Tesco 2001 Annual Report Download - page 2

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CONTENTS
1Financial highlights
2Operating and
financial review
7Directors’ report
9Corporate governance
12 Report of the Directors
on remuneration
17 Statement of Directors’
responsibilities
Auditors’ report
18 Group profit
and loss account
19 Statement of total recog-
nised gains
and losses
Reconciliation
of movements
in shareholders’ funds
20 Balance sheets
21 Group cash flow state-
ment
22 Accounting policies
24 Notes to the
financial statements
40 Five year record
Our successful long-term growth strategy has four elements:
strong UK core business – continues to grow and to build market share
non-food – making excellent progress towards our goal of being as strong
in non-food as food
retailing services – following the customer into new areas such as personal
finance and on-line retailing
international – our long-term organic growth programme is progressing
well and we are on track for 45% of Group space by 2002.
All aspects of our strategy reflect our core purpose:
Creating value for customers, to earn their lifetime loyalty
In the UK and internationally, the way we do things at
Tesco is defined by our values.They are fundamental
to our business and support the core purpose.They are:
No-one tries harder for customers
Understand customers better than anyone
Be energetic, innovative and first for customers
Use our strengths to deliver unbeatable value to our customers
Look after our people so they can look after our customers.
Treat people how we like to be treated
All retailers, there’s one team... the Tesco Team
Trust and respect each other
Strive to do our very best
Give support to each other and praise more than criticise
Ask more than tell and share knowledge so that it can be used
Enjoy work, celebrate success and learn from experience.