Tesco’s Share Price: Top UK Grocer Launches Carvery Restaurant

on Aug 6, 2013
Listen

iNVEZZ.com Tuesday August 6th: Tesco’s shares (LON:TSCO) edged up today, trading 0.80 percent higher at 371.10p in the morning after the UK’s biggest grocer launched a new restaurant concept and data from the British Retail Consortium showed that last month retailers enjoyed their best July since 2006.

**The “Decks” Carvery Restaurant**
Tesco has developed a new family carvery restaurant called Decks, with the first venue to open at the Tesco Extra at Coventry Arena. The grocer has created the restaurant from scratch and owns 100 percent of it.
Decks is promoting itself as offering “real” and “wholesome” British food. Carveries, which allow customers to choose their own meat and vegetables, have become popular in the UK with the success of chains such as Toby Carvery and Harvester.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

eToro

**Start Investing The Social Way! >>**

Will Tescos’ Proactive Approach to the Online Shopping Market Reap Rewards?
Tesco Seems to Be Losing the Grocery Battle with Sainsbury’s

FOLLOW our top traders or BET against them.
http://nvz.bz/1cgV29L
“Decks offers customers fresh food at excellent prices, with lots of great healthy options available. It’s a new food concept that we’re trialling in our Coventry Arena store and we look forward to seeing what customers think,” a Tesco spokesman said.

**British Retailers Enjoy Their Best July Since 2006**
The British Retail Consortium (BRC) said today that the value of retail sales in July surged by 3.9 percent year-on-year – double compared to the growth rate in the same month last year and the highest increase since 2006. Like-for-like sales, which exclude new stores, grew by 2.2 percent, the best monthly increase since February. Online sales growth was 7.9 percent, a relatively slow improvement for the thriving sector as the weather encouraged customers to get outside.

“Food has performed very strongly, with summer barbecue ingredients and feel-good foods doing well during a month where the Lions, Murray, Chris Froome in the Tour de France and the start of the Ashes series all contributed to the positive summer feeling,” commented Helen Dickinson, director general of the BRC.
David McCorquodale, head of retail at KPMG, which had compiled the figures, said that food and drink showed the best performance since November 2009 as “champagne, beer and other drinks as well as burgers, baps, summer fruits and ice cream” saw significant increases.

!m[](/uploads/story/4596/thumbs/pic1_inline.gif)
Not all retailers benefitted from the hot weather of recent months with Greggs, the UK’s largest bakery chain, blaming the heat for poor trading. The company reported a pre-tax profit of ₤11.4 million for the first half of the year, ₤4.6 million down from the same period in 2012 (Greggs Share Price Tumbles on Slump in Profit).
**Analysts on Tesco**
Jefferies Group reaffirmed its “buy” rating on Tesco’s shares in a research note issued to investors last month. The broker currently has a price target on the shares of ₤440.00p.
Eight analysts have rated the shares with a “sell” rating, six have assigned a “hold” rating and fifteen have given them a “buy” rating. Tesco currently has an average rating of “hold” and a consensus price target of 386.01p.
**Tesco’s share price was 372.26 as of 06.08.2013, 10.34 BST.**

eToro
**Start Investing The Social Way! >>**

Will Tescos’ Proactive Approach to the Online Shopping Market Reap Rewards?
Tesco Seems to Be Losing the Grocery Battle with Sainsbury’s

FOLLOW our top traders or BET against them.
http://nvz.bz/1cgV29L

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals.

Learn more
UK Europe Food & Beverage Retail Stock Market World