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    TSCO   GB00BLGZ9862

TESCO PLC

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British union Unite suspends Tesco strikes after new pay offer

12/08/2021 | 10:41am EST
FILE PHOTO: A man looks at products on a shelf inside a Tesco Extra superstore near Manchester

LONDON (Reuters) - British trade union Unite said on Wednesday that pre-Christmas strike action by workers at four Tesco distribution centres had been suspended after an improved pay offer.

Unite said it was recommending its members accept the supermarket group's offer of a minimum of a 5.5% pay increase backdated to July 2021 and an additional 0.5% from February 2022. The union had previously rejected a 4% offer.

If the deal is rejected in a ballot of members then fresh strike action will be announced, but that is unlikely to be before January 2022, the union said.

"We're pleased to have agreed a pay deal with Unite that it recommends to its members. Colleagues at these centres will no longer be taking industrial action," a Tesco spokesperson said.

"We look forward to delivering a fantastic Christmas for customers," the spokesperson added.

Tesco still faces possible walkouts by more than 5,000 members of the Usdaw union at depots in Daventry, Peterborough, Hinckley and Lichfield in central England, Goole in northern England, Southampton in southern England, Livingston in Scotland and Magor in Wales. Usdaw has said its members will strike from Dec. 20 to Dec. 24 but it is still in dialogue with Tesco, with talks set to resume next week.

The Tesco disputes are examples of the kind of inflation-influenced wage pressure that might unsettle the Bank of England as it ponders whether to become the world's first big central bank to raise interest rates from their pandemic lows.

(Reporting by James Davey; Editing by Kate Holton and Alexander Smith)


ę Reuters 2021
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Analyst Recommendations on TESCO PLC
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Financials
Sales 2022 60 779 M 81 615 M 81 615 M
Net income 2022 1 472 M 1 977 M 1 977 M
Net Debt 2022 11 138 M 14 956 M 14 956 M
P/E ratio 2022 14,4x
Yield 2022 3,54%
Capitalization 22 454 M 30 346 M 30 152 M
EV / Sales 2022 0,55x
EV / Sales 2023 0,54x
Nbr of Employees 360 000
Free-Float 97,9%
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Tesco PLC Technical Analysis Chart | TSCO | GB00BLGZ9862 | MarketScreener
Technical analysis trends TESCO PLC
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 20
Last Close Price 295,80 GBX
Average target price 315,09 GBX
Spread / Average Target 6,52%
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Managers and Directors
Ken Murphy Group Chief Executive Officer & Director
Imran Nawaz Chief Financial Officer & Director
John Murray Allan Non-Executive Chairman
Guus Dekkers Chief Technology Officer
Byron Elmer Grote Senior Independent Non-Executive Director
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