Dave Liquorice wrote:
On Sat, 03 Dec 2011 09:20:03 +0000, The Other Mike wrote:

Tesco only make 5% profit before tax on turnover,

That's what the books say. Tesco will have good accountants. Good
accountants shuffle things about and play the rules to minimise any
tax liabilty.

Profit in the P&L accounts and profit for tax purposes are different
things. Tesco and other companies very rarely seek to understate profit
in the P&L accounts: investors don't like low profits so the share price
falls; and top managers' bonuses tend to depend on the profits and/or
share price.
--
Robin
reply to address is (meant to be) valid