The web arm of the supermarket chain told the City 18 months ago that it would be profitable in 2002 and Swindell told delegates that it was on target to do so.
And she said that the virtual store, which only accounts for around 1.5% of the company’s overall sales, would be reporting a profit this year, net of most head office costs.
‘We’re in danger of painting a rosy picture of a dot.com,’ she said, while acknowledging: ‘Reporting a fully-costed p&l is still difficult.
Swindell said Tesco had looked at creating a separate legal entity for its online business but had rejected it partly because of the ‘dot.com tragedy’ of last year.
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If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
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