Tesco share price surges nine per cent after naming Matt Davies as new UK boss: sales drop, but turnaround begins January 8, 2015 Tesco's share price surged by more than nine per cent this morning, after the troubled supermarket outlined its turnaround strategy. It reported a fall in like-for-like sales of 2.9 per cent in the 19 weeks to 3 January – a better than expected set of results. The supermarket, which had a dismal 2014, set out [...]
Tesco, Morrisons, Asda, and Sainsbury’s cut petrol prices as Brent crude falls again January 7, 2015 The UK’s supermarkets are cutting petrol prices as the falling price of oil fuels a pump war. Brent Crude dropped below a symbolic threshold this morning, sliding below $50 a barrel to $49.99. The supermarkets had already blinked, however. Asda capped its petrol prices at 107.7p per litre and diesel at 114.7p from 1 January, [...]
LondonMetric buys Tesco dark store as online demand expands January 6, 2015 LondonMetric has stepped up its exposure to the UK’s fast-growing online retail market by acquiring a Tesco distribution centre in south London for £21m. The property company said yesterday it has bought the Croydon warehouse from CBRE Global Investors in a deal reflecting an initial yield of 5.5 per cent. The 173,000 square feet online [...]
Tesco braces for era of pain as Dave Lewis restructures group January 4, 2015 Troubled retail giant Tesco is preparing to give investors a poor set of financial results this Thursday – which is likely to include losses in its core supermarket operations. New boss Dave Lewis has warned shareholders that he is willing to take short-term pain for long-term gain. He is not going to reveal any comprehensive [...]
Tesco to reveal new supplier payment system as fears of second-half loss grows January 4, 2015 In the wake of a terrible 2014 for the retail giant, Tesco is preparing itself to overhaul the way it organises its supply chain. According to the Sunday Times, which quotes senior sources, Tesco chief executive Dave Lewis plans to unpick the complex system of rebates and penalties used to extract money from suppliers, [...]