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Tesco posts unprecedented profits
BillieTheBot
Posts: 8,721 Bot
http://news.bbc.co.uk/1/hi/business/4435339.stmSupermarket giant Tesco has become the first UK retailer to unveil annual profits of more than £2bn.
The UK's biggest supermarket chain posted underlying pre-tax profits of £2.03bn ($3.83bn), up 20.5% on 2004.
Funnily enough I was reading a study in the papers a few days ago and Tesco was considerably more expensive with many basic grocery products than high street independent traders.
Surely this can't be right? Where are such monster profits coming from? [/rethorical question :rolleyes: ]
Beep boop. I'm a bot.
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Comments
Personally I'm a Sainsbury's shopper, though I sometimes go to Asda.
The total profit figure is really next to meaningless, what matters is how they have made it, there isnt any doubt they are well managed but my concern would be with domestic farmers who are getting fucked by all of the supermarkets.
the amount of convenience shop chains theyve brought up making them an effective monopoly in central london cant be one of them either :chin:
how they and the other supermarkets treat small producers absolutly shambolic
thankfully i have a local fruit and veg stall right outside my local highstreet sainburys thats like £1 for a bowl of bananas/apples/peppers etc which puts them to shame in price
Once all the independent traders are wiped out supermarkets like Tesco have no competition, and shoppers no choice.
And then it turns out that on many basic produce such as fruit, veg or meat Tesco was more expensive than local shops in the first place! Not to mention of inferior quality.
So the least they could do is to lower their prices. Given the incredible amount of profits they're making that should not be much of a problem.
In Tesco's if you want low-cost you've got their "value" label, if you want quality, premium priced food, you've got "Finest" - you pays your price and takes your choice!
Not that I expect you actually give a fuck about anything other than your own shallow ego Rich Prick.
http://www.asda.co.uk/asda_corp/scripts/homePage.jsp?BV_SessionID=@@@@0522336401.1113306460@@@@&BV_EngineID=ccceadddmefehlecfkfcfkjdgoodgjg.0&intCatOID=-8943&bodyNavPath=/scripts/allaboutasda/aaMainPage.jsp&imgName=http://graphics.asda.com/ASDA_Corp/topNavImages/but004_off.gif&imgWelcome=http://graphics.asda.com/ASDA_Corp/topNavImages/welcome005.gif&NotToCache=0
half way down the page, what a long link like!!
but yeah supermarkets will end up taking over all small producers if they continue to price them out of the market, which is sad
Now I've got to go back to work.
I send my butler shopping, the cook, cooks, and that's on the rare occasions i'm not dining in one of Londons most exclusive restaurants.
thats the thing about london homes - too small, yesterday I couldn't even find the butler, it turned out he was helping with cleaning out the dungeon after the game keeper put those pesky trespassers in it.
really should have said "illegal" except I knew the answer would be no. I'm just curious as to why you think it's wrong that a company is being so sucessful.
Are Microsoft forcing many hundreds of smaller producers to continually cut their prices leading to more industrial production methods?
But supermarkets have helped make shopping easier and cheaper for a lot of people.
There are also numerous other ways in which supermarkets screw over suppliers just some of which are listed hear.
"The following is a list of techniques that buyers use, which result in the supplier bearing the risk of business transactions. Some may appear extreme, but they are all commonly used by British retailers.
· Lowering price at the last moment
· Only agreeing a price once the product has been delivered
· Delaying payment
· Shortening lead times (the time between placing the order and when product must be delivered)
· Refusing to sign contracts
· Changing the volumes required at short notice
· Product promotions such as 2 for 1 offers, are actually funded by suppliers. (Often promotions are initiated by supermarkets to achieve their own sales targets. Suppliers keen to please their buyers reluctantly agree to fund such promotions even though they may make a loss. "
FACT - Current intensive farming practices are harming our environment and destroying traditional rural communities.
FACT - Tescos are also screwing over you - they probably mark up each item they sell by around 50% - some of this goes on overheads but most of it goes directly towards thier profits.
If you want any substantial proof I suggest that you click on one of these links below
UK Food Group
Corporate Watch
Action Aid
Everyone is harmed by such situation. Farmers are being treated unjustly; animals are kept in poor conditions (battery chickens for instance) and fed cheap rubbish in order to minimise costs, etc etc.
And with all those extra creamy profits Tesco (and others) make from exploiting farmers and using their power and influence, the company can continue its expansion, buying smaller supermarket chains and pricing independent traders out of the high street.
It's a vicious circle of profit that feeds itself and self-grows.
The only trouble with this is that as Tesco becomes more dominant what happens?
We all saw excellent retailer/supplier relationships in Marks & Spencer but they ain't there now because competition doesn't allow for such cosy closeness any longer - if you can't produce at "x cost", then the retailers goes elsewhere, perhaps abroad. Thats life in business today!
It seems hypocritical to complain about a business doing well, when the main reason it does well is that people want to buy cheap food from them rather than more expensive food from a local butcher.
In what way is it an improvement to the market system???
Oh wait yes its all those millions of pounds of tax payers money going to subsidise cheap agriculture for us all - woooo
Or maybe its the fact that one family still get a major proportion of all the profits from tescos... I wonder how many of them are living in tax havens, therefore evading tax that might go towards services for all of us....
There was a time when supermarkets really just sold food, then they extended into clothing, toys, furniture, garden euipment, music & dvd, electrical goods, newspapers and magazines, personal finance and credit cards, the list goes on ...
This has got to hurt the small independents and indeed town centres and concentrate too much power into the hands of a few very large businesses.
Is it good for the consumer ultimately?
No because you as the consumer get less choice....
but what is choice for the average Joe?
As far a i remember it was in the process of happening but MS threatened to pull out of the U.S. and the charges went away or lessened to nothing worth noting.