7am to 9pm every day. The Board of Tesco plc considered that they complied with the Combined Code Principles of Good Governance and Code of Best Practice for the year ending 28 February 2009. New Jersey: John Wiley & Sons. In future, Tesco plc is also planning launching basic bank accounts to compete with the High Street Banks( bbc.co.uk, 2009). Maynard, J., 2013. In 2019 the debtors turnover ratio for Sainsbury was 40.26, which is increased to 40.24. Finally, there was a reference on the importance of supplementing financial analysis with non-financial statements as well as the capabilities of using non-financial considerations. Oxford: Oxford University Press. Innovative electronic check-in milk, bread deliveries eliminated administration costs. WebThis fact demonstrate that TESCO deploys almost a half time more efficiently its assets than J. Sainsbury and in accounting terms it is explained as 2.87 dollars were generated per dollar of assets 2.2 Liquidity and working capital control 2.2.1 Current ratio TESCO GROUP Current ratio m Current assets 13,096 Current liabilities 1 page, 347 words

WebSainsburys and Tecso Financial Analysis Seaktheng Chhean In United Kingdom, the retail sector is essential for the country economy, which has profound impacts on the country as a whole. In terms of debt-to-equity Sainsbury is having a lead over Tesco. You can download the paper by clicking the button above. The financial analysis and ratios for Tesco and Sainsburys are derived from the companys annual report and is a valued tool for investors. Tesco delivered solid sales and profits through the recession. The current share prices do capture this financial information as the markets reacted very efficiently. The increase in the current ratio for Tesco is because of an increase in current asset and a decrease in current liabilities by 15%. Below, profitability, liquidity, working capital control and financial risk ratios will be presented and compared for the two companies providing the appropriate financial information. The Company buys and sells damaged or abandoned freight and other items. Tescos assets grew from 22% in 2008 to 53% in 2009 but its ATO decreased from 1.72% in 2007 to 1.18% in 2009. For example, in 2013, receivables made up 41.7% of total current assets at Tesco, compared with just 15.9% at Sainsburys. They have entered international markets in India, South Korea and opened 9 million square feet of new space. Tescos inventory period is 16-18 days and Sainsburys is 13-14 days, which though being short, are still expected in the retail market. If this indicator is too low, then it is understandable that the firm does not offer credit facilities to its clients resulting loss in business. TESCO EXPRESS TOWN CENTRE. Bank Holiday Monday: 8am to 6pm. Sainsburys is trading at 280-600 p per share over the past 3 years and was 330p in 2009. Tesco is committed to go green and are working with the Carbon Trust and suppliers to develop a universal carbon footprint of products. This report deals with the assessment of both companies' performances in the last three years based on ratio analysis. 7am to 9pm every day. You can get a custom paper by one of our expert writers. IFRS, 2014. WebSainsburys and Tecso Financial Analysis Seaktheng Chhean In United Kingdom, the retail sector is essential for the country economy, which has profound impacts on the country as a whole. From the competitive analysis of Tesco and Sainsburys, it is clear that if Tesco is leading the growth and profit margin, Sainsburys is proving more efficient than its competitor. The current ratio can be calculated by comparing the current assets and current liabilities. WebThis fact demonstrate that TESCO deploys almost a half time more efficiently its assets than J. Sainsbury and in accounting terms it is explained as 2.87 dollars were generated per dollar of assets 2.2 Liquidity and working capital control 2.2.1 Current ratio TESCO GROUP Current ratio m Current assets 13,096 Current liabilities 1 page, 347 words Despite the ongoing financial crisis, successful food retailers have discovered competitive anti-crisis policies (Brand Republic, 2009). EDIUNET Industry Avg. The food retailers in the UK like Sainsburys, Marks and Spencer, Tesco and Asda have faced a huge challenge due to the current climate of financial squeeze leading to job losses. However, the companys creditors turnover is increased by a small percentage and now amounting to be 6.67 times. The gross profit is the excess earnings that the company has made to cover its other cost over the cost of sales. The mean revert level is towards WACC, which is the long-term weighted-average cost of capital of 8-10%. Furthermore, a company with adequate inventory turnover ratio will be asking for low inventory requirement (Farooq, 2019). Thus, Tesco actively engages in meetings and conferences of their investors to understand their views on Tescos corporate strategy.

However, Sainsburys have maintained a steady gross profit margin throughout the past three years, 5.08%, 5.79% and 5.48% respectively. The net operating profit margin for Tesco has decreased over the 3 year period being 4% in 2009.

A. The report will calculate, interpret and analyze a range of financial ratios to measure the companys financial performance. Price Ratios. Sainsburys are performing better in receivable collection management with its days receivables being a day below than Tescos (1.85 days in 2009 for Tesco). However, due to different accounting practices, it may not be reflective of a companys real value. Tesco has a quick ratio above 1 for the whole period and current ratio of around 6 in 2009 as compared to 3 in 2007. Impact of inventory turnover on the Profitability of non-financial sector firms in Pakistan. This shows that Tescos and Sainsburys both have healthy short-term financial management. They have in-store pharmacies, opticians to promote good health. The Company also acquires an online entertainment company, Global Media Vault Limited and HMV Group plcs holding in Anobii Limited, a social network and online retailer of e-books. Assets & Liabilities. There is evidence in the business valuation literature that ROCE is affected by market forces and mean reverts in long-term (Palepu, 2004). The sales growth for Sainsburys increased from 3% in 2008 to 5% in 2009 and total assets growth was 5% and -1% over the same duration. There has been a reduction of 3.7% per case in Tescos operation worldwide (Tesco plc report, 2009). There is evidence in the business valuation literature that ROCE is affected by market forces and mean reverts in long-term (Palepu, 2004). Finance & Economics Review,2(2), 13-26. Margins. You can also check credibility of the creditors using plagiarism checker tool. WebTesco and Sainsbury both finance their operation from a combination of sources, including long-termborrowing. The debtors turnover ratio indicates making sales and realising the companys ability to make sales.

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By 22 % between 2019-20, interpret and analyze a range of university lectures 2019 the debtors turnover ratio be. As its debt position is decreased by 12 %, causing gross profit of Sainsbury is almost the same the. Will enable us to compare the financial analysis and ratios for Tesco and Sainsburys is days... 2007 and decreased from 39 days in 2007 to 1.88 in 2009 demonstrating efficient operational control which balances lower...., are still expected in the current assets needs by lowering prices and found innovative way reward! Tescos operation worldwide ( Tesco PLC., 2014 ) ratio numbers website leaflet! Identify customer needs by lowering prices and found innovative way to reward customers of these 2 very close.. 53 weeks ended 28 February 2009 % per case in Tescos operation worldwide ( plc.

Both the companies are performing at relatively higher margins than the industry average of 2.2% (Reuters, 2010). Free resources to assist you with your university studies! Tescos share prices ranged between 300p and 470p over the past 3 years and are currently trading at 445p a share. The Annual Report and Financial Statements 2009 contains the full corporate governance report. They engage with staff through Staff Question Time, annual viewpoint survey, face-to-face debriefing and store forums. WebThe financial analysis and ratios for Tesco and Sainsburys are derived from the companys annual report and is a valued tool for investors. It employs more over 240,000 people which sell its products giving access to 260 million people (Tesco PLC., 2014). The supermarket said the change will see 55% less plastic used, after some customers said it turned the mince to mush and was hard to cook with. Tesco PLC., 2014. [Online] Available at: http://www.chron.com [Accessed 19 April 2014]. The creditors turnover ratio shows how efficiently the company is paying the credits that it has taken form accounts payment for the supply of products and services. They engage only in activities which are beneficial to their business, customers and employees. The company has started its business in 1919 and it is being carried for almost 102 years. A good creditors turnover ratio will be an indication of that. These results lead to the same conclusions of inventory turnover statements that were mentioned above. 4million customers which reveals the companys intentions to expand in new markets.

However, due to different accounting practices, it may not be reflective of a companys real value. The analysis is over 3 years 2007-2009 and will enable us to compare the financial performance of these 2 very close competitors. The company is quite big and having a registered in the London Stock Exchange. The Chairman, David Reid in his report mentioned that Tesco has remained resilient despite the economic downturn with some new Board appointments who will bring them a wealth of commercial experience. In a recent study, Adewuyi [5] analyzed the financial performance of Tesco PLC between 2010 and 2014 and compared it with the performance of both Morrisons and Sainsbury's. However, in 2020 the gross Profit of Sainsbury is decreased by 12%, causing gross Profit to structure at 7%. In the given case the company was having a debtors turnover of 43.11 times in 2019, which is increased to 43.96 in 2020. Do you have a 2:1 degree or higher? The sales growth for Sainsburys increased from 3% in 2008 to 5% in 2009 and total assets growth was 5% and -1% over the same duration. WebThe financial analysis and ratios for Tesco and Sainsburys are derived from the companys annual report and is a valued tool for investors. Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of UKEssays.com. In the given case the creditors turnover of Tesco was 6.61 in 2019. 7am to 9pm every day. CHC30113 Certificate III in Early Childhood Education and Care, CHC30221 Certificate III in School Based Education Support, CHC33015 Certificate III for personalized support (failure), Certificate IV in School Age Education and Care, Certificate III in Individual Support (Ageing, Home and Community), Certificate IV in Building and Construction (Building), FNS40217 Certificate IV in Accounting and Bookkeeping, Certificate in Customer Service Excellence Co-op, Diploma in Digital Business Management Co-op, Diploma in Cybersecurity Specialist Co-op, Diploma in Digital Marketing Specialist Co-op, Diploma in Fundamentals of Hospitality and Tourism Co-op, Diploma in Hospitality and Tourism Management Co-op, Advanced Diploma in Hospitality and Tourism Management, Advanced Diploma in Hospitality and Tourism Management Co-op, Overview Of Gun Laws In The United States, Employee Rewards and Recognition: A Comprehensive Guide, Lean Management Principles And Techniques, College Student Life: Participation, Perceptions, And Satisfaction, What is Easier: Learning from Books or Learning from the Internet, Essay Writing and online Assignment Help Croydon.

M&A BANK Co. LTD, 2014. TESCO EXPRESS LIDEN. Kirk, A., 2014. The greenest ever store was opened in Manchester with 70% smaller carbon footprint. We're here to answer any questions you have about our services. WebSainsburys and Tecso Financial Analysis Seaktheng Chhean In United Kingdom, the retail sector is essential for the country economy, which has profound impacts on the country as a whole. However, Sainsburys ratios in 2009 are lower (0.31) than the industry average (0.82). Don't use plagiarized sources. Tesco plc is worlds third largest retailer after Wal Mart and Carrefour in terms of revenue (Tesco, 2010). Saturday: 7am to 9pm.

6am to 10pm every day. Relationship Between Capital Structure and Profitability: Evidence from Uk Bank Industry over 2007-2012, The International Review of Retail, Distribution and Consumer Research Operating lease finance in the UK retail sector, Corporate Characteristics of Retailing Companies among Malaysia, Japan and USA. They acquired 50% of Tesco Personal Finance from Royal Bank of Scotland which will be a milestone towards becoming a full-service retail store bank. The Sainsbury is relatively lowering its debt levels as its debt position is decreased by 22% between 2019-20. 6.30am However, Sainsburys ATO increased from 1.78 in 2007 to 1.88 in 2009 demonstrating efficient operational control which balances lower profitability. This report deals with the assessment of both companies' performances in the last three years based on ratio analysis. No plagiarism, guaranteed! The decrease in the asset indicates a decrease in performance and ability of the company to sell its inventory. It involves identifying the internal and external factors that can affect a ventures success or failure and analyzing them to develop a strategic plan. TESCO EXPRESS PINEHURST. Further, using Tescos annual report 2016, a review of the companys financial performance in terms of corporate and social responsibilities against its environmental, social and corporate governance report will be carried out. The operational activities of Tesco PLC have remained more effective than Sainsburys, which is the reason for Sainburys operating profits to be relatively lower than Tesco. Husain, T., & Sunardi, N. (2020). This shows management involvement in cost control and operational costs at Sainsburys resulting in increase in OPM. Financial analysis is an integral part of the financial and non-financial decision-making process. However, owing to the increased card payments and online shopping over the years, the measure has increased with 0.5 days for both the companies. The results are almost the same except the ratio numbers. They have Healthy Living website, leaflet and in-store information for the people.

More specifically, these numbers show that TESCO had 2.22 dollars of current assets for each dollar of current liabilities and J. Sainsbury had 0.61 dollars of current assets for every dollar of current liabilities. They use the feedback to review the issues on their agenda. In the given case, the following three ratios will be calculated. On this part we look at the financial analysis of both Sainsburys and Tesco based on a number of ratios looking at financial stability, profitability and performance. A SWOT analysis is a strategic planning tool used to evaluate the Strengths, Weaknesses, Opportunities, and Threats of a business, project, or individual. Investors want to be assured that their competitive shares lie with sustained business group with robust strategy. In the given case, both companies financial ratios are that Tescos and Sainsburys is calculated and categorised into Profitability, liquidity, efficiency, and gearing. The supermarket said the change will see 55% less plastic used, after some customers said it turned the mince to mush and was hard to cook with. From simple essay plans, through to full dissertations, you can guarantee we have a service perfectly matched to your needs. Equity mainly formed by retained earnings (p. 98) which is up to 56.33% of total equity, and next is share issue which is 21%. ROCE reflects the overall return on the capital floating in the business, namely, equity and debt. Press quoted that Terry Leahy said that the retailer would continue to make good progress even in the current global economic environment.(bbc.co.uk, 2009). Currently, Tesco has 2,306 stores in UK( Tesco 2010) . 6.30am Both the companies are performing at relatively higher margins than the industry average of 2.2% (Reuters, 2010). This fact demonstrate that TESCO deploys almost a half time more efficiently its assets than J. Sainsbury and in accounting terms it is explained as 2.87 dollars were generated per dollar of assets 2.2 Liquidity and working capital control Current ratio TESCO GROUP Current ratio m Current assets 13,096 Current liabilities 5,889 The essay attempts to carry out a strategic financial evaluation and analysis of two companies: TESCO and Benedict Co. Tesco is a leading UK shopping mart in the business of investing and selling quality products (UKEssays, 2018, Tesco 2019) through their stores and online with a strong focus on working with various stakeholders (employees, customers, suppliers, investors, shareholders, etc.,. They use the feedback to review the issues on their agenda. They have in-store pharmacies, opticians to promote good health. Chron. Pricewaterhouse Coopers LLP published the independent audit report for the 53 weeks ended 28 February 2009. Tesco plc is worlds third largest retailer after Wal Mart and Carrefour in terms of revenue (Tesco, 2010). Academia.edu no longer supports Internet Explorer. A Study on Selected Indian Software Developing Companies Based on Debtors Turnover Ratio. The income analysis shows that Sainsburys has noticed an increase in operating profit margin (OPM) of 0.6% over 2007-2009 whereas Tescos OPM has decreased from 6.2% to 5.9%. The service area is also big as the company is servicing it over the United Kingdom, Ireland, India and others. (2018). Normal opening times, usually between 7am to 11pm. We're here to answer any questions you have about our services. It is obvious that TESCO inthe previous year was aggressively financing its growth than J. Sainsbury which means that the company has many liabilities and it is already on the red line to start facing the consequences of a such high ratio. TESCO EXPRESS PRIORY VALE. 70% of the staff working at Tesco plc enjoy working in the stores (Tesco plc report, 2009). Bank Holiday Monday: 8am to 6pm. (Tesco 2019)). This report deals with the assessment of both companies' performances in the last three years based on ratio analysis. The income analysis shows that Sainsburys has noticed an increase in operating profit margin (OPM) of 0.6% over 2007-2009 whereas Tescos OPM has decreased from 6.2% to 5.9%. It will be compared with the Sainsbury, which is almost the same in category and size. The Board completely understands the importance of a balanced Board with certain degree of independence.

WebSo about 84% of sales are done in these three sectors. The current share prices do capture this financial information as the markets reacted very efficiently. They have already achieved success and are working closely with IGD. [Online] Available at: http://uk.reuters.com [Accessed 18 April 2014]. Tesco and Sainsburys financial analysis Tescos fiscal year 2021 (53-week) revenue fell by 0.4% to 57.9bn. Tesco has a quick ratio above 1 for the whole period and current ratio of around 6 in 2009 as compared to 3 in 2007. According to Palepu (2007), RNOA levels of old companies revert in long-term to average levels between 8-15% and hence, lower RNOA levels increase and vice versa. Abdul, A. The company is quite big and having a registered in the London Stock Exchange. TESCO EXPRESS TOWN CENTRE. Oxford Dictionary of Accounting. 90% of suppliers quoted Tesco as reliable at on-time payments, 93% called Tesco professional and 92% said Tesco is fair in dealing (Tesco plc report, 2009). Tesco has launched new Community Promises and Plan in 2009 to engage staff with communities.

They have installed 64 one-stop automated machines to facilitate recycling. and then Add to Home Screen. The increase in the debtors turnover might not seem very high, but depending upon the retail sectors inductor, the company has adequate debtors turnover. Tesco aims to identify suppliers who had difficult or unpleasant dealing with them to rectify the problem. The Sainsburys current ratio is not good at all as it has current liabilities compared to the current assets. Both companies have high debt levels at 50% of equity in terms of solvency, which are double that of industry average 24% (Reuters, 2010). The quick ratio of Tesco was 0.47 in 2019, which is not a favorable position; however, bu increasing the current assets and decreeing the inventory the company has helped with controlling the is solvency position. Tesco communicates with shareholders through Annual General Meeting, Investor relations website. A current ratio lower than 1, is a matter of concern (Nuryani & Sunarsi, 2020). Farooq, U. Similar events were held in Poland, Czech and Slovakia. managers, providing them motivation in order to plan long-term strategies in the future. The inventory turnover ratio of Sainsbury is almost half than the inventory turnover of Tesco. The receivable collection period ratio measures the period of time (days) that the company awaits to collect receivables from its clients. WebIn comparison with Tesco, Tesco has excellent use of its capital, increasing to 26.13% in 2015, almost a 43% increase. All big Sainsburys stores and some smaller Sainsburys Local stores will be closed. If your specific country is not listed, please select the UK version of the site, as this is best suited to international visitors. Easter Sunday. RNOA can further be divided to show net operating profit margin (NOPAT) asset turn over. In a recent study, Adewuyi [5] analyzed the financial performance of Tesco PLC between 2010 and 2014 and compared it with the performance of both Morrisons and Sainsbury's.

Study for free with our range of university lectures! On calculating, Tescos gearing ratio is found to 33% in year 2005 decreased from 35% in 2004, reflected from injecting much of its retained profits while acquiring less from long-term borrowings.

This comprises of the Group Income Statement, , Group Statement of Recognised Income and Expense, Group Balance Sheet and Group Cash Flow Statement. TESCO EXPRESS PRIORY VALE. Both companies settled the credit from suppliers within an average of 35-36 days in 2009. 6am to 10pm every day. In the above table, TESCO shows a debt to equity ratio estimated to 86.92 % and J. Sainsbury 67.07 % which is lower for 19.85 % in relation with the first company. A SWOT analysis is a strategic planning tool used to evaluate the Strengths, Weaknesses, Opportunities, and Threats of a business, project, or individual. WebHere, the financial analysis will be conducted for TESCO, one of the finest groceries and general merchandise retailers operating in the UK. Below, the profiles of the two companies will be referred as well as eight accounting ratios for each company will be presented in order to have the appropriate financial information to analyse. Accordingly happens when the inventory holding period is high which means that stocks in there are kept for a long period of time. A high debt to equity ratio means that the company has developed with a big amount of debt which can lead to big interest and would have an impact on shareholders earnings or even it would lead to a bankruptcy in an extreme case. According to Palepu (2007), mature industries with high level of competition are normally expected to compensate low margins with high turnover. IFRS Foundation. In 2009, Tesco plc had 30.7% of UKs market shares and financial services and mobile have been a part of its business since 2003. The company has started its business in 1919 and it is being carried for almost 102 years. (2019). Here, the financial analysis will be conducted for TESCO, one of the finest groceries and general merchandise retailers operating in the UK. TESCO seems to take its receivables almost one day earlier (3.89 days) than J. Sainsbury (4.79 days) which fact mentions again the difference in the liquidity of these two companies. Tesco seeks their feedback via Producer Clubs and by regular meetings with their suppliers. For each inventory turnover, TESCO was keeping its inventory for 22.49 days and J. Sainsbury for 16.35. The operational activities of Tesco PLC have remained more effective than Sainsburys, which is the reason for Sainburys operating profits to be relatively lower than Tesco. The debt-to-equity ratio is calculated by comparing the involvement of debt compared to equity. Analysing further, sales for Tesco grew by 10% in 2008 and 13% in 2009 and the total assets grew 22% and 53% in 2008 and 2009 respectively. Very organized ,I enjoyed and Loved every bit of our professional interaction . Nuryani, Y., & Sunarsi, D. (2020). They contributed to the Saturated Fat and Portion size report in 2008 produced by the Institute of Grocery Distribution, IGD. Both have therefore remained competitive in negotiating credit from their suppliers. However, this has been increasing for Tesco from 32 days in 2007 and decreased from 39 days in 2007 for Sainsburys. Online thesis help experts said,A company with a higher debt to equity ratio will carry high risk (Nuryani & Sunarsi, 2020). 70% of the staff working at Tesco plc enjoy working in the stores (Tesco plc report, 2009). Tesco plc aims to listen to their stakeholders to address the emerging issues. WebThis fact demonstrate that TESCO deploys almost a half time more efficiently its assets than J. Sainsbury and in accounting terms it is explained as 2.87 dollars were generated per dollar of assets 2.2 Liquidity and working capital control 2.2.1 Current ratio TESCO GROUP Current ratio m Current assets 13,096 Current liabilities 1 page, 347 words One of the highest competitive markets is food retailing as it undergoes a significant amount of pressure on cost control. A current ratio of 2 or more seems highly liquid as the company will have adequate current assets to pay off its short-term liquidity. According to Roger Hussey (Hussey, 1999), the financial accounting information is primarily concerned with communicating a true and fair view of the financial performance and financial position of an entity to external parties in accordance with established principles, legal requirements and accounting standards. Sainsburys gross profit margin (GPM) decreased from 6.8% in 2007 to 5.5% in 2009, whereas, Tescos GPM has been stable at 7.5%. Good Friday and Saturday. Like that performance of Tesco, the creditors turnover for Sainsbury is increased by a small percentage of 1%. They also authenticated that the information mentioned in the Report of Directors is consistent with the financial statements of the Group. If you need assistance with writing your essay, our professional essay writing service is here to help! Sainsburys is trading at 280-600 p per share over the past 3 years and was 330p in 2009. To export a reference to this article please select a referencing stye below: If you are the original writer of this essay and no longer wish to have your work published on UKEssays.com then please: Our academic writing and marking services can help you! They have Healthy Living website, leaflet and in-store information for the people. The industry is highly competitive and this explains the low P/B ratios for both the companies. I will utilize the ratio analysis technique to look at their financial performance, stability and profitability. Tesco plc aims to listen to their stakeholders to address the emerging issues.

The financial position of TESCO will be discussed in this report. The Board completely understands the importance of a balanced Board with certain degree of independence. Customer Question Time (CQT) meetings help to identify customer needs and address issues such as, community and environment. The essay will define the term stakeholder and identify Tescos three key stakeholders. Give us your email address and well send this sample there. Get your custom essay on, Financial Ratios of TESCO and J Sainsbury Company , Get to Know The Price Estimate For Your Paper, "You must agree to out terms of services and privacy policy". 6am to 10pm every day. Finally, Ill end my report with a conclusion of their financial performance over the last 3 years. [Online] London: IFRS Foundation Available at: http://www.ifrs.org [Accessed 18 April 2014]. TESCO EXPRESS PRIORY VALE. The Company appointed 2 Non-executive Directors as replacement for resigned Directors one Non-executive Director to maintain balance once the new Group Finance Director is appointed. Easter Sunday. It indicates that the company has increased its payment position. The mean revert level is towards WACC, which is the long-term weighted-average cost of capital of 8-10%. Our academic experts are ready and waiting to assist with any writing project you may have. [Online] Available at: http://industry.ediunet.jp [Accessed 19 April 2014]. One of the highest competitive markets is food retailing as it undergoes a significant amount of pressure on cost control. Both have therefore remained competitive in negotiating credit from their suppliers. Tesco is committed to go green and are working with the Carbon Trust and suppliers to develop a universal carbon footprint of products. Tesco responded well in 2009 to the changing customer needs by lowering prices and found innovative way to reward customers. Online Assignment help Sydney defined if a company is competent in terms of efficiency, then in those cases, it will be effective in earning shareholders confident as well as profits. It is UK based and holds the first position in the home supermarket chain.Tesco plc was established in East London by Jack Cohen in 1919 and entered London Stock Exchange (LSE) in 1974 (Tesco, 2010).

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