Five things to expect from Tesco’s results this week: Billion-pound losses, a pension blackhole, property writedown and more April 20, 2015 If Tesco thought the worst was over, Wednesday is likely to take Dave Lewis and co screaming back to last year’s blackhole debacle as the supermarket reports full-year results that are expected to be the worst in its 96-year history. LATEST: Tesco racks up worse than expected £6.38bn loss in worst year in supermarket's history With [...]
British icon Tesco rebounds but will it ever attain its past glory? – Brand Index April 14, 2015 Are there now real signs of recovery for Tesco? Its battle – not just against its traditional big four rivals but the German discounters too – has a long way to run, but the YouGov BrandIndex points towards areas in which it is succeeding. Tesco’s nadir was reached prior to Christmas, its brand image damaged [...]
Tesco begins land sell-off in cost-cutting drive March 30, 2015 Tesco has hired property advisory firm Savills to sell six development sites as part of plans announced earlier this year to cut costs. Chief executive Dave Lewis said in January that he would halve capital spending and save £250m a year by axing 43 stores, shelving 49 projects and closing its Cheshunt head office. The [...]
Philip Clarke just left Tesco – again March 25, 2015 Eh up. Anyone got a sense of deja vu? Tesco has announced chief executive Philip Clarke had decided to step down, retiring after 40 years in the job. The revelation left supermarket-watchers confused – surely Clarke has already departed, to be replaced by former Unilever man "call me Dave" Lewis? Clarke left the supermarket under a [...]
Tesco share price edges down as investors prepare new legal claim over profits mis-statement March 24, 2015 Tesco's share price fell 0.5 per cent this morning as it emerged a group of investors were preparing a legal challenge for compensation over its profits mis-statement. The shareholders have hired a litigation specialist to seek compensation following a fall in the company's share price after management revealed a £250m black hole in its profits, [...]
Patrick Cescau exits Tesco board in clear-out – to be replaced by Richard Cousins March 23, 2015 Patrick Cescau, the senior non-executive Tesco director who led the search for the supermarket's new chairman, is leaving the firm's board, confirming speculation of his departure. Cescau's departure comes after six years with the retailer – it was widely believed he would depart after a new chairman was named to clear the way for a [...]
Tesco takes over 21 superstores in £733m deal with British Land March 20, 2015 Tesco has sealed a £733m deal with British Land, in which the supermarket is taking back 21 of its superstores. The company says this will help it “strengthen its core UK business”. In exchange, British Land will take over Tesco's stake in three shopping centres, three retail parks and three standalone stores. These are currently [...]
Homebase snaps up former Tesco exec Echo Lu March 19, 2015 DIY chain Homebase has poaches its latest managing director from the embattled supermarket Tesco. Echo Lu, who was previously head of group business planning and insight at Tesco, will join on April 20. John Walden, chief executive of Home Retail Group, said. Echo has significant, broad-based retail experience both in the UK and the rapidly evolving [...]
Tesco share price slides as Sir Martin Sorrell confirms WPP’s Dunnhumby interest March 17, 2015 Sir Martin Sorrell, the boss of the world’s largest advertising group WPP, has confirmed the company is interested in buying Tesco’s data arm Dunnhumby. Speaking at the Media & Telecoms conference in London, Sorrell said he was interested in the business behind the supermarket’s Clubcard loyalty scheme which was essentially put up for sale in [...]
Tesco share price spikes as Dunnhumby sale speculation mounts March 16, 2015 Tesco shares spiked four per cent in afternoon trading amid mounting speculation of a potential sale of its lucrative data business Dunnhumby. A deal, which could be worth as much as £2bn to the supermarket according to analysts, is moving ahead, with WPP and a host of private equity firms vying for the data company [...]