12 June 1998
Tesco faces Welsh farmers at its AGM

SHAREHOLDERS arriving for the annual meeting of retailer Tesco were met by about 10 angry Welsh farmers who were protesting about the low prices at which they are forced to sell meat to supermarkets.

Tesco, the UKs largest food retailer, yesterday confirmed tougher conditions in the food industry by reporting a slowdown in sales growth over recent weeks.

John Gardiner, chairman, told the groups AGM that sales in the first 14 weeks were 4.8% ahead on a like-for-like basis. The increase compared with rises of 6.1% for the year to the end of February and 5% in the first seven weeks of 1998. The slight dip in sales was attributed to a slowdown in consumer spending.

Tesco said it planned to open 21 more stores in the UK, and extend existing supermarkets by 200,000ft2. The programme would create up to 10,000 jobs.

  • The Times 12/06/98 page 35 (Business Roundup)
  • The Independent 12/06/98 page 21
  • Financial Times 12/06/98 page 22 (News Digest)
  • The Scotsman 12/06/98 page 26
  • The Daily Telegraph 12/06/98 page 33