Talking Tesco: UK Competition Commission

Tesco announces preliminary results for 2006/07

17th April 2007

Full details of the results and the results statement can be found at www.tescocorporate.com

In addition to an update on the progress of Tesco in the UK and abroad, the announcement included a number of important long-term commitments on community and environment issues - including new initiatives on packaging, milk pricing, carbon labelling and regeneration.

  • We are reducing the amount of packaging on both branded and Tesco own-label products by 25% by 2010

  • We will help dairy farmers by offering direct contracts to named farmers, raising the price they receive to around 22 pence per litre

  • We are beginning the search for a universally accepted and commonly understood measure of the carbon footprint of our products - enabling us to label all our products so that customers can compare their carbon footprint as easily as they can currently compare prices or nutritional profiles

  • We will be one of the first retailers to enter into Local Employment Partnerships, increasing the prospects for unemployed people to get an interesting job and an opportunity to get on

  • We have invested more than ever in helping to keep prices as low as possible for customers - only yesterday we made a further 500 price cuts across the store on a range of everyday products

  • This year new checkout technology has helped nearly 350,000 more customers a week receive our 'one-in-front' checkout queue promise

  • We have introduced over 2,000 new premium lines, including a faster pace of new product launches for Finest

  • All our eligible own-brand products now carry our GDA nutritional signpost labels

  • Our Green Clubcard scheme has helped us to save over 400m bags since the scheme was launched

  • We have already raised over £2.5m for our 2006 Charity of the Year, Whizz Kidz - £1m more than our original target

  • Our regional sourcing roadshows in Cornwall, the Isle of Wight, the North West and Wales attracted over 300 small suppliers and we have already launched 58 new lines in our South West stores as a result of the roadshow in Cornwall