Tesco vs Sainsburys Essay Example

project is because of its rapid growth in the retail industry, increasing revenue and structure, and profitability of the company.In third world countries the use of IT has not reached its peak yet. In countries like Pakistan the use of IT has just been put into function some years ago in business sectors like retail and banking etc. In UK the retailers like Tesco are making the best use IT which is the second reason for choosing Tesco. Tesco Plc is mainly Food retailer, but Tesco been continuously increasing its Non-Food ranges and also has interest in Finance and Telecom.

The purpose of the report is to give an insight into company’s financial performance.The report will analyze how the largest retailer in UK has gained top financial position in the country and how it continues to maintain its position at the top by providing the best customer services throughout the country. The conclusion will be drawn and based on the results of analysis of Tesco Plc. The main OBJECTIVES of this report are as follows: •Analysis of the company on the basis of current and past data. •Comparison of the company’s financial performance with its competitors.

•SWOT Analysis Overview of the Company Tesco has been trading since 1919, founded by Jack Cohen.In 1932 Tesco became a Private Ltd company. In 1947 Jack Cohen visited United States and in one of the supermarkets he found self service system. The system helped the customers to pay for goods themselves at checkouts without needing the help of staff.

In 1956 first self-service super market was opened. In 1961 the Guinness book of records includes Tesco Leicester as the

largest store in Europe. Through massive sales and profits Tesco Ltd grew at a quick pace taking over a chain of 356 stores by 1965. In 1974 Tesco entered into an agreement with ESSO and began to operate Petrol Stations on the premises of its stores.

This agreement proved to be a great success and by 1991 Tesco was the largest independent petrol retailer. More than 12 % petrol in UK is being supplied by Tesco. In 1979 the sales reached 1 Billion pounds. Tesco Stores Ltd becomes Tesco Plc in 1983 .

Tesco has always been in competition with its competitors like Sainsbury’s, Till 1995 Sainsbury’s was the UK’s largest retailer but in 1995 Tesco overtook Sainsbury’s and also in 1995 Tesco introduced loyalty card scheme with an aim to retain customers and attract customers by offering club card points for their shopping.These points are accumulated automatically by the system connected with the tills and customers are given free shopping vouchers in accordance with the amount spent in stores. Tesco enters into the Asian market as it opens its first store in Thailand in 1998. In 2000 Tesco launches its website www. Tesco.

com . In 2002 Tesco introduced its own clothing brand known as Cherokee and in 2003 Tesco started its own mobile network services. In 2004 Tesco brought its broadband into the market. In 2005 Tesco announced profits of 2 billion pounds. In short Tesco has been growing its business at an exceptional rate.

Source: Tesco. Our History. Inside Tesco http://www. tescocorporate. com/page.

aspx? pointerID=2D083A41E4C34AD5A6BE78EB3CF55A11. [02 June 2006] Tesco has been continuously and rapidly increasing its sales and the size of the company since

its foundation. It has been trading on London stock exchange since 1947 and has gained strong position in the stock market. Tesco operates in different format of stores i.

e. Tesco Extra, Tesco Supermarkets Tesco Metro, Tesco express Tesco clothing and Tesco Petrol station. Tesco clothing and Petrol stations are usually integral part of Tesco Extra and supermarkets.Tesco has stores in different parts of the world they are shown in the following diagram: Source: Tesco. International.

Our Strategy http://www. tescocorporate. com/publiclibs/tesco/International. pdf . [16 June 2005] It is a market leader in UK. There is a strong competitive retail market in UK.

It holds strong position in international market and has markets in 11 countries based in different regions of Asia and Europe. Tesco is a market leader in 5 countries. In 2005 company announced NON-SFOOD store trial and since then it has a growing market share for non-food ranges.Tesco employs over 450000 employees around the world and aims to deliver a consistently strong customer offer on every visit and every transaction by focusing on the Group's core purpose: to create value for customers to earn their lifetime loyalty.

This core purpose is delivered through the Tesco values: No-one tries harder custom and treat people how we like to be treated. Source: Tesco. Corporate Responsibility. http://www.

tescocorporate. com/page. aspx? pointerid=32B0E699AB1A4CCC8D018E763CAF120D [02 July 2007] Information Gathering Company website:The company website has provided valuable information about the company since its birth and also has information regarding the future planning, developments and projects of the company, which company wishes to undertake in future. The website also contains the financial statements of the company which are going to play

a vital role in the Analysis of the company’s financial position. Tesco Annual Report: Annual report of the company contains everything that is required for the comparison of the company with its past results and its competitors.

The Annual Report is available on the company’s website and the report was exhaustively studied.The report contains Balance Sheet, Income Statement, Cash flow Statement and those figures from Financial statements will be used for analyzing the performance of the company for e. g. by performing Ratio Analysis.

BBC NEWS: BBC has been updating the public with news relating to the Supermarkets in UK. The news relating to Tesco and other retailers are available on the BBC’s website and on the BBC News Channel. The channel also had some discussions about Tesco with some known Professors and Business Analysts that are also available on the website.These discussions were very constructive and have helped to understand more about the company’s strategy for dealing with the changing business patterns and threats faced by the company. WIKIPEDIA: Wikipedia is a free encyclopedia available on the internet.

It has been very useful for giving the general information about the company. It also has some important links to other websites for e. g. Case Studies on Tesco and official websites of Tesco outside UK and also has links to some websites where Tesco has been criticized.

Team Meetings: Team meetings were being attended where the store manager communicates the weekly budget, sales, expenses and payroll to the Line managers and Team Leaders in advance. Any new company policies and legislation are communicated to the employees by displaying the week’s message on the notice board. Any

deviation from the budget is also discussed during the team meetings and the reasons for deviation are properly documented for example investigation of Shrink (Theft or loss of goods). Hoovers. com Hoovers provides updated information relating to the business and any discoveries being made in the corporate sector.It has a database that contains information of the companies around the globe and gives access to 21 million companies.

Hoovers has well experienced staff who are expert writers and editors. They are business analysts and researchers and use their expertise to give the accurate information regarding the business. These experts update the website daily by receiving updated information from various sources. COMPANY ANALYSIS: Ratio Analysis: Profitability Ratio %2006-072005-062004-05 Gross Profit Margin%817677 Net Profit Margin%4. 44.

03. 9 ROCE%25%24. 318. 6 Asset Turnover1.

711. 751. 82Source: Tesco Annual Report, 2007 The ratios indicate that the sales have done even better in the y/e 2006/07 than in the previous years.. Revenue from the operations for the y/e 24 February 2007 is ? 4. 26 billion as compared to the previous period where the revenue was ? 3.

84 billion approximately 10. 9% increase. Source: Tesco, UK is our biggest market and core of the business. Annual Review and Summary Financial statements. http://www. tescocorporate.

com/annualreview07/02_ourmarkets/ourmarkets. html In international market Tesco improved its operations and sales grew by 17. 9%.The popularity of Tesco in international market is because of its international strategy. The strategy has been designed to meet the local demands and for each market strategy is unique that suits the country’s environment. It tries to focus on few countries to become the major retailer.

It is a market leader

in Britain, Poland, Hungary, Thailand and Slovakia. Financial Year 2006-07 2005-06 Group Sales 10. 9% 13. 2% Group Profit Before Tax 20.

3% 16. 7% Source: Tesco Annual Report, 2007 Source: Stamp, Gavin. Foreign growth key to Tesco goals. http://news. bbc. co.

uk/1/hi/business/4781458. tm [25 April 2006] Steering wheel is a key performance indicator(KPI) used within the company to monitor performance. Tesco has a Price Check Survey strategy. This strategy is used to compare the prices of products of the competitor retailers against Tesco’s own prices of 10000 products on weekly basis hence improving the sales revenue everyday.

Source: Tesco Annual Report, 2007 The introduction of new checkout technology is to reduce the queue in the stores so that the customers are being served without any delay. This technology also helped Tesco to monitor and manage the customers.This has geared up the sales as there are now more than 200 stores that have Self-scan Checkouts and more than 2 million customers use this facility. Source: Reuters.

Tesco slammed over Self-Scan tills. http://en. epochtimes. com/news/6-10-5/46697. html [05 October 2006] In the y/e 2006/07 Tesco was able to hit ? 1 billion milestone by making a massive sales on the internet as compared to the last year.

The catalyst that boomed the sales was Tesco. com team. Sales on internet increased the internet profits by 43%. Now company has opened a separate a dedicated Tesco. com warehouse to fulfill customer demand.

Source: McCue, Andy.Tesco’s online sales soar to ? 1 billion pounds. http://news. zdnet.

co. uk/internet/0,1000000097,39265317,00. htm [25 April 2006] Finance cost has decreased by ? 25 million as some of the loan liabilities were paid off

in the year, hence earnings increased. The profits from associates and joint ventures in the y/e 2005-06 were ? 82 million where as in the y/e 2006-07 they have gone up to ? 106 million as interest in the joint ventures and associates has increased in the y/e 2006-07. Source: Tesco Annual Report, 2007 In the y/e 2006/07 sales did grow but with lesser percentage as compared to the last year’s group sales.

One of the reasons is that Bank of England increased its interest rates as a result there was inflation in fresh food prices food, therefore Tesco had to pay more to its suppliers and customers were asked to pay more for purchases . Another reason for big rises in prices was, poor harvests caused by the heat wave. Middle East crisis forced oil prices to rise. Source: Barrow, Becky. Cheap food ear ‘over’ as prices rise 10pc in supermarket.

http://www. dailymail. co. uk/pages/live/articles/news/news. html? in_article_id=401989=1770=Homepage=TabModule=NEWS=5 [23 August 2006]Liquidity Ratios 2006-072005-062004-2005 Current Ratio0.

510. 500. 57 Quick Ratio0. 270.

330. 34 Current ratio of Tesco should be more than it is at the moment but practically the ratio would be low as most of the inventories of consumable goods are quickly realized.. Most of the revenue of Tesco Plc is on cash basis and some is near to cash basis.

But since it also owns a property business as Tesco has been investing in property through joint ventures in England and Wales, the quick ratio is decreasing every year as it can be seen on the table above because land and property are not quickly realized.Analysis of Working Capital: Tesco’s revenue is majorly on

cash basis meaning that it shouldn’t have debtors. However the Balance sheet of the company shows the debtors Figure of ? 1079 for 2007, ? 892 for 2006 and ? 769 for 2005 . These figures include recievable like finance leases, prepayments and amounts owed by the joint ventures and associates.

Therefore it can be said that Tesco has large amounts of cash available to pay off its debts and liabilities as they fall due. Traditionally the retail business is run with negative working capital.Tesco takes money from the customers before paying its suppliers. Tesco usually pays its suppliers in fewer days than its competitors. This is a disadvantage for Tesco as in case of arranging funds funds however Tesco’s stock management is efficient it has 16 stock days that eliminates and compensates the problems associated with early payment terms. Source: Mourant, Nick.

The Corporate View. http://www. treasurytoday. com/2007/05/tt2007-05cv. pdf [May 2007] Market Ratio ? 2006-072005-062004-05 Earnings Per Share(EPS) Pence23. 6120.

2017. 52Dividend Per Share(DPS) Pence 9. 648. 637. 56 EPS and Dividend per Share show increase in each year.

A shareholder is particularly interested in EPS and DPS. The increase in the DPS and EPS gives the impression that Tesco is a profitable company and has profits to give out as dividends. The increase in EPS and DPS is backed by constant increase in sales revenue and profits of the company in UK and also internationally. Debt Ratio 2006/072006/052005/04 Gearing48%48%43% Interest Cover7.

046. 2615. 3 Gearing has shown increased in the recent years borrowings have also increased by ? . 5 billion.

Company may need to borrow more funds for its USA business expansion

project. This will result in dilution of power of shareholders as debt holders have voting rights. However this problem could be eliminated if the company gives rights issue to existing shareholders . The Interest cost will rise as there is a high risk associated with the project. But earnings are increasing each year and expansion may bring in more earnings and therefore increasing interest cover and keeping the interest rates low.

Comparison of Tesco Plc with CompetitorsTesco is the biggest retailer in UK with 1998 stores throughout the country covering area of 27. 8 m sq feet of sales area and also 1272 stores in different parts of Europe and Asia. (Appendix-3). However in UK there are other big supermarkets such as ASDA and Sainsbury. The results of Tesco and Sainsbury can be easily compared as these are UK companies. But Asda is subsidiary of USA based company Walmart so the results of Asda are found in Consolidated Income statement and Balance sheet.

Results of Asda and Tesco would be compared as much as possible.Sainsbury has 788 stores throughout UK and therefore Tesco covers greater area of UK. Asda has 335 stores but Asda is Wal-Mart’s subsidiary which is the biggest retailer in the world and has some 6779 Units throughout the world and is almost 3. 5 times bigger than Tesco. If we compare the sales revenue of these three UK companies Tesco generates the highest sales revenue than any other retailer in the country with ? 46.

6 billion pounds of sales for the y/e 2006/07, Sainsbury made ? 18. 5 billion sales and Asda generated sales revenue of ? 14. 5 billion.One

of the biggest reasons for Tesco generating the highest sales revenue is the number of outlets it has in the country and also internationally so therefore more customers have access to Tesco than any other retailer in UK.

The two superstores Asda and Sainsbury are no where close to Tesco in terms of sales revenue. Asda’s parent company Wal-Mart made record sales of ? 172 billion that is more than 300 % sales generated than Tesco. But as far as UK retail industry is concerned the rivals of Tesco are far behind the UK giant Tesco. It made a profit of ? 2. 6 billion pounds for the y/e 2006/07.Sainsbury made a profit of ? 0.

32 billion and Asda’s Parent company made a profit of approximately 5. 5 billion pounds that is almost 250% more profits than Tesco’s. AgainstTesco is cheaperTesco is the same priceTesco is more expensiveBased on no. of lines found NO. OF PRODUCTS NO.

OF PRODUCTSNO. OF PRODUCTS NO. OF PRODUCTS Asda 1438457211627172 Sainsbury's 334544586488451 Morrisons 229430297356058 Source: Tesco. Tesco Price Check.

http://www. tesco. com/todayattesco/pricecheck. shtml Even though Tesco is the biggest retailer in the UK, Asda and Sainsbury performed better than Tesco in the y/e 2006/07.Asda’s sales grew by 9% where as sales grew by 8% for Sainsbury and Tesco’s sales grew by 7%. Asda’s well performance in sales was due to their cutting of prices during the year.

Sainsbury’s good planning and development of new products boosted their sales especially during the Christmas season. Price Check Survey strategy of Tesco has supported Tesco to keep its prices cheaper than the rivals and therefore keeps it ahead of its competitors.

This strategy is used by Tesco as a defeating tool when it comes to price wars especially Beween Tesco and Asda Sainsbury.Source: Mesure, Susie007): Asda and Sainsbury growing faster than Tesco.

The Independent, April 05 Source: BBC News, Sainsbury sales beat forecast. http://news. bbc. co. uk/1/hi/business/4604634. stm [12 January 2006] Cash flow from operations of Tesco is 3.

5 times bigger than Sainsbury. This shows that Tesco’s operations are efficient but as far as investing activities are concerned Tesco has a greater negative cashflow as compared to Sainsbury. This is because company has invested large amounts in purchasing plant and machinery and also acquired subsidiaries during the y/e 2006/07.Cash out flow in the financiang activities is greater than Sainsbury that is because in the y/e 2006/07 Tesco bought back its shares and the dividends paid out were in greater value than the dividends paid out by Sainsbury. SWOT ANALYSIS OF TESCO PLC: SWOT analysis is used to evaluate performance of a business in terms of Strengths, Weaknesses,Opportunities and Threats.

Strengths: As mentioned earlier in the report that one of the biggest strengths of Tesco is its strong financial position in the retail market holding up to 30% share of retail industry.Tesco has been rapidly expanding its business which is strength of the company. In 2002 there were 979 stores by the end of 2006 there were 3263 stores which is a massive expansion. Tesco Metro and Tesco Express sometime called as Tesco corner shop now meets the local demand of the customers. Cheap prices of Tesco products have enabled the company to take away the customers of its rivals like Sainsbury and Asda. Its loyalty

scheme which was introduced some years ago known as Tesco Clubcard has helped to enhance the customer loyalty.

According to BBC news One in every Eight pounds is spent in Tesco.It has an excellent online shopping system and an enormous range of products that has accelerated the sales revenue and the company was able to generate internet revenue of ? 1 billion pounds. It has now a product catalogue that includes thousands of products and can be shopped and ordered online. Weaknesses: Tesco has entered into new areas of business such as books, cds, mobile and insurance industry and even in personal finance. In such areas Tesco has faced problems because of the well established companies who have strong hold in those sectors and company is lagging behind its competitors in those sectors.For e.

g. Play. com and Amazon. com have far more knowledge of books cds etc than Tesco.

Tesco lacks expertise in these sectors so therefore it is facing tough competition. Tesco also holds interest in internet technology and cyberspace, but internet companies, since the core purpose of such companies is innovation in the cyber technology therefore they have free cash for research and development than Tesco. Tesco is struggling to prove it self in such areas of business. Opportunities: Opportunities exist for the company in different sectors.

It can overcome its weaknesses by forming an alliance with the company that holds strong position in a particular business sector and possesses required expertise. It has already turned threat from Amazon into opportunity by selling cheaper books and cds. Source: Cronin, Jon. BBC News.

Is Tesco Too Big? http://news. bbc. co. uk/1/hi/business/4422065. stm [12 April

2005] Tesco can take over small tows and villages by using its financial power to gain strong position in those areas so outlets are accessed by more customers.During the year Tesco introduced Tesco Direct, product catalogue which increased sales on internet by 4.

0%. The catalogue contains wide range of products. It also compares its own prices with the prices of products being sold by different companies and Tesco prices are usually cheaper and it is a real threat to companies Like Argos. So Tesco has an opportunity to penetrate into home shopping business and defeat its competitor Argos by offering cheaper products.

Source: Brummer, Alex. Tesco’s Direct Threat to Argos. http://www. thisismoney. co.

uk/news/columnists/article. tml? in_article_id=412246&in_page_id=19&in_author_id=1 [31 August 2006] Tesco is spreading its business web very aggressively. Last year it announced that company is planning to enter US market by opening its first stores on the west coast of United States and under the brand name of ‘Fresh and Easy’. It is opening some hundreds of stores in US using the existing resources. Some 65 top Executives of Tesco are already in USA to assist in this mega Project.

Initially some 50 stores will be opened and there are some 500 total stores in the pipeline that will be launched later.According to their plans the cost of the project would be ? 65 million in the current financial year and ? 250 million thereafter and in the third year the project will render the profits. British retailers, like Marks and Spencer Dixons and Sainsbury, have a tradition to fail in US. But Tesco is hoping to perform well in USA because according to their

research the US grocery market will grow by 40% over the next five years so the company will probably benefit from the growth. Tesco’s entrance in US is really a threat to Wal-Mart and it is really a big opportunity for the company.The company must manage this mega project carefully and in accordance with their strategy in order to prove their success in US market.

Source: Butler, Sarah. Tesco Poised to Open Hundreds of Stores in US. http://business. timesonline. co.

uk/tol/business/industry_sectors/retailing/article729336. ece [10 February 2006] Threats: Tesco faces various types of threats from its competitors, local communities etc. One of the biggest threats to Tesco is Asda being taken over by the world’s biggest Retailer Wal-Mart.Wal-Mart has far much more resources than Tesco and can grow its business within UK rapidly. Tesco has been alleged for squeezing suppliers because of its economic power.

It has been investigated a lot of times over the way it treats the suppliers. It uses this power to get down to its own desired terms. Suppliers are afraid of losing the contracts of if they try to negotiate over the prices that’s the reason social groups have been running campaigns to protect smaller retailers, suppliers, consumers and farmers.Tesco has also been alleged that it owns ‘undeveloped land bank’ to stamp out competition by aggressive development of new stores without taking into consideration the consequences to local communities.

. So there is a possibility that it could be forced by OFT (Office of Fair Trading) to sell its controversial land to limit its development. It has been also alleged for using child labor Tesco’s growth has also forced small shops out of

the business. It is believed that company is the biggest threat to the small shops and is having problems to get permission from local councils for opening superstores.Source: Power, Helen.

Tesco Faces Threat to Land Bank. http://www. telegraph. co.

uk/money/main. jhtml? xml=/money/2007/01/07/cntesc07. xml Source: Performing SWOT analysis of Tesco Plc. http://www. 321books.

co. uk/catalog/tesco/swot-analysis. htm CONCLUSION: Looking at the company’s performance over the past few years it is obvious that company has massive potential to grow its business and can overcome any problems that it may face. Strong Business Strategy: Company’s business strategy is well designed to properly manage strategic risks of any kind.

The main focus of the strategy is to grow core UK business, grow Non-Food business (Tesco is second biggest retailer of Non-Food items), develop retailing services and become successful international retailer and so far it has been able to achieve all of them. Its business goals are achieved by using different performance tools such as Steering Wheel-a balanced score card process and Price survey strategy. Proper internal and external controls are in place to ensure the business goals are met. Different financial risks and non-financial risks are managed by the experts.It has faced problems in the past but because of good business Strategy company has survived and still growing.

Potential for Growth: Tesco is building out its store network more rapidly in the existing markets by the help of both organic growth and acquisitions and now it has extended its operations to USA by the use of its own resources. Success in USA will help the company to compete with other international giant retailers like Wal-Mart and Carrefour and gives a chance

to offer better services to wider range of customers. Tesco’s brand is very popular and the demand for its product is high.Company is seeking towards reaching different parts of UK in order to grow its core UK business and offering diversified services so the customers get everything in one store.

This would enhance the company’s reputation and increase in the earnings. Growth of the company is not limited to the expansion of the store network, but also has successfully grown its non-food operations, telecoms and Tesco Personal Finance. Reaching to different parts of UK and in different regions of the world means more cash is generated as customers pay over the tills in the stores.More the cash is available in hand, more the company is able to pay off its liabilities and gives a sign of Tesco’s good Cash management.

Cash raised by sales would help the company in its growth and research and development. Performance in all different sectors of its business is appreciable and each sector continues to show good performance every year. Non-food sales grew by 25% in the current year. The company is becoming popular because of its offers to customer and provides exciting growth opportunities for Tesco in these areas.

Tesco. com has played a vital role in sales growth there is increase in number of customers placing order via Tesco. com. It has some 850000 regular customers and receives more than 2500000 orders per week.

The sales from Tesco. com will be accelerated by the introduction of Tesco Direct (Product Catalogue having more than 11000 different products) and company is working towards making sure that customers have choice of placing

order online, by phone and by home deliveries and keeping the lead time to minimum.Risks associated with the Expansion of Business: Tesco carries different risks with its growth. Its aggressive growth has been criticized by Office of Fair Trading and also by competition commission. Tesco holds 30% of grocery market which is more than the definition of monopoly that is 20%.

It has been called in for investigation many times. Competition commission has recently started to investigate the undeveloped land Tesco owns with no intention to developing it.As the company grows in size, more rivals, suppliers, independent etailers are becoming against the company’s dominance of UK market and government is now taking steps to bring its monopoly in the retail market to halt which is a big threat to its growth in the country which is one of their core objectives. Tesco has also been blamed for using child labor in Bangladesh for production of Tesco Branded clothes which is a breach of Ethical standards. This could result in bad reputation of the company and fall in share prices therefore affecting the wealth of shareholders.

Strong Financial Position: Tesco has enough resources to help its growth within UK and internationally. In new markets it has received a positive response from the customers. Cash inflow is increasing every year with handsome amounts. The profits have also shown a great rise in the past few years as a result the company’s share prices have increased.

Increase in the earnings shows that company has improved its performance and thereby improved returns for shareholders. Company ensures that it sustains its success in future by investing in people, assets and systems.Overall

company’s performance is fabulous and if the company’s plans are in accordance with its business strategy, that day will come soon when the company will be the largest retailer of the world. Therefore it can be concluded after the analysis of the company that is a Going Concern with tremendous growth potential.

Appendix-4 Bibliography: •Barrow, Becky. Cheap food ear ‘over’ as prices rise 10pc in supermarket. http://www. dailymail. co.

uk/pages/live/articles/news/news. html? in_article_id=401989&in_page_id=1770&ico=Homepage&icl=TabModule&icc=NEWS&ct=5 [23 August 2006]. •BBC News, Sainsbury sales beat forecast. ttp://news.

bbc. co. uk/1/hi/business/4604634. stm [12 January 2006]. •Brummer, Alex.

Tesco’s Direct Threat to Argos. http://www. thisismoney. co. uk/news/columnists/article. html? in_article_id=412246&in_page_id=19&in_author_id=1 [31 August 2006].

•Butler, Sarah. Tesco Poised to Open Hundreds of Stores in US. http://business. timesonline.

co. uk/tol/business/industry_sectors/retailing/article729336. ece [10 February 2006]. •Cronin, Jon. BBC News.

Is Tesco Too Big? http://news. bbc. co. uk/1/hi/business/4422065.

stm [12 April 2005]. •Main Types of Listening. http://www. changingminds.

rg/techniques/listening/all_types_listening. htm. •McCue, Andy. Tesco’s online sales soar to ? 1 billion pounds. http://news.

zdnet. co. uk/internet/0,1000000097,39265317,00. htm [25 April 2006]. •Mesure, S. (2007): Asda and Sainsbury growing faster than Tesco.

The Independent, April 05. •Models of communication process, Interactive Model. http://foulger. info/davis/research/unifiedModelOfCommunication. htm •Mourant, Nick. The Corporate View.

http://www. treasurytoday. com/2007/05/tt2007-05cv. pdf [May 2007]. •Performing SWOT analysis of Tesco Plc.

http://www. 321books. co. uk/catalog/tesco/swot-analysis.

tm. •Power, Helen. Tesco Faces Threat to Land Bank. http://www. telegraph.

co. uk/money/main. jhtml? xml=/money/2007/01/07/cntesc07. xml. •Questioning. http://www.

changingminds. org/techniques/questioning/questioning. htm. •Reuters. Tesco slammed over Self-Scan tills. http://en.

epochtimes. com/news/6-10-5/46697. html [05 October 2006]. •Stamp, Gavin. Foreign growth key to Tesco goals. http://news. bbc. co. uk/1/hi/business/4781458. stm [25 April 2006]. •Tesco Annual Report, 2007. •Tesco. Corporate Responsibility. http://www. tescocorporate. com/page. aspx? pointerid=32B0E699AB1A4CCC8D018E763CAF120D [02 July

2007].