Tesco profits fall as Covid costs offset sales surge

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 retailer’s group sales rose by 8.8% to £53.4bn during the 52 weeks to 27 February, surpassing analysts’ expectations, while its UK sales increased by 7%.

The supermarket’s online sales soared by 77% during the year to £6.3bn, as it doubled its capacity for online deliveries to 1.5m slots per week.

However, Tesco incurred £892m of extra costs in the UK for doing business during the pandemic, including hiring more staff to cover employees who were off work as a result of Covid-19 or while they were self-isolating.

Tesco hired almost 50,000 temporary workers during the pandemic, about 20,000 of whom have joined the retailer permanently.

Tesco announced in December that it would repay in full £535m in … Read more

Lateral Marketing & Small Enterprise

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business advisory analyst

My group which I’m starting is a Second hand cell phone retailer which is sole owned and operated by myself. Central to drug therapy in Kentucky is the concept that addicts should not just confront their addictions, however confront one another. On a Monday morning in late March, the confronted was a reticent forty four-12 months-old man. He sat within the far nook of a second-ground room on the Grateful Life Heart, dressed in jean shorts and a T-shirt, trying isolated and forlorn. Round him sat a couple of dozen fellow addicts-a jury of much younger friends-eager to let him have it. He was accused of leaving his espresso cup unattended. pinned business It is the … Read more

Futures Plummet on Vaccine Pause

U.S. stock futures dropped in a sudden move after the U.S. Food and Drug Administration said it’s recommending a pause in the Johnson & Johnson COVID-19 vaccine after reported cases of blood clotting.

Futures for the Dow Jones Industrials stumbled 119 points, or 0.3%, to 33,512.

Futures for the S&P 500 faded 11.25 points, or 0.3%, to 4,109.25.

Futures for the NASDAQ Composite index fell 8.75 points, or 0.1%, to 13,800.

J&J shares fell 3% in pre-market trading.

There have been six reported cases of a rare and severe type of blood clot after receiving the J&J vaccine, the FDA said. More than 6.8 million doses of the J&J vaccine have been administered in the U.S. The agency is calling for a pause in the vaccine until Centers for Disease Control and Prevention concludes its investigation into these cases.

Shares that stand to be hurt the most if the rapid … Read more

Getting To Know You: Business networking strategist, Andy Lopata

A specialist in professional relationships and networking for over 20 years, we talk to Andy Lopata, who was called  ‘One of Europe’s leading business networking strategists’ by the Financial Times.

What do you currently do?

I am an author, podcast host, speaker and mentor on professional relationships. That’s quite a mouthful, isn’t it?!

In short, I focus on how people in business can build, nurture and leverage professional relationships, whether for their career or as part of their role. In my book ‘Connected Leadership’ and ‘The Connected Leadership Podcast’ I look at how those relationships underpin executive success; while I work with a number of clients, either delivering presentations or in a mentoring capacity, on developing deep relationships and strong influence with key stakeholders.

My most recent book, ‘Just Ask’ focused on the role of those relationships in supporting us through challenging times, encouraging readers to surround themselves with people … Read more