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Tesco staff in line for windfall
Posted in stocks | Thursday, May 31st, 2007 | Trackback
Around 50,000 members of staff, including checkout assistants and delivery drivers, save between 5 and 50 a month.
More than 6,000 workers are in line for a payout of more than 7,000.
Tesco chief executive Sir Terry Leahy said: ‘Our staff are the main reason so many people choose to shop with Tesco, and through they can share in the success they achieve through all their hard work.’
The news comes three weeks after Britain’s biggest supermarket chain revealed its busiest Christmas ever. Its overall sales jumped 5.4% in December and early January compared with the previous year.
Organic ranges saw a 39% sales boost and its ‘Finest’ range of and meat and poultry rose 55%. The figures confirmed that 2006 was the year of the ‘luxury Christmas’ when consumers spent their money on genuine treats, while cutting back in some other areas.
Tesco is also at the centre of a Competition Commission investigation into supermarket giants’ dominance of the grocery sector.
Preliminary findings showed the commission is concerned that supermarkets ‘can get into such a strong position, either nationally, or locally, that no other retailer can compete effectively’.
It is the first time a major independent investigation has acknowledged that Tesco’s extraordinary growth could be damaging Britain.
The report follows an eight-month investigation of the 123bn grocery market. It was triggered by mounting public concern over the unprecedented dominance of the ‘big four’ supermarket groups, and Tesco in particular.
Other stories:
Tesco in 500m green drive
Organic lines give Tesco the edge
Tesco stacks up festive boom
Outcry as Tesco takes half new retail space
Tesco gains more strength in China
