Tesco

Ticker TSCO

Today's data summary

Market closed
% change
0.00%
Price Pence
255.90
Change
0.00
As of 07:11 21 Aug 2018
Market cap. Pound sterling
25,053.01 million
As of 07:11 21 Aug 2018

Latest updates

Tesco-Carrefour deal to go live in October

Tesco
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Tesco says that its "strategic alliance" Carrefour - Europe's largest supermarket group - will become operational in October.

Tesco revealed the deal in July which allow the two companies to use their joint buying power to cut costs and offer lower prices to customers.

Earlier this year, Sainsbury's and Asda announced merger talks and pledged to cut prices for shoppers.

Armed robbers target Tesco Express

The store in Littlehampton
Google
One of the men was armed with a knife

Staff at a Tesco Express in West Sussex have been left shaken after an armed robbery on Sunday.

Two masked men entered the store in Finisterre Way, Littlehampton, at about 06:00 BST, Sussex Police said.

One of the men was carrying a knife, believed to be a machete, and demanded money and cigarettes.

Detective Sergeant Simon Smith said: “The two staff members were unhurt but they have been left very shaken by the incident."

He said the men arrived in a white van, driven by a third suspect, who remained in the vehicle.

The armed man was described as white, 6ft, of medium build, wearing a black bandana over his face, a black beanie hat and a dark-coloured hooded top.

The second man was described as white, slim, 5ft 8in, with blond hair, dark-coloured clothing and a white mask.

Police are appealing for witnesses.

Tesco UK boss steps down following cancer treatment

Tesco
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Tesco has announced that Charles Wilson, the former boss of Booker, is stepping down as chief executive of its UK and Ireland business following treatment for throat cancer.

Mr Wilson took on the job earlier this year after Tesco got the green light to buy cash-and-carry business Booker.

Tesco said that following an operation to remove his tonsils in April, Mr Wilson was diagnosed with throat cancer and has been undergoing daily radiotherapy between May and June.

The supermarket group said: "The good news is that Charles has responded very well to the treatment and all the signs are that the treatment has been successful."

Mr Wilson will remain on the Tesco executive committee, and will focus on leading the Booker business. Jason Tarry, currently the group's chief product officer, will become the chief executive of Tesco UK

Smaller supermarkets to be squeezed by mega-deals

Iceland lorry
Getty Images

Tesco's tie-up with French retailer Carrefour and Sainsbury's merger with Asda are set to see the likes of Ocado and Iceland come under pressure, reckons credit agency Moody's.

In a research note published today it warned that squeezed suppliers will look to make up lost profits from smaller players such as Iceland and Ocado.

"Lower purchasing costs for the retail alliances will translate to lower revenue for suppliers overall, even if the alliances enhance volumes for some suppliers," it said.

"We expect suppliers will look to recover lost profits by extracting better terms from smaller customers."

Tesco deal 'not new'

BBC Radio 5 live

Wake Up To Money

Tesco store
Getty Images

Following Tesco's announcement of its tie-up with Carrefour, Wake Up To Money spoke to retail expert Teresa Wickham, a non-executive director at New Covent Garden Market.

She said: "It's exactly the same as the Sainsbury/Asda tie-up; they're looking at the big brands, such as Unilever and Proctor and Gamble, to give them volume. They reckon if they get massive amounts of volume, they can bring the prices down."

But such a deal is not new, she said. "When I was at Safeway in the Nineties we did a tripart agreement with Casino in France and rhold in Holland."