The ‘battle for value is on’ at UK grocers as supermarkets push discounts October 8, 2024 Higher spending at supermarkets over the last month has been driven by sales of discounted goods as grocers compete to bring financially-stretched customers through their doors, according to fresh data. Grocery price inflation increased slightly to two per cent during the four weeks to 29 September, up from 1.7 per cent last month, according to [...]
Meal deal maker Greencore hikes profit outlook October 8, 2024 Food manufacturer Greencore—which produces sandwiches for supermarket meal deals—has said it anticipates full year profit to be “ahead of current market expectations.” In a trading update issued today, the convenience food firm, which supplies all the UK’s major supermarkets with salads, sushi, sandwiches, snacks, ready meals, and soups, said like for like revenue growth for [...]
Tesco ups guidance after first-half performance ‘exceeds expectations’ October 3, 2024 Supermarket giant Tesco has upped its profit guidance following another strong period of trading for the UK’s biggest grocer. Tesco increased its retail adjusted operating profit guidance to £2.9bn, from £2.8bn, after it “delivered volume growth ahead of expectations”. Continuing sales at the grocer grew 3.5 per cent in the 26 weeks ended 24 August [...]
Booths: ‘Waitrose of the North’ slashed loss thanks to record sales October 1, 2024 High-end supermarket chain Booths slashed its loss as sales passed £300m for the first time in its history. The Lancashire-headquartered company, which can trace its roots back to 1847, has reported a turnover of £318.6m for the year to 30 March, 2024, up from the £298.7m it achieved in the prior 12 months. Newly-filed accounts [...]
Asda workers ‘owed over £2bn in back pay’ as 159 MPs write to bosses September 24, 2024 Retail workers at supermarket giant Asda are owed more than £2bn in back pay, according to the GMB Union. The claim comes as 159 MPs wrote to bosses at the Leeds-headquartered company calling for an end to “pay discrimination” of its supermarket workers. The politicians have also called on TDR Capital, which is about to [...]
Ocado shares jump after firm hikes sales outlook on M&S joint venture September 19, 2024 Ocado shares jumped more than 10 per cent in early deals this morning after the company hiked its sales guidance. The retail arm of the London-listed group, Ocado Retail, a 50:50 joint venture between Ocado Group and Marks & Spencer Group, reported revenue growth of 15 per cent in the 13 weeks to 1 September [...]
Mohsin Issa to step away from Asda as search for CEO continues September 18, 2024 Supermarket giant Asda has announced that Mohsin Issa will step away from his executive leadership role to focus on his position as sole chief executive of petrol forecourts business, EG Group. Lord Stuart Rose will assume Mohsin’s responsibilities alongside TDR Capital partner Rob Hattrell, the Leeds-headquartered grocer said, while Mohsin Issa will remain a co-owner [...]
Tesco loses Supreme Court ‘hire and fire’ appeal after three-year battle September 12, 2024 Tesco has lost its ‘hire and fire’ appeal after the Supreme Court ruled it cannot terminate its employees’ contracts for the purpose of depriving them of retained payment. The judge said that employees’ contracts contained a clause barring the supermarket giant from removing their right to retained pay. The ‘landmark’ legal battle was initially brought [...]
John Lewis: ‘Transformation on track’ but chain still in the red September 12, 2024 The John Lewis Partnership has reported an improved set of half-year results and has said it is on target to significantly boost its performance for the full year. The iconic UK name, which also owns Waitrose, said sales topped £5.9bn in the 26 weeks ended 27 July, up by two per cent year on year. [...]
Grocery inflation stabilises, but Brits still concerned about shopping costs September 10, 2024 Grocery inflation has returned to its downward trend but nearly two thirds of Brits remain worried about the rising cost of their shopping, according to fresh data. Annual grocery price inflation in the four weeks to 1 September fell to 1.7 per cent, down from 1.8 per cent in the previous four-week period, according to [...]