Tesco share price falls again: Chairman Sir Richard Broadbent steps down as profit overstatement is bigger than thought October 23, 2014 Shares in Tesco closed down 6.6 per cent in early afternoon trading, after the supermarket posted first-half results showing statutory profit before tax, which includes one-off items, collapsed by 91.9 per cent to £122m in the 26 weeks ended 23 August 2014. Sir Richard Broadbent, Tesco's chairman, announced he will step down, while the embattled [...]
Quiz: How well do you know your Tesco catastrophes? October 23, 2014 Has Tesco hit rock-bottom? The supermarket's chairman, Sir Richard Broadbent, announced his departure this morning on the back of first-half results showing the profit "overestimation" it had originally thought £250m, but £263m. The news sent Tesco shares down by a surprisingly muted 5.6 per cent in early afternoon trading, although analysts didn't mince their words when [...]
Quiz: How well do you know your Tesco catastrophes? October 23, 2014 Has Tesco hit rock-bottom? The supermarket's chairman, Sir Richard Broadbent, announced his departure this morning on the back of first-half results showing the profit "overestimation" it had originally thought £250m, but £263m. But this isn't the first time Tesco has come off the rails. How well do you know your Tesco catastrophes? Test yourself below. [...]
The good, the bad and the ugly: What the analysts say about Tesco October 23, 2014 It’s another dark day for Tesco. The supermarket's estimated £250m profit black hole was even larger than expected at £263m, £70m of which came prior to the period it initially identified as problematic. Profits collapsed 91.9 per cent as it took the hit of the accounting error, it completely ditched its forecasts, cash flow was [...]
Luke Johnson steps down from Metro Bank board October 23, 2014 Serial entrepreneur Luke Johnson has resigned his position as a non-executive of Metro Bank. Johnson told Sky News that the time commitments now required for the role were becoming too great for him to maintain his position at Britain's first new high street bank for over 100 years. He joined Metro Bank in 2011. Johnson made [...]
Fashion sales dampen retail growth during warm September October 23, 2014 Fashion sales have hampered the wider retail sector in September, with warm weather driving sales down 4.1 per cent year-on-year. Month-on-month that figure was even worse: sales dropped 7.8 per cent between August and September. As a result, the retail sector as a whole saw a 0.3 per cent month-on-month drop, although sales climbed 2.7 [...]
Unilever share price falls as it records lowest growth in five years October 23, 2014 While Dave Lewis is putting out one fire at his new employer Tesco, things back at Unilever are also looking less than rosy. The consumer goods business, where Lewis had worked for 28 years before becoming Tesco chief executive, this morning reported its weakest rate of quarterly sales growth in five years. Underlying [...]
Who will replace Tesco chairman Richard Broadbent: Runners and riders October 23, 2014 Wanted: Heavyweight to lead a City institution. Must be good with numbers and new people. Retail knowledge preferred. Must be willing to have difficult conversations, understand customers and be confident in implementing new strategies. Hobbies should include "brand archeology". It’s a tough job. Is there anyone who would want to fill chairman Richard Broadbent’s shoes [...]
Publicis Groupe share price falls as communications giant misses growth expectations October 23, 2014 The only way is digital for French communications giant Publicis Groupe, as digital increasingly makes up a bigger slice of the company's overall revenue. In its third-quarter results released today, Publicis Groupe missed expectations for organic growth, yet claimed the fact that 42% of its overall revenue came from digital operations (a nine per [...]
Mortgage approvals fall again in September as cooling measures take effect October 23, 2014 The number of mortgages approved by banks fell 10 per cent in September compared with a year ago, figures published by the British Bankers' Association showed. The fall came after "cooling measures" introduced by the Bank of England, which make prospective borrowers undergo "stress tests" to figure out whether they can afford a loan, came [...]