Morrisons, Tesco, Ocado and Marks & Spencer’s share prices soar after UK food sector shows signs of growth February 10, 2015 Supermarkets led the FTSE 100 higher this afternoon, after figures revealed the grocery sector was in growth once again. Morrisons' share price had recorded the biggest gains at pixel time, rising 5.5 per cent. This was on the back of Kantar figures out this morning, showing its sales had fallen 0.4 per cent, the [...]
Tesco’s share price jumps as Kantar figures reveal the supermarket has grown sales for first time in a year – but it is still losing market share February 10, 2015 Tesco's share price jumped nearly two per cent this morning after figures revealed it had grown for the first time since January 2014. The UK's biggest retailer recorded sales growth of 0.3 per cent to £7.9bn for the 12 weeks to February 1, according to Kantar Worldpanel. But that was not enough to stem the [...]
Tesco tells suppliers to cut prices as commodities slump February 8, 2015 Tesco has delivered a stern message to its suppliers: cut prices or your products could be taken off the shelves. The scandal-hit supermarket is still rebuilding its reputation following the revelation of ia £263m profit blackhole last year, yet an ongoing price war with discounters such as Aldi and Lidl has kept its [...]
Tesco GCA probe: More supermarkets could be investigated, says watchdog February 6, 2015 More supermarkets could be investigated by the Groceries Code Adjudicator (GCA), a watchdog for UK businesses has warned. Yesterday, the GCA launched an examination of Tesco's relationships with its suppliers, saying it had acquired enough evidence to suggest bullying and delays in payments had taken place. Christine Tacon, adjudicator for the GCA, [...]
Tesco faces investigation by yet another regulator over payment to suppliers February 5, 2015 Tesco has fallen under the scrutiny of yet another regulator, as a huge black hole in profits continues to raise questions about the supermarket's practices. In September last year, Tesco revealed that it overstated its group profits for the six months to 23 August by an estimated £250m, which was soon revised up to £263m. [...]
Tesco global CIO Mike McNamara leaves for US retailer Target as supermarket begins hunt for chief technology officer February 3, 2015 Tesco’s top tech boss who was instrumental in the roll out of the supermarket's online and e-commerce business is exiting the company after 15 years for US retailer Target. Mike McNamara, who also sits on Tesco’s executive committee, has led the supermarket's global technology systems as chief information officer (CIO) since 2011. It's the latest in [...]
Tesco clears £2.1m payoff for former executives Philip Clarke and Laurie McIlwee February 3, 2015 Tesco will hand its former chief executive and chief financial officer £2.1m between them, after the payments were approved following the accounting scandal which came to light last year. Philip Clarke and fellow exec Laurie McIlwee will receive £1.2m and £970,880 respectively, after the supermarket found there were no legal grounds to continue withholding the payments. "The [...]
Retail veteran John Allan in the running for Tesco chairman role February 1, 2015 DIXONS Carphone deputy chairman John Allan is tipped to be named as the next chairman of Tesco as the supermarket attempts to revive its fortunes and draw a line under last year’s accounting scandal. Tesco is understood to have drawn up a shortlist of potential candidates to replace Sir Richard Broadbent, who announced in November [...]
Analysis: Why has Tesco chosen to shut these 43 stores? January 29, 2015 Tesco has now announced the 43 stores that it plans to close. 18 Express stores, 12 metro stores, seven superstores and six Home Plus stores. The closures will start taking effect from March. What does it tell us about their location strategy when one looks at the stores set to close? It is a [...]
Tesco store closures: 74pc of axed branches have an Aldi or Lidl nearby January 29, 2015 Discount supermarkets could be partly responsible for Tesco's plans to close 43 unprofitable stores in the UK – with the vast majority of struggling stores located near a low-price alternative. In a bid to change the fortunes of the struggling supermarket, Tesco's new chief executive Dave Lewis announced the store closures yesterday, saying the decision was [...]