Tesco profits crisis: Dave Lewis must do “whatever it takes”, says shareholder September 22, 2014 Tesco could be forced to raise cash by way of a rights issue or by speeding up the sale of its UK and overseas assets, as the troubled supermarket chain launched a probe yesterday into a £250m black hole in its accounts. The debacle prompted a profits warning, which puts Tesco on course for trading [...]
Tesco in turmoil: Share price dives after £2bn is wiped off market value September 22, 2014 Britain’s largest retailer suspends four executives and launches probes after £250m profit overstating debacle. Tesco shares plunged 12 per cent yesterday after the embattled supermarket chain admitted that an error in its accounts meant profits for the last six months would be £250m lower than expected. The retailer has suspended four senior executives, [...]
Broadbent suffers his Rumsfeld moment September 22, 2014 SIR RICHARD Broadbent’s position as chairman of Tesco looked increasingly vulnerable yesterday after the latest revelations over mis-stated profits raised questions over governance at the chain. Several City analysts suggested that Broadbent would have to go, including Shore Capital’s Clive Black, who described his position as “untenable,” after overseeing his third profit warning in weeks. [...]
London Eye owner Merlin to open more Dungeons across the US September 18, 2014 London Dungeon owner Merlin Entertainments is planning to roll-out the spine-tingling attraction across the US after the success of its first US Dungeon in San Francisco. The owner of the London Eye and Madame Tussauds yesterday reported a 6.7 per cent rise in like-for-like sales for the 36 weeks to 6 September, driven by a [...]
Analyst Views: What was your reaction to Merlin’s interim management statement? September 18, 2014 IVOR JONES | NUMIS Merlin has long-term growth potential driven by capital investment, a track record of excellent execution, and the potential to enhance its business with the application of yield management technology. All of these attractions are, we believe, reflected in the current share price and we reiterate our “hold” rating. MARK IRVINE-FORTESCUE | [...]
French Connection share price falls even as retailer narrows losses September 18, 2014 French Connection shares fell almost 14 per cent yesterday as the retailer struck a cautious note over the crucial Christmas period ahead, even as losses narrowed in the in the first half of the year. The clothes retailer has been trying to reverse its fortune after years of weak sales by cutting back on the [...]
Hedge fund Elliott Advisors earns £59m after selling down stake in Game Digital September 18, 2014 GAME Digital’s US hedge fund owner Elliott Advisors has pocketed £58.5m after selling a chunk of its stake in the video games retailer, dragging shares down yesterday. Liberum Capital revealed yesterday it had sold 22.5m shares held behalf of Elliott Advisors through a Luxembourg-registered investment vehicle, Duodi. The tranche of shares, which was sold through [...]
Canary Wharf’s shopping malls boost Songbird Estates September 18, 2014 Songbird Estates, the listed property giant behind London’s Canary Wharf Group, said the value of its shopping centres had reached a record £1bn in the first half of the year as the company pushed ahead with a new mall above its planned Crossrail station. The company is building 115,000 square feet of retail [...]
JD Sports trading at record level September 17, 2014 JD SPORTS said yesterday it enjoyed record trading in the first half of the year as the sports retailer doubled profits. Revenue increased by 27 per cent to £721.5m in the six months to 2 August as sales at its sports stores, JD and Size?, jumped 28 per cent. The strong performance helped drive pre-tax [...]
Marks & Spencer opens across Finland and Norway as part of European expansion September 17, 2014 Marks and Spencer is set to open its first shop in Scandanavia next month as it marches ahead with its European expansion. The high street retailer said yesterday it will open 15 franchise stores across Finland and Norway, with the first shop set to open in Helsinki next month. The 32,000 square feet store will [...]
