Business Services Industry
Stock in Britain's Tesco Rises on Merrill Lynch Broker's Remarks.
Knight Ridder/Tribune Business News, February, 2004
Daily Mail, London Knight Ridder/Tribune Business News
Feb. 25--Tesco's shares moved higher after bullish remarks from joint broker Merrill Lynch about its potential to expand clothing sales.
After a meeting with John Hoerner, Tesco's head of clothing, Merrill was impressed by the "professionalism, commitment and price-cutting scale" that a business like Tesco can bring to a non-food category.
Tesco surged 5 1/4 pence before closing at 252 1/2 pence, up 3/4 pence.
Clothing is just 2 percent of its total sales. Merrill points out that clothing is a weak market and Tesco has UKpound 4 billion of sales in other categories outside food, suggesting that there is plenty of scope to grow in clothing.
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