Tesco
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Tesco

Tesco
Tesco
Founded in 1919 as a market stall in the East End of London, Tesco is now a major UK-based retailer, employing more than 500,000 people with operations in 14 countries.
Chairman / President
Gerry Murphy
CEO / Managing Director
Ken Murphy
CFO / Finance Director
Imran Nawaz
Industry
Retail
Website
tescoplc.com
Headquarters address
Tesco PLC,Tesco House,Shire Park,Kestrel Way,Welwyn Garden City,Hertfordshire, AL7 1GA,United Kingdom
Stock Code
LSE:TSCO
Year founded
1919
A woman shops for food in a supermarket in Windsor on September 17. Photo: EPA
Britain

Attention, shoppers: UK prices hit 19-month high, fuelling inflation fears

Tax and payroll changes introduced by the UK government, including a new packaging tax next month, are sending retail costs spiralling.

E-commerce

UK lawmakers summon Shein and Temu for questioning over labour practices

Britain

UK government to ask supermarkets to cap prices of basic food items

Thailand

Tesco accused of making low-wage workers do 99-hour weeks at Thai factory

In a legal claim, some 130 migrant workers alleged they were made to work up to 99 hours a week on unlawful wages and in forced labour conditions at Tesco’s Mae Sot factory in 2017-2020.

Britain’s biggest retailer Tesco is facing legal action from a group of migrant workers from Myanmar, alleging dire working conditions at a Thai factory. Photo: AFP
Britain

Shoplifting soars in UK as highest inflation for decades hits price of basics

Shops in Britain have shifted to protecting unlikely items like butter, cheese and washing detergent as grocery price inflation hit a record 14.7 per cent. Shoplifting incidents are up 18 per cent.

Malaysia

Tesco workers in Malaysia, Thailand abused, UK grocer says in report

Hundreds of workers at Tesco’s stores and distribution centres in Malaysia and Thailand say they had their passports taken, suffered illegal pay cuts or worked gruelling hours, report finds.

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Mergers & Acquisitions

Foreign grocers leaving Asia as e-commerce, local competition intensifies

Tesco latest foreign grocer to pull back from Asia as local rivals and e-commerce giants, such as Alibaba and JD.com, eat into sales.

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A Tesco shopping complex in Fushun, northeast China. The British grocery retailer Tesco became the latest to pull back from Asia after it agreed to sell its Thailand and Malaysia businesses to CP Group. Photo: SCMP
Coronavirus pandemic

CP Group secures funding for US$10.6 billion purchase of Tesco stores

CP Group secured funding to acquire Tesco’s businesses in Thailand and Malaysia, showcasing the resilience of bank liquidity in the Asian banking market even as new coronavirus batters Thai economy.

Retailing

British retailer Tesco exits China with US$357 million stake sale

Having struggled to crack the Chinese market, Tesco established the Gain Land venture with China Resources Holdings in 2014

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Human rights in China

Tesco scandal prison offers re-education, and pizza at Christmas, boss says

Inmates choose to take part and are paid for some of their work, Qingpu Prison director tells state media after a child in Britain reportedly found a message in a greeting card saying forced labour was used.

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Tesco halted production of its charity Christmas cards after Florence Widdicombe, six, found a message apparently written by an inmate. Photo: AP
Human rights in China

China denies forced labour claims after cry for help found in Christmas card

Spokesman for foreign ministry in Beijing insists story was ‘made up’ by Peter Humphrey, a Briton who spent 23 months in Chinese prisons.

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Peter Humphrey is a former inmate of Qingpu prison in China. Photo: AP
Britain

Video | UK girl finds note from ‘Chinese prisoner’

Human rights in China

Qingpu prison: the facility at the heart of Tesco’s forced labour scandal

The authorities say detainees are offered therapy and ‘cultural exchanges’ but a newspaper said a message in a Christmas card, apparently written by an inmate, said they were forced to work against their will.

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Human rights in China

Tesco suspends Chinese cards supplier over prison labour claims

British supermarket is investigating after newspaper report that six-year-old girl found message in card saying it was packed by Shanghai prisoners.

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Britain’s biggest retailer Tesco said it was “shocked by these allegations”. Photo: AFP
China economy

Eye on Asia | What is different about China’s latest foreign capital flight?

Trade war, rising costs and economic reforms deemed too little, too late are behind China’s latest foreign capital flights. What is different this time is that the withdrawals are part of a migration of the industrial chain out of China.

The scale of foreign investment in high-end manufacturing is shrinking fast, according to Beijing-based think tank Anbound, and there is almost no new investment in some Shanghai industrial parks. Photo: Reuters
Brexit

Top food store chiefs warn no-deal Brexit could menace UK’s food security

On eve of vote, leading retailers have written to the government announcing that no-deal Brexit could mean higher prices and empty shelves in the short-term.

Tesco fails to see US$410m hole in first half profits

"Things are always unnoticed, until they're noticed," Tesco chairman Richard Broadbent said when asked how Britain's biggest retailer had failed to spot a £250 million (HK$3.14 billion) sized hole in its first-half profit.

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Tesco profit declines for second year as UK sales worsen

Tesco, Britain's largest retailer, reported a second consecutive decline in annual earnings after a slump in domestic sales and said it wrote down the value of assets in Europe amid deteriorating profitability.

An employee collects customer orders at a Tesco online distribution centre. The retailer is losing out to budget chains. Photo: Bloomberg
China Resources Enterprise

CRE confident of future Tesco profit

Tesco to use face-scanning technology at tills, show ads

Britain's biggest retailer, Tesco, is to install screens at its petrol stations that scan customers' faces so that advertising can be tailored to their age and gender.

China Resources Enterprise

Tesco buys stake in retail venture for HK$4.33b

Top British retailer Tesco will pay HK$4.33 billion to gain 20 per cent of a venture with China Resources Enterprise that will run supermarkets and other stores on the mainland and in Hong Kong.

With 134 outlets, Tesco ranked eighth with a 2.4 per cent share in the mainland's hypermarket industry last year. Photo: Bloomberg
ParknShop

China Resources, Tesco mull joint bid for ParknShop

Tesco, Britain's largest retailer, may join forces with state-backed China Resources Enterprise to bid for ParknShop. Frank Lai Ni-hium, the chief financial officer of China Resources, said the two companies were "in discussion" that might lead to a possible joint bid for the supermarket chain.

China Resources Enterprise chief financial officer Frank Lai says its venture with Tesco would help improve profit margins. Photo: Nora Tam

Tesco denies it prefers hiring migrants to Britons

In remarks that could drag British retailers into a politically charged immigration debate ahead of a 2015 election, senior Labour lawmaker Chris Bryant was due to say in a speech yesterday that Tesco and Next deliberately excluded British people from jobs.  

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Tesco venture takes fresh crack at China market

Tesco, Britain's largest grocery and general merchandise chain, has signed a memorandum of understanding to establish a joint venture with China Resources Enterprise in a bid to revive its fortunes in the world's most populous country.

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Tesco bosses told: 'end profit fall or no bonus'

Tesco bosses told: 'end profit fall or no bonus'

Chinese dealers strip shelves of baby milk worldwide

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A sign limiting the purchase of baby milk formula powder hangs on the shelf in a supermarket in London, on Wednesday. Photo: AP
Britain

Chinese demand for baby milk causes ‘ration’ in Britain

British retailers are limiting purchases of baby milk powder to prevent customers from bulk-buying and exporting it to China for profit. Leading supermarket chains Tesco and Sainsbury’s say they have started advising customers to buy no more than two tins of milk powder in each transaction. The British Retail Consortium said on Wednesday other retailers are imposing similar limits to ensure there is enough stock for everyone wanting baby milk.

Walmart

Foreign supermarkets find competition tough in China

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