezed at.

But there prices for food are higher, at least in my area. If I shop at Tesco my bill is higher than if I buy the same weekly shop from Morrison's, simple as that.

If you utilise their other services and love their food then great , but for those of us on a budget it makes sense to buy equal quality food from a cheaper supermarket.
 
They're aren't of course ripping anyone off, they are entitled to sell a product at the price the market will pay. Good for them, but I will buy my food elsewhere. And any other services I need form Tesco, then I'm free to get them if I think they are competitive.
 
Bulk of my food shopping is Morrison's, occasionally the offers at Tesco and occasionally non food items from Tesco.
 
P.S. Weren't Tesco and a couple of other supermarkets involved in price fixing recently, for which they were fined??? In that respect they are breaking the law.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote VulcanB2 Quote  Post ReplyReply Direct Link To This Post Posted: 17 Apr 2008 at 3:33pm
Quote goodness some people hate success.

I've no problems with companies making profit at all - it's required in order to improve things, introduce new things etc.. but £2.8 Billion??? I'd love to know what their operating costs are.

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Vulcan.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote icudan Quote  Post ReplyReply Direct Link To This Post Posted: 17 Apr 2008 at 8:13pm
At my store we are having a buffet as a reward for the profits, haha! A rise would be good but its better than nothing. 3 cheers for Tesco! Woop. Cool
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MartinW View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote MartinW Quote  Post ReplyReply Direct Link To This Post Posted: 18 Apr 2008 at 1:14pm
Typical, a few hundred on a buffet costs them very little, a few quid on your salary would cost them a chunk of their profits though and they wouldn't want to loose that would they. It's their food as well don't forget so they get it dirt cheap.
 
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Mrbobo Quote  Post ReplyReply Direct Link To This Post Posted: 18 Apr 2008 at 1:26pm
Its all about working for Waitrose!
 
20% bouns about £1000!!!!!!!!!
 
Waitrose isn't a supermarket its a state of mindTongue
 
P.S Vulcan here the low down on there profits and assests they have!
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote allardjd Quote  Post ReplyReply Direct Link To This Post Posted: 20 Apr 2008 at 7:34pm
I assume Tesco's is a publicly traded corportation? 
 
If so, there's nothing here to be upset about.  If you want your share, buy some of their stock and share in the largess.  Profits largely go to the shareholders via dividends.  When they are successful the share prices tend to go up too, so the shareholders stake increases in value as a result. 
 
If you don't like them, shop elsewhere.
 
Scotty is right - everyone seems to hate it when a company is successful. 
 
If they're not treating their customers right, the marketplace will punish them (unless they are a monopoly, which doesn't seem to be the case).  If they are, people keep going back, which seems so, judging from their financial results.
 
It's how the capitalist world works.  Marx and Lenin hated it, so there's another recommendation.
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