Sainsbury’s results: Will efforts to keep prices low pay off? July 3, 2023 Investors will turn their focus to Sainsbury’s first quarter trading update on Tuesday to see how shoppers are reacting to the impact of food inflation amid the cost of living crisis. The supermarket is expected to post a jump in revenues driven by higher grocery sales over the quarter to June. Analysts at Shore and [...]
No teas or coffees for shareholders at M&S AGM as chairman tells them to go digital July 2, 2023 Attendees of the Marks & Spencer AGM on Tuesday will not be served any refreshments or get a chance to speak to bosses face to face, as it looks to take the event totally digital. The Percy Pig maker had advised shareholders not to travel to the company’s AGM on Tuesday, with shareholders who do [...]
Heartwood Collection secures £100m cash injection as it steams ahead with ‘pubs with room’ expansion July 2, 2023 Hospitality chain Heartwood Collection, formally known as Brasserie Bar Co, has secured £100m of additional funding as it steams ahead with its growth plans. In June, the pub and restaurant chain revealed a major revamp which saw the hospitality group expand into the pubs with rooms market. Last year, Brasserie Bar Co was snapped up [...]
Gerry Murphy: Who is Tesco’s new chair? July 2, 2023 Two months after Tesco’s former chair John Allan stepped down following allegations of sexual misconduct the ‘Big Four’ grocer has appointed boardroom heavyweight Gerry Murphy to fill the role. Dr. Murphy, an Irish businessman, is already the chairman of luxury fashion brand Burberry and sugar manufacturing business Tate & Lyle, however will step down from [...]
Gerry Murphy to take chairman role at Tesco after John Allan resignation July 2, 2023 The UK’s biggest supermarket chain Tesco has appointed a new chairman after his predecessor stepped down amid allegations of inappropriate behaviour. Dr Gerry Murphy, current chairman of luxury fashion brand Burberry and Tate & Lyle, the ingredients maker, is to replace John Allan in the top job, Tesco said. He will take up the role [...]
Tesco slashes price of 500 essentials including fruit and veg, rice and tuna to help shoppers with cost of living June 30, 2023 Tesco has cut the price of more than 500 household essentials, in a boost to shoppers after the surge in the cost of living. The supermarket giant confirmed reductions in the price of key products such as fruit and vegetables, rice and tuna, as retailers have faced growing scrutiny over higher food costs. Latest official [...]
John Lewis submits £500m London planning bid for 800 homes – but questions remain about affordability June 30, 2023 John Lewis is pressing on with its shift away from the high street and into residential property by submitting initial planning applications for new ‘build to rent’ homes in the capital The hard-hit retailer submitted proposals for nearly 800 rental homes on London sites in West Ealing and Bromley, with plans for a site in [...]
WH Smith has no plans to grow ‘healthy’ high street presence as it eyes airports instead June 30, 2023 WH Smith boss said the retailer has no plans to open any additional high street stores but is focusing on growing its transport hub and international presence. “We’ve got a very healthy High Street business in the UK”, Carl Cowling told the BBC, “but we’ve got no ambitions to grow that”. “When you look at [...]
Revolution Beauty defends counter-revolution after Boohoo’s shareholder revolt June 30, 2023 Revolution Beauty defended the unusual actions it took at its AGM this week, after it reinstated three members of its executive team who had been voted out by shareholders. The beauty company said its actions had been “firmly validated” by the stock market response, with its shares rising yesterday. Without taking the action it did, [...]
H&M shares jump 17 per cent despite dip in profits June 29, 2023 H&M investors today welcomed news of strong summer sales, with shares in the brand soaring despite the retailer posting a dip in profits. Operating profit at the global fashion brand for the second quarter came in at SEK 4.74bn (£3.46bn), down year on year from SEK 4.98bn (£3.64bn) but above forecasts of SEK 4.07bn, with [...]