Tesco defended its decision to pay investors a $782 million dividend while accepting tax relief from the government, even as Britain’s biggest retailer warned a hit of up to $1 billion due to COVID-19
) has defended its decision to pay investors a 635 million pound dividend while accepting business tax relief from the British government aimed at helping distressed retailers through the coronavirus crisis.
CEO Dave Lewis said Tesco “thought long and hard about our responsibilities” and decided it was justified in paying a 6.5 pence final dividend to shareholders, while being in receipt of taxpayers’ money. “Every pound we receive in rates relief will be invested in ensuring that Tesco is able to support Britain’s shoppers through this crisis period.”
FILE PHOTO: A woman walks past a Tesco extra superstore near Manchester, Britain January 8, 2020. REUTERS/Phil Noble/File PhotoBritain’s supermarkets saw a surge in demand as shoppers stocked up on essential goods such as pasta and toilet rolls ahead of the lockdown. Tesco’s wholesale business Booker has also been hit by the closure of hotels, pubs, restaurants and cafes, as have sales for general merchandise, clothing and fuel - the latter two down 70% over the last couple of weeks.
It said that in the last two weeks alone it had recruited more than 45,000 workers in Britain to help cover staff sickness and cope with additional demand.
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