Tesco’s annual sales were boosted by the boom in online shopping, but Covid-related costs and the repayment of business rates relief dragged down annual profits (The Telegraph).
Tesco’s profits fell by almost 20% to £825m during the past year, despite growing sales and winning customers from its rivals, because of the increasing cost of operating during the coronavirus pandemic (The Guardian).
In the UK and the Republic of Ireland Tesco’s sales rose by 8.8% to £48.8bn, helped by a 77% boom in online sales to £6.3bn (The Times £).
Shares in the supermarket fall as it reveals profits have slumped and bosses warn sales will drop off as people hit pubs again (The Mail).
Tesco profits have fallen by a fifth despite ‘exceptional’ sales of more than £1bn per week in the pandemic (The Mail).
Tesco expected a “strong recovery” in profits in the current year after almost £900m of additional costs related to the Covid-19 pandemic held back its performance (The Financial Times £).
Every little helps, but not for Tesco investors, The Times (£) says in a business commentary examining the share price. The Tesco share price on the day that Dave Lewis started work as chief executive in 2014 was 229.5p. Its closing price yesterday was 227.5p.
Another analysis in The Times (£) looks at how Tesco’s venture online finally clicked into place.
The Financial Times (£) looks at whether Tesco’s impressive annual cashflow makes it a likely takeover target.
More than a thousand Asda staff were said last night to be at risk of losing their jobs as the supermarkets group plans to close in-store bakeries (The Times £).
In future, Asda’s baked products, such as bread and pastries, will be made in a central bakery and then warmed in stores. It said the changes would provide a broader range of products baked fresh several times a day, compared to just once a day at present (The Guardian).
Pubs and restaurants in England that opened on Monday sold twice as many drinks as they did before the coronavirus pandemic struck, according to figures charting Britain’s rush for the first socially distanced pints of spring (The Guardian).
Those pubs, bars and restaurants that were able to reopen for outdoor trading on Monday enjoyed like-for-like sales growth of almost 60% compared with the equivalent day in 2019 (The Times £).
The boss of Revolution Bars has urged a swifter exit from lockdown after hospitality’s reopening (The Mail).
Brewers have criticised a plan to make pub chains put calorie counts on pints, saying that the idea is ludicrous and unnecessary (The Times £).
Deliveroo’s claims of having “world-leading technology” were left sounding distinctly hollow yesterday after a “technical error” played havoc with a £16m flotation bonus for its most experienced riders (The Times £).
The Canadian retail tycoon behind Selfridges and Loblaws has died (The Guardian). W Galen Weston, aged 80, was the third generation of his family to lead George Weston Limited, an already prosperous retail empire founded by his grandfather, which he expanded significantly.
The British Heart Foundation and Salvation Army rang up their busiest day of sales ever on Monday as their charity shops opened for the first time in nearly four months after the coronavirus lockdown (The Guardian).
British Land is buying up retail parks and warehouses in a bet that the online shopping boom stoked by coronavirus will continue, as the company diversifies away from shopping centres and older offices (The Financial Times £).
British Land is making a bet on the future of retail parks as the rise in online shopping increases demand for logistics centres and click and collect services (The Times £).
The property group British Land is looking to acquire more out-of-town retail parks, as it expects consumers will still want to shop at open-air locations that are accessible by car even after pandemic lockdown measures are eased (The Guardian).
The company said it noticed consumers have increasingly shifted their purchasing habits to more spacious car-friendly and open air facilities where social distancing has greater practicability (The Mail).
Philippine food giant Century Pacific Food is seeking a slice of the meat-free market by adding a vegan range to its fish, meat and milk portfolio (The Financial Times £).
McDonald’s will make its 2m workers take anti-harassment training following a slew of workplace abuse claims (The Telegraph).