That Tesco gross margin includes cost-of-sales expenses. For an apples-to-apples comparison you need to find the cost of merchandise sold/inventory in the notes. It is about 25% which is lower than M&S as it includes low gross margin motor fuel. The in-store gross margin is just under 29%.
That Tesco gross margin includes cost-of-sales expenses. For an apples-to-apples comparison you need to find the cost of merchandise sold/inventory in the notes. It is about 25% which is lower than M&S as it includes low gross margin motor fuel. The in-store gross margin is just under 29%.