Tesco to report profits on Tuesday; set to launch fashion line

Britain’s leading retailer Tesco is expected to post profits of £3.38 billion on Tuesday when it will unveil its annual trading figures.

Tesco’s Middleton Distribution Centre Shifts to Widnes

Tesco's Middleton distribution centre is on the verge of closing, as the work will be shifted to Widnes, which will have an effect on almost 620 of its staff members. According to Tesco, the Middleton site was too small to be expanded, if required.

The distribution centre is spread in about 298,820 sq ft on the Stakehill Industrial Estate, which is responsible for handling chilled and cold storage distribution for the North West. The closure will be in the month of July.

Tesco posts Christmas sales; opens mall in China

UK's biggest supermarket chain Tesco reported strong Christmas sales on Tuesday, beating market forecasts.  

Domestic like-for-like sales excluding petrol and adjusted for VAT jumped 4.9 per cent over the Christmas season. Market analysts had been expecting sales to rise by just 3 per cent for the six weeks to January 9.  

Tesco’s 100 million pounds loyalty vouchers scheme, which was launched before Christmas to attract more shoppers, proved its worth.

UK-retailer Tesco unveils Qingdao shopping mall

British retailer Tesco opened its first mall in Qingdao in China on Saturday, completing first step towards its goal of opening 23 giant shopping centers across the country.

Tesco has plans to invest $801 million in shopping mall business in China this year to take advantage of one of the world’s fastest growing market.

Police had to cordon off the entrance of the new mall to prevent a possible stampede as more than 50,000 shoppers turned up.

UK retailers to post robust festive sales

UK's leading retailers such as Tesco, Argos, Primark and the like are expected to report robust trading figures owing to strong Christmas sales.

Tesco, which is all set to report Christmas season trading figures on Tuesday, is expected to beat city forecast. Tesco launched Clubcard scheme to attract shoppers over Christmas.

Tesco is tipped to post like-for-like sales growth of between 3 per cent and 4 per cent.

Analysts at Shore Capital, who were projecting an increase of 3 per cent in like-for-like sales, now expect better results.

Shoppers rush to High Street to beat VAT increase

British bargain-hunters rushed the High Street on December 31 to take advantage of lower prices before the return of VAT to its pre-recession level.

Retailer reported by a third on the last year. John Lewis said it saw a year-on-year rise of 31 per cent in the sale of big-ticket items such as televisions and furniture since Monday.

VAT has returned from 15 per cent to 17.5 per cent starting January 1. However, leading retailers such as Tesco and Asda have promised to absorb the increased tax themselves rather than passing it to customers January 31.