Tesco (TSCO)

Sector:

Food Pharmacy Retail

Index:

FTSE 100

288.90p
   
  • Change Today:
    -0.90p
  • 52 Week High: 303.50
  • 52 Week Low: 245.40
  • Currency: UK Pounds
  • Shares Issued: 7,039m
  • Volume: 9,178,489
  • Market Cap: £20,336m
  • RiskGrade: 107

Tesco puts 1,600 jobs at risk by scrapping night shifts

By Sean Farrell

Date: Tuesday 01 Feb 2022

LONDON (ShareCast) - (Sharecast News) - Tesco said about 1,600 jobs were at risk as the supermarket chain decided to scrap night shifts in many of its stores and petrol stations.
The FTSE 100 group said it would ditch night shifts for shelf stacking in 36 large stores and 49 convenience outlets. At 37 petrol stations customers will pay at the pump during overnight hours.

Tesco said moving shelf stacking to the daytime meant employees were also available to serve customers. The company revealed the plans a day after it said it would shut its Jack's discount chain and scrap more of its deli and meant counters.

In total almost 1,600 jobs are threatened though Tesco said it had 3,000 vacancies and would try to find new jobs for all those affected by the cuts.

Jason Tarry, Tesco's chief executive for the UK and Ireland, said: "We operate in a highly competitive and fast-paced market and our customers are shopping differently, especially since the start of the pandemic. Our priority now is to support our impacted colleagues through these changes."

Daniel Adams, national officer at the Usdaw retail trade union, said: "This will be incredibly unsettling for those who may be affected. We should not forget the role that key workers have played throughout the coronavirus pandemic and to receive this news is devastating.

"Usdaw will do all we can to support members throughout the process and we will fully engage in consultation with the business with a view to protecting jobs and, where this is not possible, securing the best possible deal for those affected."

Tesco shares rose 1.2% to 300.5p at 12:56 GMT.

Tesco has almost UK 3,000 stores including 800 large supermarkets. The company did not say whether it was considering scrapping night shifts in more of its shops.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Tesco Market Data

Currency UK Pounds
Share Price 288.90p
Change Today -0.90p
% Change -0.31 %
52 Week High 303.50
52 Week Low 245.40
Volume 9,178,489
Shares Issued 7,039m
Market Cap £20,336m
RiskGrade 107

Tesco Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
53.07% below the market average53.07% below the market average53.07% below the market average53.07% below the market average53.07% below the market average
7.69% below the sector average7.69% below the sector average7.69% below the sector average7.69% below the sector average7.69% below the sector average
Price Trend
49.74% above the market average49.74% above the market average49.74% above the market average49.74% above the market average49.74% above the market average
53.85% above the sector average53.85% above the sector average53.85% above the sector average53.85% above the sector average53.85% above the sector average
Income
40.68% above the market average40.68% above the market average40.68% above the market average40.68% above the market average40.68% above the market average
55.56% above the sector average55.56% above the sector average55.56% above the sector average55.56% above the sector average55.56% above the sector average
Growth
26.29% above the market average26.29% above the market average26.29% above the market average26.29% above the market average26.29% above the market average
69.23% above the sector average69.23% above the sector average69.23% above the sector average69.23% above the sector average69.23% above the sector average

What The Brokers Say

Strong Buy 5
Buy 7
Neutral 1
Sell 0
Strong Sell 0
Total 13
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Tesco Dividends

  Latest Previous
  Final Interim
Ex-Div 16-May-24 12-Oct-23
Paid 28-Jun-24 24-Nov-23
Amount 8.25p 3.85p

Trades for 26-Apr-2024

Time Volume / Share Price
16:35 4,099,932 @ 288.90p
16:35 3,488 @ 288.90p
16:35 2,489 @ 288.90p
16:35 9,009 @ 288.90p
16:35 1,392 @ 288.90p

Tesco Key Personnel

CEO Ken Murphy
CFO Imran Nawaz
Chair Gerard Murphy

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