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A Financial Analysis of Tesco v. Sainsbury

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          After opening its Tesco store in 1929 in Edgeware, Middlesex, the company floated its Tesco Store (Holdings) Limited in 1947 at the London Stock Exchange (Tesco, 2008).  From there started the subsequent dramatic growths that Tesco had become including the 1950 and 1960 organic growths and acquisitions until its number of store reached about more than 800.  It also had exhibited a number of significant management strategies in the retail industry that had made the company bigger and bigger.  Tesco used to be tailing behind Sainsbury until it has overtaken the latter in 1995.

¬†¬†¬†¬†¬†¬†¬†¬† It could be asserted that every company has both economic and non-economic objectives for which strategies are needed for their accomplishments. Tesco did adopt different strategies to attain is objectives.¬† From its history of¬† series of organic growths and acquisitions of competing stores, the company fought head on to bring it to its being the leading retail supermarket in UK. ¬†¬†¬†The company had used several product categories in particular to address different target markets such as¬† Test Value, Tesco Brands. Tesco Kids, Free From ‚Äď Food , and Tecknika.

          Having such a colorful past, vibrant present and challenging future, it is worth doing to conduct a financial analysis of the company to find out whether it s a good investment options or whether other good decision could be made in relation like working with the company or industry where the company  plays.

        There is indeed good practical relevance to answer the questions propounded in this paper.  Since the  objectives of the paper therefore include comparison to Tesco with Sainsbury and with industry averages in other parts where information is available, the paper required having information about industry averages and the same was provided by taking in another company in the industry together with that of the Tesco and Sainsbury.

         This researcher endeavored therefore to  gather from the following sources companies’ websites (Tesco and Sainsbury), news paper articles, the Internet, text books and other books references.  As the stocks of both companies are listed in the London Stock Exchange, there are good Internet sources that can provide financial data for the company. MSN (2008) basically provided the financial data about the company and its competitors.

       Tesco has indeed demonstrated greater profitability than its closest rival Sainsbury.  From almost all the ratios used in the analysis, Tesco was obviously better than Sainsbury.

         The profitability of Tesco is even made more convincing in  its 2007 net profit margin 7% compared to industry average of only 4%.   Tesco returns of assets (ROA) for years 2007, 2006 and 2005 averaged at 9%.  ROE also showed better results over its rival.

        Tesco’s liquidity underpins strongly its more superior profitability than that of its rival Sainsbury. Its obviously better liquidity is an indication of company’s capacity to meet its currently maturing obligations and as could be measured by the quick ratios and current ratios.    The same behavior of the company’s liquidity may be observed in terms of current ratios that averaged  2.64 as against Sainsbury’s average of    1.60.  Better stability is also evident from its solvency ratios.   Tesco showing of better solvency than that of Sainsbury because of the Tesco’s higher ratios reinforce is earlier profitability and liquidity. Even the cash flow ratios of the companies cast its support for Tesco over that of its rival.

      The inevitable conclusion comes very easily that Tesco is a better investment option than its rival Sainsbury, thereby proving it leadership in the industry on many aspects.

         This paper seeks to find-out whether Tesco plc is good investment option on the basis of financial analysis by comparing its financial performance, liquidity and solvency for the last three years with Sainsbury, one of its competitors. Hence the following questions are expected to be answered by this paper:  Is Tesco more profitable and efficient than Sainsbury?  Is Tesco

more liquid than Sainsbury? Is Tesco more solvent than Sainsbury?  Based on the answers of the first three questions,  is Tesco a better investment option over that of Sainsbury?

      To  have a better results of analysis of something, it is always best to have knowledge of what is it, how as it done things in the past and where is it headed in the future.  A preliminary discussion of the company about its profile, history, strategies employed in the past and how has it met its objectives.

     Tesco  enjoys its being the leading retailer following its successful taking over the position form its closest rival Sainsbury  about more than a decade ago.  The company provided home shopping service as one of its strategies and this has allowed shopping online at present the company continues to expand into convenience stores as well as international operations which include Malaysia, Poland, Taiwan, US, Taiwan and Ireland (Tesco, 2008).

¬†¬†¬†¬†¬†¬†¬† Since the company will be compared with Sainsbury, there is a need to understand also the background of the later. Sainsbury was founded in Drury Lane, London sometime in 1869. It became a listed company in 1973, and has moved to financial services after it established the Sainsbury’s Bank.¬† As stated earlier Sainsbury leadership was overtaken by Tesco in 1995 and at present, it now the third largest supermarket chain, in UK with Asda occupying the second lot (BBC News, 2001).

      Being based in Great Britain and engaged in international grocery and general merchandising retail chain, Tesco  has worked had to attain its present status as the  largest British retailer by both global sales and domestic market share. If compared with best of the worlds, it could within the group of world top retailers like Wal-Mart of the United States and Carrefour of France (Bordon, 2008). In the UK, Tesco is  believed to be controlling about thirty percent (30 to 32%) of the grocery market that could still be matched with its closest rivals Asda and Sainsbury combining their revenue performance in revenues

¬†¬†¬†¬†¬†¬†¬† As to how the company has evolved over the years may¬† be explained by a series of organic growth and acquisitions.¬† From specializing in food,¬† Tesco eventually got into discount clothes, consumer electronics, consumer financial services as well as selling and renting DVD‚Äôs (Bordon, 2008) . Jack Cohen , its founder had ¬†a tea shipment from T.E. Stockwell, where ¬†the three letter of supplier‚Äôs name TES came from. Adding the first two letter of ‚ÄėCohen‚Ä̬† gave birth to the name TESCO (Tesco, 2008).

         The 1950’s and 1960’s were periods of organic growths and acquisitions until Tesco’s number of store reached about more than 800. There other purchases store in subsequent years until it surpassed Sainsbury in 1995 (Tesco, 2008).

       CEO Jack Cohen had trading stamps to stimulated patronage of his stores. Resigning in 1973, Cohen was replaced by his son-in-law Leslie Porter (Bordon, 2008).    It was therefore in 1995 that the company could be said having become a market leader in the supermarket sector.  Loyalty cards, followed by internet shopping did contributed to having profitable result. In 1997,  Terry Leahy became CEO  from there several purchases were still made such as the retail arm of Associated Foods,  Crazy Prices chains of Ireland for a price of £ 640 million (Bordon, 2008).

         After a stint of its internet grocery retailing success in 2001, it had other acquisitions such as the 2002 purchase of thirteen HIT hypermarkets in Poland, which is presently served by more than 350 stores as caused the company’s express stores found in all major cities. Tesco got into convenience stores in UL following it purchase T&S Stores, that now operate about a less a thousand convenience stores (Eurofood, 2002).

¬†¬†¬†¬†¬†¬†¬† Tesco had also it shared¬† of problems as 2007 had the company together with its competitors ‚Äď Safeway, Asda, Morrison, and Sainsbury to be place ¬†under investigation for acting or engaging in a cartel by no less than the UK‚Äôs Office of Fair Trading (OFT) (BBC News, 2007a). For refusal to admit 2007 only Morrison and Tesco from the list,¬† were not made liable as of December 2007 for fine (BBC News (2007b).

       Having both economic and non-economic objectives, the company used the same for its strategies.  Said objectives are linked to its mission and vision is specific, measurable, attainable, realistic, and time bound or with the SMART model.  As it is critical to Tesco sustainability to meet these objectives, the same objectives need to be translated into targets understood by the Tesco organization and its departments. For this reason a financial analysis of Tesco could reveal if such objectives are indeed being met. Hence this paper research question involves looking into company’s attainment of  its financial objectives which are reduced to knowing its profitability level, liquidity level and solvency level (Meigs and Meigs, 1995).

        The company has indeed adopted various strategies to attain these financial objectives, based on its past  histories under a series of organic growths and acquisitions of competing stores. It may its secret  in being able to target different customers at different levels from upper, be they from medium and lower income group of customers (Liprot, 2005). Particularly referred here is  its own branding strategy under different product categories. The product categories do target different target markets.    Test Value under which families on low income could be going into as the  packaging of products is simple to keep cost low is one of these categories. Other categories is the Tesco Brands , representing standard products at mid range own label store prices and the Healthy Living that targets customers who want  lower fats, sugar and salt content as opposed with  Standard Tesco Brand.  Children are also targeted under Tesco Kids. No wonder the companies customer continue not increase over the years (Bordon, 2008).

          Answers to the research question could benefit one  as researcher,  his present and future decisions and those of everybody out there especially the investors and would-be investors for the companies whose financial statements are  also being studied analyzed.

         Important decisions could be made if one has the answer to the research question. An attempt to understand and experience how to arrive at the proper decision will contribute a lot to one’s growth in knowledge and insight.    Financial analysis involves the use of financial ratios to be extracted from the financial statements. It is a rather technical knowledge but it could be learned with patience and willingness to learn.

         In addition,  financial analysis allows one to determine the strengths and weakness of a company in terms of profitability, liquidity and solvency for purposes of evaluating whether the stock of a given company is worth investing into.

         This researcher’s  interest in finance is related to his understanding that knowledge of the keys to valuing wealth maximization from a number of options from which decision should me made as regards to financial ratios. It is also being asserted  that every organization must also have financials objectives which must be measurable for each to be capable of being manageable. The choice of the retail industry and that of Tesco as particular subject of the study is influenced the researcher’s  plan to possibly invest or work with in the company. The industry could only be also interesting as it forms a part of almost every day life of many.  Consumers could not be going directly to manufacturers, hence, these  people would always the buying from retail stores or supermarkets.

         Knowledge of relevance of the paper as already mentioned prompts this researcher to have aims related the accomplishments or possible enjoyment.  Thus this researcher intends to use this paper to help for  decision making on whether there is basis for a prospective investor, including the researcher,  to buy the stock of Tesco as a form of investment. To accomplish this aim, specific objectives must be met in order to understand the business of the company including its history and strategies it has adopted.  Sainsbury is chosen as the competitor from whom a comparison is made as the two are both located in UK and both are direct competitors in many parts of their businesses.  The objectives of the paper therefore include comparison to Tesco with Sainsbury and with industry averages in other parts where information is available.

Industry averages are taken from other companies in the industry together with that of the Tesco and Sainsbury. See Appendix A. The need to extend the comparison to the industry average is influenced by the nature of decision to be made. This is on the premise that the companies studied are just part of a group of many competing companies in the industry not only in UK but around the world. Thus,   for purposes of the paper, the researcher is assumed to be studying also the retail industry from which Tesco and Sainsbury are part to afford better comparison as industry averages that could provide  a benchmark for determining what is acceptable and what is not. This carries again an assumed that what is within the industry is normal and therefore must be acceptable.

       It is also assumed in this paper that the decision maker has a cost of capital.  A cost of capital is a financial concept which is the same as opportunity cost.  This is the same as the amount of return that would have been gained by the decision maker if he has put or invested his or her money other than that of Tesco.  To illustrate, Tesco would finally be found  by the decision maker that the company is in fact earning, the amount of return that would be generated must provide at least a higher return to justify investing at Tesco’s stocks, otherwise the investor would just wasting opportunities for higher wealth which is a presumed objective of financial management.

      Any term paper for a given purpose can only be done through a methodology, that the researcher  has intended to present the same here as a sign of objectivity to the result of the research as a source to the under the possible limitations of the research.  Definitely the paper need information gathering.

        Information was therefore gathered from the following sources companies’ websites (Tesco and Sainsbury), news paper articles, the Internet, text books and other books references.  As the stocks of both companies it’s a  publicly listed company in the London Stock Exchange there are good Internet sources that provide financial date for the company. MSN (2008) basically provided the financial data about the company and its competitors. The more difficult part of the process is to organize the data in more intelligent information to allow comparison of Tesco’s financial performance, liquidity and financial position (Meigs and Meigs, 1995) as against Sainsbury and the Industry in general.  To get know information on the industry, there was a need to get other information from other players of the industry. Since some companies do not have completed information for the past five years , decision must be made on whether some should be excluded to allow comparison  on a per year basis.

        From the processed financial data, there was the need to present them in intelligent and proper to be appreciated by the readers of the information. Theories from the textbooks and other references where also used to explain how figures and ratios are arrived in order to explain the basis of the analysis made in the paper; hence, the need for graphs and tables to allow easier visual comparison.

      The resulting profitability and efficiency ratios as extracted from the financial statements of the two companies are e follows:

Table I TESCO Sainsbury
  2007 2006 2005 Ave. 2007 2006 2005 Ave.
Net Profit Margin 7% 8% 4% 6% 2% 0% 1% 1%
Operating Margin 10% 16% 7% 11% 3% 1% -1% 1%
Return of Assets 7% 8% 3% 6% 3% 1% 2% 2%
Return on Equity 11% 13% 4% 9% 7% 2% 5% 5%
Total asset turnover 0.97 1.04 0.69 0.90 1.79 1.26 1.31 1.45

Sources: MSN (2008a,b)


            Business entities go  for  profitability as its primary goal in all of its business ventures for its absence would probably lead them to nowhere or the will find themselves f unable to survive in the long run. The thus need to monitor these strengths, by measuring their current and past profitability and the same will also lead into companies making projection of future profitability.

         In essence, profitability is only measuring income and expenses. Tesco as commercial company  must have higher income than expenses. The relationships of these two accounting terms are not simple so that it is a possibility that expenses become higher than income.  This will happen in some case for inaccurate accounting. Fortunately accounting for business are standardized and are the work of experts and the reliability and accuracy of the same are enhance by the audit conducted by professional auditors under the regulation  of authorities that could make these auditors to account for their work.  The financial statements are reduced forms from the output of accountants that are audited by certified public accountants as auditors.   From the management aspect, the work of analyzing and understanding the financial statements  could not be again easy at it involves some knowledge of  principles behind the preparation of the account as well as their meanings when they are now converted into financial ratios.

       This part treat deals first with profitability ratios and other part will  be liquidity, then solvency and the last part it the cash flow ratio.

      Tesco has shown greater profitability than its closest rival Sainsbury. The companies’ net margins could be a good basis to start the comparison financially. The Tesco has reflected  net profit margins of 7%, 8% and 4% for the years 2007, 2006 and 2005 respectively or an average of 6% for the last three years as against the Sainsbury’ s 2%, 0% and 1%f  for the years 2007, 2006 and 2005 respectively or an average of 1%. Similar behavior is observable in terms of operating margin return , where Tesco exhibited  10%, 16% and 7%           for the years on assets 2007, 2006 and 2005 respectively or an average  of 11% while Sainsbury was just able to reflect  operating margins 3%,1% and -1% for the years 2007, 2006 and 2005 respectively or an average of  1%. See Table I above.

       The profitability of Tesco is more convincing in  its 2007 net profit margin 7% compared to industry average of only 4%.  and Sainsbury may be also shown to less profitable as it is performing below what the averages tell.  The industry averages were taken from at least three players retail retailers industry MSN (2008) which includes Tesco, Sainsbury and Thornton. See Table I above. See Appendix A

          Tesco returns of assets (ROA) for years 2007, 2006 and 2005 showed 11%, 13% and 4% or an average of 9%. The same ratios are much better in comparison against Sainsbury ROA’s of 7%, 2% and 5% for the years on assets 2007, 2006 and 2005 respectively or an average of 5%. The results of these ratios further confirmed earlier observation in net profit margin and the operating margin.   The same better profitability is further observed in terms of Return of Equity (ROE) where Tesco showed 11%, 13% and  4% for the years 2007, 2006 and 2005 respectively or an average of 9%. The same ratios are very higher than that of Sainsbury which were reflected at 7%, 2% and 5% for the years 2007, 2006 and 2005 respectively or an average of 5%. See Table I above.

       In all the ratios in Table I above, the only case that makes Sainsbury look better is the total asset turnover where Tesco has lower rate. Since asset turnover measures efficiency, the same must be resolved in favor of Tesco because of  its higher ROA which is better measure of management efficiency.

        There is so much consistency to confirm profitability even in terms net operating margin where showed better within the range of 7% to 16% for the years under review. Obviously, while Sainsbury also confirmed its lower profitability in terms operating for the same period.

        In financial management theory,  the ratios as net margin and operating margin are considered ways of viewing then company’s profitability by the amount of revenues generated in relation to net benefits of net return extracted after netting all the expenses and taxes. Another way of evaluating the company’s performance is by considering the company’ return on assets, return on capital employed and the return on equity of the company. These latter ratios consider the other factors within the financial operation of the company by relating the net profits in term of assets used, capital employed and equity employed. Since these three latter concepts convey different meanings they therefore assume varying significance as far as the decision makers are concerned.   In the case of Tesco the combined ratios were all working to tell the very clear superior profitability of Tesco over Sainsbury.  Figure I below will make things clearer.

     The following are the resulting liquidity ratios as extracted from their financial statements:

Table II TESCO Sainsbury
  2007 2006 2005 Ave. 2007 2006 2005 Ave.
Quick ratio 1.22 1.26 2.25 1.58 0.70 0.79 0.58 0.69
Current Ratio 2.79 2.29 2.86 2.64 1.83 1.44 1.53 1.60

         Tesco’s liquidity strongly supports its more superior profitability than that of its rival Sainsbury. One’s liquidity is an indication of company’s capacity of the company to meet its currently maturing obligations and as could be measured by the quick ratios and current ratios.  Tesco’s quick ratios showed  1.22, 1.26 and 2.25 for the years 2007, 2006 and 2005 respectively  or an average of  1.58 , which  are very again superior than  Sainsbury’ quick ratios of  0.70,  0.79 and 0.58 for the years 2007, 2006 and 2005 respectively  or an average of    0.69 . See Table II above. Quick asset ratio is ideally to be 1.0 or greater hence Sainsbury  companies appear to be any encountering some problems on its liquidity since its ratios are below 1.0.

         The same behavior of the company’s liquidity may be observed in terms of current ratios. Tesco’s current ratios reflected 2.79, 2.29 and 2.86 for the years 2007, 2006 and 2005 respectively or an average of   2.64 against Sainsbury’s current ratios of 1.83, 1.44 and 1.53 for the years 2007, 2006 and 2005 respectively or an average of   1.60. See Table II above.

Figure 2 below will make things clearer.

         It must be noted that the issue of liquidity involves the use of company assets. In this regard, assets are either current or non current. A firm’s  current assets are more liquid compared to its non-current assets since the former includes of cash, receivable, inventories, prepaid expenses and other current assets while the latter could include building, and other fixed assets with long term used.  The current assets  are used by the company as part of its working capital to get things done on its operation like paying its creditors particularly its supplier of goods or the so called trade creditors.

         A company’s need for liquidity could not be overemphasized.  A low liquidity could result in mismanaged working capital and hence could threaten Tesco or any other company into possible bankruptcy and could cause the company to stop operation. This could be understood by looking at the company’s low operating cash flow ratio as could be latter explained in subsequent sections.   It would be observed that the ratio was below 1.0 and may seem to  show inconsistency with the company’s favorable quick ratio and current ratio which are both above 1.0.

   The following are the resulting solvency ratios as extracted from their financial statements:

Table III TESCO Sainsbury
  2007 2006 2005 Ave. 2007 2006 2005 Ave.
Debt equity ratio 0.56 0.55 0.48 0.53 1.20 2.28 1.89 1.79
Debt ratio 0.36 0.36 0.32 0.35 1.60 0.81 0.80 1.07

       Sources: MSN (2008a,b)

       Solvency like liquidity measures the ability of an enterprise to meet its debts obligations but this time capacity must be viewed long term. This normally measure using debt to equity ratio and debt asset ratio (Brigham and Houston, 2002).

       Applying the knowledge then, debt to equity ratios for Tesco are  0.56,  0.55 and 0.48 for the years 2007, 2006 and 2005 respectively  or an average of    0.53  are better as Sainsbury’s debt to equity ratios of  1.20,  2.28 and 1.89 for the years 2007, 2006 and 2005 respectively  or an average 1.79. See Table II above.  The ratios are better this time for the company if they are lower. Hence in this case, Tesco has shown better solvency than that of Sainsbury because of the Tesco’s lower  ratios. Figure 3 below will show the better picture.  The same is still acceptable from the investors’ point of view at its 2007 debt equity ratio of 0.36 is better compared with the industry average of  1.332. See Appendix A.  This indicates that Tesco is better than its competitors in the industry showing again its leadership and superiority. See Table III above.

     The cash flow ratio of Tesco and Sainsbury is shown below.

Table IV TESCO Sainsbury
  2007 2006 2005 Ave. 2007 2006 2005 Ave.
Operating CF ratio 0.28 0.06 0.26 0.20 0.27 0.13 0.16 0.19

Sources: MSN (2008a,b)

        Operating cash flow ratio may also be used to measure liquidity. The resulting ratios above would confirm earlier finding of low liquidity for both Tesco and Sainsbury. Operating Cash Flow Ratios for Tesco were reflected at 0.32, 0.35 and 0.38 for the year 2007, 2006 and 2005 respectively as against Sainsbury ratio’s of 0.27, 0.13 and 0.15 for the same years respectively.  See Table IV above. If the said ratios are compared with Tesco’s quick ratios of  1.22, 1.26 and 2.25 for they years 2007, 2006 and 2005 respectively or an average of 1.58 and current ratios of 2.79, 2.29 and 2.86 for they years 2007, 2006 and 2005 respectively or an average, an inconsistency may be notable. See Table II above. It is believed by many that operating cash ratio could be a better measure of liquidity and if the same is believe, the liquidity of Tesco may be put in question.  It must be however counter argued that the low operating cash flow could just be indications of the fast moving inventory of the company and could be a sign of good financial management since excess cash earning low interest rate in a bank is a lost opportunity for better earnings in some other form of investments as stock.  Hence this researcher believes that the liquidity based current ratio and quick ratio for Tesco should be sustained. Moreover, Tesco operating cash flow ratios are still  better than Sainsbury’s which are also below 1.0

       The possible practical implications of the finds include the following:   It would mean from the time that Tesco has overtaken Sainsbury in 1995, there seems to a little change to take that back from Tesco. This is shown by the better financial performance and better financial condition of Tesco as reflected in the profitability ratios, liquidity ratios and solvency ratios. Another practical implication is the greater chance for investors to choose that of Tesco over that of Sainsbury since the findings could lead to higher chances for stock price increase and therefore could make investors wealthier than when they put their money at Sainsbury.  The third implication is that being the market leader in revenues could also lead to better profitability and better capitalization and subsequently better wealth for investors. The fourth one is the profitable, liquid and solvent company is one with a long term value which indicates an existence longer than ordinary companies if the retail industry.  Its  above average standard conditions could only be the envy of companies coming into the industry and if they cannot match the present capacities of Tesco, it would not be advisable to compete with the company since its size in relation to it profitability could produce economies of scale that is good barriers to new entrants. If no new companies will come into the industry, the same situation is again an added advantage to existing investors as they have more chances of preserving what they are presently enjoying.


This paper is clearly convinced with the proofs that Tesco is better than Sainsbury in many materials respects financially.  It can therefore be concluded with Tesco’s profitability being proved to be better than Sainsbury and the rest of the players of retail goods industry, a decision to invest  Tesco’s  stock is a very good idea to be entertained but the same must be tempered with some caution because of its apparently low operating cash flow ratio of less than 1.0.  However as explained in the analysis liquidity based on current ratio and quick ratio must be sustained for Tesco.  Except for total asset turnover appearing to be better for Sainsbury.

Tesco’s financial performance  is beyond question as its average return on assets of 6% for the three year period and returns on equity of averaging 9% for the same period are good indicators of profitable operation that could drive the company’s stock price to become higher. Its higher profitability than Sainsbury is very clear in terms of net profit margin for the last three years indicating also higher average of 6%  as against Sainsbury very low average net profit of 1% where even zero rate for one of the years under review was noted.  The resulting higher profitability of Tesco than the average players is made more believable in the light of what it has actually attained given industry average of only 4% (See Appendix A),  which is almost half of its 7% net profit rate of 2007. The industry averages included the operating margin of Thornton, another company in addition to Tesco and Sainsbury under the retail industry from MSN (2008).


BBC News (2001) Sainsbury’s profits edge higher¬† http://news.bbc.co.uk/2/hi/business/1667916.stm , Accessed April 14,2008

Bordon (2008) Tesco {www document} URL http://www.bordon.eu/tesco_en.html, Accessed April 14,2008

Eurofood (2002) ‚ÄúConvenience boost for Tesco – Food Retailing – Tesco PLC acquires One Stop, Day and Nite convenience stores from T. and S. Stores PLC – Brief Article‚ÄĚ {www document} URL http://findarticles.com/p/articles/mi_m0DQA/is_2002_Nov_7/ai_94447960, Accessed April 14,2008

Liprot, H. (2005) ‚ÄúTesco: Supermarket superpower‚Ä̬† {www document} URL http://news.bbc.co.uk/2/hi/business/4605115.stm , Accessed April 14, 2008

Meigs and Meigs (1995) Financial Accounting, McGraw-Hill, London, UK

MSN (2008a), Financial Statements 2005 to 2007 of Tesco, (www documents} URL, http://moneycentral.msn.com/investor/invsub/results/statemnt.aspx?Symbol=TESO&lstStatement=CashFlow&stmtView=AnnAccessed April 14,2008

MSN (2008b), Financial Statements 2005 to 2007 of Sainsbury, www documents} URL, http://moneycentral.msn.com/investor/invsub/results/statemnt.aspx?Symbol=JSNSF&lstStatement=CashFlow&stmtView=Ann, Accessed April 14,2008

MSN (2008c), Financial Statements 2005 to 2007 of Thornton plc, {www documents} URL, http://moneycentral.msn.com/investor/invsub/results/statemnt.aspx?Symbol=US:THTPF&lstStatement=Balance&stmtView=Ann, Accessed April 14,2008

Tesco (2008)  Company Website, {www documents} URL, http://www.tescocorporate.com/, Accessed April 14,2008

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