Life – Terror. Ecstasy. Fight. Denial. Flight. Failure. PAIN. Forgiveness. Reconciliation. Hope. Love. Peace – Death.
Every time I receive yet another bill there is an increase? Food, energy, insurance (house, car, holiday), Council Rates, literally EVERYTHING! Seemingly never-ending? However, simultaneously, every time I look I see announcements of ‘Record Profits’ for ALL those industries concerned? WTF? How can that be?
Supermarket prices at Tesco [and many other supermarkets] soared by nearly 25% in the last year at more than double the national rate of inflation. An investigation by The Press and Journal and The Courier has compared prices at the chain today and in May last year. [2 May 2023].
Tesco, the UK’s biggest supermarket chain said pre-tax profits hit £2.3bn, up from £882m, while sales rose by 4.4% to £68.2bn in the year to 24 February. Tesco boss Ken Murphy said the firm was conscious “things were still difficult for many customers”.
NO FUCKING SHIT – they certainly aren’t difficult for Tesco shareholders?
What is the food price inflation rate in the UK in 2024? – We are ‘told’ Grocery price inflation has fallen (April 24) to 5.3%, marking the lowest rate since March 2022 and a decrease of 1.5 percentage points from January, according to our latest data. Take-home grocery sales grew in value by 5.1% for the four weeks to 18 February 2024. The data suggests a drop but the reality we do not see any drop in prices in the shops to reflect this. At, best, prices stay where they are, they never drop, just don’t increase as much?
Overall, for the year previous, UK food and non-alcoholic drink prices were 5.0% higher in February 2024 compared with the previous year, based on the CPI measure of inflation. This continued the decline from the recent peak of 19.1% in March 2023, which was the highest rate of increase in food prices since 1977.
How can we utter the words ‘Record Profits’ in the same sentence as ‘record Prices’ (since 1977)? Shares in Tesco gained more than 5% on Wednesday (10th April), making it the top riser in the FTSE 100, on news it had begun to sell more items than a year before in the final six months of the period – a turnaround after high inflation prompted shoppers to put fewer items in their baskets.
About 220,000 staff will share a £70m “thank you” (and goodbye)? payment after the rise in profits, equivalent to 1.5% of annual pay, with a full-time shop worker expected to receive about £300.
The group expects to make at least the same level of profits in the year ahead as it cuts costs with new techniques, including a robot-led distribution centre for fresh produce and fitting 100 stores with solar panels over the next three years.
It said it did not expect to make major job cuts but was increasingly using artificial intelligence to take on repetitive tasks and improve forecasts of the amount of products and staff needed in stores, helping to cut waste. They are not satisfied with record profits (£2,200,000,000), they want more. If next years profits are £2,000,000,000 that will be viewed as a £200,000,000 loss? The FREE Market, insatiable, perpetual demand for ‘increased’ profits. Capitalism.
In the coming months, Tesco prices will rise, Jobs will be cut [efficiency savings], in order to achieve similar (or better) financial aims (record profits). More lives will be ruined, at the bottom of the food chain but, Hey Ho! Shareholders will be happy!
The ownership structure of Tesco plc (GB:TSCO) stock is a mix of institutional, retail and individual investors. Approximately 17.68% of the company’s stock is owned by Institutional Investors, 1.96% is owned by Insiders and 80.36% is owned by Public Companies and Individual Investors. iShares owns the most shares of Tesco PLC (GB:TSCO). iShares is a global leader in Exchange Traded Funds (ETFs) with a line-up of over 1,250 funds. As part of BlackRock, iShares ETFs focus is to ‘harness expertise and innovation’ to drive progress for the financial industry and our investors. iShares is a collection of exchange-traded funds (ETFs) managed by BlackRock, which acquired the brand and business from Barclays in 2009.
Thanks for Reading
#peace
https://www.tipranks.com/stocks/gb:tsco/ownership#=
https://www.ishares.com/uk/individual/en/education/who-we-are
Dying to Live 