Tesco predicts internet profits next year
LONDON - Tesco has retained its position as the nation's favourite supermarket and says its Tesco.com business will go into profit by the end of this year.
Its first-half results were in line with predictions, as pre-tax profits rose 14% to £481m and sales were up 14.2% to £11.5bn.
Tesco also recorded a 77% increase in internet sales to £146m. The Tesco.com business, however, continues to make a loss, with its £3m deficit attributed to expenditure on the launch of new sites, such as the wine warehouse.
Terry Leahy, chief executive of Tesco, said the chain's Clubcard customer loyalty scheme had been enhanced and that "around 80% of our customers use Clubcard and in the first half we gave away nearly £100m of coupons".
Tesco's share price was down slightly in morning trading, opening at 251.5p and falling by 2.5% to 245.3p.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the Forum here.
Latest jobs Jobs web feed
- Creative Production Controller (Maternity Cover) Asthma UK £34,361 - £36,169, London (Central), London (Greater)
- Commercial Market Analyst UCAS c.£35,000 , Cheltenham, Gloucestershire
- Marketing Brand Manager Clipper Ventures Circa £40k - dependent on experience, South East England / South West England / Gosport, Hampshire
- Senior Product Manager Ball & Hoolahan £50,000 per annum, London (Central), London (Greater) / London (City of), London (Greater)
- Customer Insight Manager Tottenham Hotspur Between £40,000-£45,000 per annum + benefits (dependant on experience), London (North), London (Greater)
- Sponsorship Manager Ball & Hoolahan £50,000 per annum, London (Central), London (Greater)