Tesco share price edges down as shareholder group ramps up legal battle for “substantial” compensation May 28, 2015 A group of Tesco shareholders seeking compensation from the supermarket claim the troubled supermarket "committed serious violations" by overstating its profits. Tesco Shareholder Claims Limited (TSC), which launched proceedings in March this year, argues there is a “strong case” and that the ultimate claim will be “substantial”. Back in September, the supermarket's incoming boss Dave Lewis [...]
Former Tesco chief executive Philip Clarke was paid £764,000 by the supermarket last year May 21, 2015 Ousted Tesco chief executive Philip Clarke, who had presided over a fall of nearly 30 per cent in Tesco's share price during his three years at the helm of the supermarket, was paid £764,000 by the supermarket last year. Tesco's annual report, published this morning, showed that although he stepped down in September last year, [...]
Tesco closes remaining Homeplus stores with loss of 450 jobs in Bracknell, Cheshire, Bristol, Nottingham, Manchester and Preston May 12, 2015 Tesco is bringing to an end its non-grocery Homeplus stores across the UK with the closure of its remaining locations. The last six of the retailer's Homeplus stores will close with the loss of 450 jobs, bringing to an end its venture in non-food retailing in the UK as it seeks to turnaround huge losses. Stores [...]
Tesco splits with auditor PwC after 32 years choosing Deloitte for turnaround May 11, 2015 Tesco has split with PwC, ending a 32-year relationship with the accounting firm following the worst year in the supermarket's near-century history. A Tesco spokesperson said: “We have issued an invitation to tender for the appointment of an auditor. Taking into account the term for which PWC has served as auditor, we have agreed with [...]
Tesco’s Dunnhumby could fetch over £2bn as new suitors Nielsen and WPP mull bid May 11, 2015 US data giant Nielsen is reportedly eyeing a bid for Tesco’s Dunnhumby amid a flurry of interest that could push the price tag for the company above the mooted £2bn mark. Tesco boss Dave Lewis hired Goldman Sachs earlier this year to explore a sale or partial sale of the business – which analyses the [...]
Tesco considers selling mobile phone business May 8, 2015 Tesco could soon shed its mobile phone business as part of chief executive Dave Lewis' scaling back process following a torrid 2014. The retailer makes around £100m a year from the business it co-owns with 02, whose network the service uses. It has around 250 Tesco Mobile shops across the country. Yet according to the [...]
Record grocery deflation hurts sales at Tesco, Asda and Morrisons and Sainsbury’s May 6, 2015 All four of Britain’s major supermarkets saw sales fall over the last 12 weeks, while the discounters continued to slow, as grocery price deflation reached another record low, figures released yesterday show. Sainsbury’s was the strongest performer among the big four despite a 0.2 per cent fall in sales thanks to its increased focus on [...]
Supermarket share: Rise of discounters Aldi and Lidl continues – although Sainsbury’s performs well May 6, 2015 Sales at discounters Aldi and Lidl grew 15 per cent and 10 per cent respectively in the past year, data published this morning shows. On the day Sainsbury's posted its first loss in 10 years, that's significant. More on this story: Sainsbury's reports its first loss in a decade The figures, published by Kantar Worldpanel, [...]
How Sainsbury’s, Tesco and even discounters Aldi and Lidl reined in property expansion plans and ended the supermarket turf wars May 6, 2015 In the never-ending quest for growth, for decades supermarkets held a major arsenal in their weaponry – land. But not any more. Sainsbury's today revealed it took a £682m writedown on its property portfolio in another sign the decades-long land grab by supermarkets has failed to pay off. Tesco's property writedowns run into the billions [...]
More changes on the Tesco board as Ken Hanna and Stuart Chambers quit May 5, 2015 It's all-change at Tesco at the moment: following the appointment of Dave Lewis as chief executive and John Allan as chairman, two of the supermarket's non-executive directors have decided to step down. More on this story: Is Sainsbury's about to have its Tesco moment? Ken Hanna and Stuart Chambers, who have served on the board for [...]