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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Tesco PLC    TSCO   GB0008847096

TESCO PLC

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Tesco : Long serving staff at Tesco in Aviemore are expected to be made redundant shortly as the supermarket giant makes huge

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08/14/2019 | 06:05pm EDT

Long serving staff at Tesco in Aviemore are expected to be made redundant shortly as the supermarket giant makes huge cutbacks to its workforce nationwide.

The first talks with senior employees in the store began earlier this week.

The process is expected to last for the next few weeks.

Tesco said it was not able to issue any detailed information at this stage when contacted by the Strathy.

The company stated: "We have begun conversations with colleagues about some operational changes to the way we run our Metro stores in the UK.

"We will simplify and reduce processes and administrative tasks across all of our 153 Tesco Metro stores."

The Aviemore store is classed as a Metro outlet.

A Tesco spokesman said: "The changes will allow us to serve shoppers better and to run our business more sustainably, in an increasingly competitive and challenging retail environment.

"Importantly, they will also allow us to better align the way we run our stores to the way that customers are shopping in them.

"The changes in our Metro stores will be focused on better tailoring them to how our customers shop.

"The Metro format was originally designed for larger, weekly shops, but today nearly 70 per cent of customers use them as convenience stores, buying food for that day."

He added: ""Our priority now is to support affected colleagues, helping find alternative roles within Tesco for as many as possible.

"We expect that these changes will lead to an overall reduction of around 4,500 colleagues."

Tesco has faced fierce competition from cut-price retailers including Aldi and Home Bargains who both moved into Aviemore last year.

Tesco chief executive Jason Tarry commented: "We do not take any decision which impacts colleagues lightly, but have to make sure we remain relevant for customers and operate a sustainable business now and in the future."

© Copyright 2019 Scottish Provincial Press Ltd., All rights reserved., source Newspapers

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Financials (GBP)
Sales 2020 64 858 M
EBIT 2020 2 911 M
Net income 2020 1 552 M
Debt 2020 12 210 M
Yield 2020 3,76%
P/E ratio 2020 13,6x
P/E ratio 2021 12,3x
EV / Sales2020 0,52x
EV / Sales2021 0,50x
Capitalization 21 388 M
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Number of Analysts 20
Average target price 275,18  GBp
Last Close Price 219,70  GBp
Spread / Highest target 43,4%
Spread / Average Target 25,3%
Spread / Lowest Target 0,14%
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NameTitle
David John Lewis Group Chief Executive Officer & Director
John Murray Allan Non-Executive Chairman
Antony John Hoggett Chief Operating Officer
Alan James Harris Stewart Chief Financial Officer & Executive Director
Guus Dekkers Chief Technology Officer
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CP ALL PUBLIC COMPANY LIMITED--.--%24 472