Tesco

xxtimboxxtimbo Posts: 8,870
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On a business item on Sky today
they were talking about Tesco and their plans to abandon ship in Japan.

In conversation he let slip.......
"Tesco made profits of
£3,500,0000 last year world wide"

that's 3 and 1/2 billion with a B !!!

I wonder if the chancellor got his hands on any of that loot ? or is it all salted away in off shore bank accounts ?

Comments

  • JordanT91JordanT91 Posts: 789
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    It's obvious they will be taxed.
  • ThisSheepMoobsThisSheepMoobs Posts: 1,822
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    xxtimbo wrote: »
    On a business item on Sky today
    they were talking about Tesco and their plans to abandon ship in Japan.

    In conversation he let slip.......
    "Tesco made profits of
    £3,500,0000 last year world wide"

    that's 3 and 1/2 billion with a B !!!

    I wonder if the chancellor got his hands on any of that loot ? or is it all salted away in off shore bank accounts ?

    Worldwide- hard to miss. Why should the UK tax profits made from elsewhere?

    Tesco does pay taxes in this country- why should they get taxed any more?
    Let alone the fact that such figures is "pre-tax".


    How about we start looking at how we spend money in this country first and see if we can make savings... until that happens, then we can start talking about tax.
  • EmpiricalEmpirical Posts: 10,189
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    xxtimbo wrote: »
    On a business item on Sky today
    they were talking about Tesco and their plans to abandon ship in Japan.

    In conversation he let slip.......

    Its public knowledge.... so how was it "let slip"?
    that's 3 and 1/2 billion with a B !!!

    And?

    They have like 6000 stores. How much profit should a great big super market make?

    And it was pre tax.

    On a personal note. I started using tesco direct a couple of months ago (switching from in store at asda) Good service, quality food and no significant increase on my food bill.

    So I am happy for them to be turning a profit.
  • BrunoStreeteBrunoStreete Posts: 7,180
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    xxtimbo wrote: »
    On a business item on Sky today
    they were talking about Tesco and their plans to abandon ship in Japan.

    In conversation he let slip.......
    "Tesco made profits of
    £3,500,0000 last year world wide"

    that's 3 and 1/2 billion with a B !!!

    I wonder if the chancellor got his hands on any of that loot ? or is it all salted away in off shore bank accounts ?

    Any profits they make in the UK will be taxed at the standard corporation tax rate. Plus they must pay over billions in VAT every year.
  • xxtimboxxtimbo Posts: 8,870
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    He said worldwide the pecking order is...........
    Walmart
    Carrefour
    Tesco

    Carrefour ( of France ) runs more than 9,500 stores in 32 countries,

    Tesco has stores in 14 countries across Asia, Europe and North America


    (Interestingly, if we go by size of profits, Tesco would be No 2 )


    .
  • RubusRooRubusRoo Posts: 10,262
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    Their shares are up 13% as a result.
  • [Deleted User][Deleted User] Posts: 120
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    xxtimbo wrote: »
    On a business item on Sky today
    they were talking about Tesco and their plans to abandon ship in Japan.

    In conversation he let slip.......
    "Tesco made profits of
    £3,500,0000 last year world wide"

    that's 3 and 1/2 billion with a B !!!

    I wonder if the chancellor got his hands on any of that loot ? or is it all salted away in off shore bank accounts ?

    actualy it was 3.8 billion and its not a secret.
  • Sea_saltSea_salt Posts: 466
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    Plus they must pay over billions in VAT every year.
    VAT-registered companies are not liable for VAT on purchases - it's the shoppers that pay it. Tesco effectively collects it and passes it on to HMRC.
  • BrunoStreeteBrunoStreete Posts: 7,180
    Forum Member
    Sea_salt wrote: »
    VAT-registered companies are not liable for VAT on purchases - it's the shoppers that pay it. Tesco effectively collects it and passes it on to HMRC.

    It still comes from Tesco's bank account.
  • xxtimboxxtimbo Posts: 8,870
    Forum Member
    £3.8 billion profit in one year !
    that's getting on a par with the big oil companies !

    It wont be long before Tesco start to diversify,
    .... "Tesco Airlines"..... perhaps? that would give Richard Branson
    something to think about while he's rebuilding Tracy Island !
  • [Deleted User][Deleted User] Posts: 120
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    xxtimbo wrote: »
    £3.8 billion profit in one year !
    that's getting on a par with the big oil companies !

    It wont be long before Tesco start to diversify,
    .... "Tesco Airlines"..... perhaps, that would give Richard Branson something to think about !

    last 3 years profit

    2.5 billion

    3.5 billion

    3.8 billion

    they made nearly 2 billion in 6 months and that did not include christmas.
  • Sea_saltSea_salt Posts: 466
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    It still comes from Tesco's bank account.
    Not from pre-tax profits though, as might have been implied by your earlier post.
  • xxtimboxxtimbo Posts: 8,870
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    Walmart is the big, 400lb gorilla in the room...................

    It is the largest public corporation in the world when ranked by revenue.
    It is also the biggest private employer in the world with over 2 million employees.

    Walmart has 8,500 stores in 15 countries around the world , under 55 different names.

    In 2002, it was listed for the first time as America's largest corporation on the Fortune 500 list, with revenues of $219.8 billion and profits of $6.7 billion.
  • Thine WonkThine Wonk Posts: 17,190
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    xxtimbo wrote: »
    Walmart is the big, 400lb gorilla in the room...................

    It is the largest public corporation in the world when ranked by revenue.
    It is also the biggest private employer in the world with over 2 million employees.

    Walmart has 8,500 stores in 15 countries around the world , under 55 different names.

    In 2002, it was listed for the first time as America's largest corporation on the Fortune 500 list, with revenues of $219.8 billion and profits of $6.7 billion.

    In 2011 profits of $16.4 Billion, 2 1/2 times more profit than Tesco.
  • [Deleted User][Deleted User] Posts: 11,934
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    xxtimbo wrote: »
    Walmart is the big, 400lb gorilla in the room...................

    It is the largest public corporation in the world when ranked by revenue.
    It is also the biggest private employer in the world with over 2 million employees.

    Walmart has 8,500 stores in 15 countries around the world , under 55 different names.

    In 2002, it was listed for the first time as America's largest corporation on the Fortune 500 list, with revenues of $219.8 billion and profits of $6.7 billion.

    It's weird how they cocked up in Germany. It was almost as if they said, "hey let's not do any research into the local market, we can afford to lose the odd billion".
  • xxtimboxxtimbo Posts: 8,870
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    To think Tesco started life in Hackney, back then they were all small fish in a pool...
    in the end Tesco scoffed the lot !
    and now Walmart is in the pool to scoff Asda !

    When are Walmart going to put in an offer for the Coop ?
  • Thine WonkThine Wonk Posts: 17,190
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    xxtimbo wrote: »
    quote
    In 2011 profits of $16.4 Billion, 2 1/2 times more profit than Tesco.
    end quote

    think you re wrong there, Tesco profits were quoted in £s

    3.5 billion POUNDS for Tesco

    16.5 billion DOLLARS for ASDA

    That is over 2.5 times more.

    3.5 billion pounds into dollars is $5.6 BN x 2.5 = 14 BN

    Explain where I'm wrong, apart from under estimating it? Wal-mart actually has profits of nearly 3 times that of Tesco.

    Not only that it's getting worse for Tesco, their losses on Fresh and Easy in the US are getting bigger, yes losses not profits and Tesco has just pulled out of Japan where Wal-mart owns Seiyu Group.
  • himerushimerus Posts: 3,040
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    Their size and rate of expansion is a bit scary but I have always found them a good place to shop either in store or on line.
  • Stiffy78Stiffy78 Posts: 26,260
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    xxtimbo wrote: »
    On a business item on Sky today
    they were talking about Tesco and their plans to abandon ship in Japan.

    In conversation he let slip.......
    "Tesco made profits of
    £3,500,0000 last year world wide"

    that's 3 and 1/2 billion
    with a B !!!

    I wonder if the chancellor got his hands on any of that loot ? or is it all salted away in off shore bank accounts ?

    <pedantry> actually that figure is 35 million. </pedantry>

    Sorry :o
  • BrunoStreeteBrunoStreete Posts: 7,180
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    Sea_salt wrote: »
    Not from pre-tax profits though, as might have been implied by your earlier post.

    I didn't imply it at all. The two points of my post were completely unrelated.
  • jimbo1962jimbo1962 Posts: 2,552
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    Any profits they make in the UK will be taxed at the standard corporation tax rate. Plus they must pay over billions in VAT every year.

    Most food stuffs are zero vat rated, and Tescos go to great lengths, as reported in The Guardian and Private Eye to avoid paying their fair share of tax
  • BrunoStreeteBrunoStreete Posts: 7,180
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    jimbo1962 wrote: »
    Most food stuffs are zero vat rated, and Tescos go to great lengths, as reported in The Guardian and Private Eye to avoid paying their fair share of tax

    What lengths are these?

    Tesco sell plenty of stuff that isn't zero rated. They are probably the biggest alcohol retailer in the UK as one example.
  • jimbo1962jimbo1962 Posts: 2,552
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    setting up off shore companies to reduce their UK tax liability
  • BrunoStreeteBrunoStreete Posts: 7,180
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    jimbo1962 wrote: »
    setting up off shore companies to reduce their UK tax liability

    As long as it's legal then I don't see the problem.
  • EmpiricalEmpirical Posts: 10,189
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    This thread just seems to be OMG big store==evil.
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