Former Tesco directors face court over roles in 2014 accounting scandal October 8, 2018 Two former Tesco directors faced allegations in court today that they manipulated figures that resulted in the supermarket chain's 2014 accounting scandal and a £2bn wipe-off of its share price. Christopher Bush, Tesco's former UK managing director, and ex-UK food commercial director John Scouler have each been charged with one count of fraud and false accounting. Former UK [...]
Tesco scraps best before dates on fruit and veg lines as supermarket aims to cut food waste October 8, 2018 Tesco will remove the best before dates on apples, oranges and dozens of other fruit and vegetables in its latest attempt to help reduce food waste, the company announced today. The store is set to scrap dates on 116 fresh produce products, a move it claimed 69 per cent of customers would support. It wants to [...]
M&S, Tesco and Primark bosses to face MPs over fast fashion ‘waste’ October 5, 2018 Parliament's environmental audit committee has asked the bosses of 10 UK clothing retailers to reveal their environmental records, amid concerns about serial clothes dumping. High street staples Marks & Spencer, Primark, Next, Tesco, Asda and Sports Direct – among others – will also be summoned to parliament to face questions from the committee in November. Fast fashion is shorthand [...]
The Gym Group appoints former Tesco and Asos finance director as chief financial officer October 3, 2018 Low-cost exercise chain The Gym Group has appointed former Tesco director Mark George as its chief finance officer. George was most recently the deputy at car dealing company Auto Trader and has also held senior finance positions at Tesco and fashion house Asos. He will join The Gym Group at the end of the month. Gym Group chief executive [...]
Tesco share price falls despite taking the fight to supermarket rivals with rising revenues October 3, 2018 Tesco aimed to cement its status as the UK’s largest supermarket today with rising revenue and operating margins as it fights off competition from merging rivals and cheaper competitors. However, shares fell more than seven per cent in morning trading as the retailer missed a key profit metric. The figures The retail giant posted a 13 [...]
Store wars: Aldi is in no mood to be Jack’s of all trades October 2, 2018 Aldi vowed to make Tesco discounter brand Jack’s a dull boy yesterday, saying it will remain the UK’s cheapest grocer. “It will be a real struggle for any more complex supermarket to successfully imitate our model let alone replicate it,” Giles Hurley, chief exec of Aldi UK and Ireland, said as he threw down the [...]
Aldi may drop prices to compete with Tesco’s new budget venture Jack’s October 1, 2018 Low-cost supermarket chain Aldi "will never be beaten on price", and could even drop them in response to Tesco's new low-cost venture Jack's, it said today. UK and Ireland chief executive Giles Hurley said Aldi welcomes competition from new players such as Jack's, adding: "If we need to reduce retail prices we will." Read more: Drastic Dave's no-frills move must [...]
Tesco Bank hit with £16.4m fine for ‘largely avoidable’ cyber attack October 1, 2018 The financial watchdog has slapped a hefty £16.4m fine on Tesco Bank for a "largely avoidable" cyber attack that hit customers in 2016. The Financial Conduct Authority (FCA) said the bank had failed to exercise "due skill, care and diligence in protecting its personal current account holders" in the breach, in which attackers gained £2.26m. The FCA's executive [...]
Aldi to expand into 130 new stores as sales rocket to £10.2bn October 1, 2018 German supermarket giant Aldi today announced major plans to open 130 new stores in the UK on the back of impressive sales growth last year. The expansion will create 5,000 new jobs in the UK, Aldi says, and is a big step on the way to the firm reaching its target of setting up 1,000 stores [...]
Bumper summer and Booker buyout set to boost Tesco profits September 30, 2018 Tesco will be hoping to post strong first-half profits on Wednesday, as a blistering summer heatwave, successful World Cup run and a royal wedding are all likely to have boosted the firm’s performance. Consensus estimates compiled by S&P Global Market Intelligence show that earnings before tax (excluding exceptions) could hit £795m in the first six [...]