andyl

On Tesco's results, again difficult to judge as the margin isn't published. Is usually pretty tight though I would expect the growing financial services etc to be yielding higher margins. My problem with Tesco is purely that having moved out of the High Street into its big edge of town stores, it's now moving with some speed into the convenience sector which will consume small, independent shops (some of which also house other amenities like Post Offices). The supplier relationship is also a concern as their dominant market position means they may yield unhealthy power.