Rising sterling pushes down FTSE on big day of results for retailers January 12, 2017 A strengthening pound pushed the FTSE 100 slightly down from its record opening level amid a slew of results from major retailers. The pound rose as high as $1.2317 against the US dollar as greenback continued its retreat from 14-year highs. Sterling was broadly flat against the euro in morning trading. The FTSE was broadly [...]
Outraged City analysts bash retailers for choosing to report on the same day January 12, 2017 Overloaded City analysts bashed UK retailers this morning for all choosing to publish financial updates on the same day. Today has been branded "Super Thursday" because so many retailers are publishing their Christmas figures. Financial reports have come from Marks and Spencer, Tesco, AO World, Debenhams, Asos and Primark-owner Associated British Foods, to name just a few. [...]
Tesco share price falls despite sales rise in third trading quarter as investors focus on weaker Christmas trading January 12, 2017 Tesco's share price fell despite the supermarket giant reporting its first quarterly market share growth since 2011, as sales grew for the eighth quarter in a row. The figures Group like-for-like sales grew 1.5 per cent in its third trading quarter, with UK like-for-like sales growing even faster, at 1.8 per cent. The supermarket said it [...]
Ditched auditor brought back to investigate Tesco Bank hack January 11, 2017 Tesco has turned to its former auditor, which it axed after more than 30 years in the wake of a profit blackhole, to investigate a cyber attack on its bank. PwC was brought in by Tesco Bank to investigate an attack in November which forced it to repay £2.5m to customers who had been targeted by [...]
Food suppliers squeezed as supermarkets play hardball in Brexit price talks January 10, 2017 Food suppliers are being squeezed as supermarkets play hardball in talks over which side should shoulder the burden for the devaluation of the pound, new figures suggest. Research from insolvency firm Begbies Traynor shows 6,000 food suppliers were showing signs of financial distress in the final quarter of 2016, an increase of 13 per cent [...]
Supermarkets are leading the FTSE 100 after Morrisons’ stellar results January 10, 2017 Supermarkets are leading the FTSE 100 risers today after positive data on the sector's sales over Christmas – and a strong update from Morrisons. Morrisons' share price was up 3.64 per cent at time of writing after the Bradford-based grocer reported a 2.9 per cent jump in like-for-like sales for the nine weeks to 1 [...]
Morrisons reported strong Christmas trading numbers this morning – here are the best reactions January 10, 2017 Morrisons is having a lovely morning, with shares up four per cent on news that the supermarket's sales growth over the Christmas period was at its strongest for seven years. The group reported a 2.9 per cent jump in like-for-like sales excluding fuel, and said Morrisons.com had achieved its biggest ever week for sales in [...]
Supermarkets had a record Christmas – but prices are rising January 10, 2017 Supermarkets had a record Christmas period in 2016, with sales growing at their fastest rate since June 2014, but prices are finally starting to rise following the Brexit vote. The latest figures from Kantar Woldpanel show that sales were up 1.8 per cent for the 12 weeks ending 1 January. Consumers spent nearly half a billion pounds [...]
Consumers wasted a whopping £13bn of edible food in 2015 January 10, 2017 Consumers threw out £13bn – 7.3m tonnes – worth of perfectly edible food in 2015. That generated 19m tonnes of carbon emissions, equivalent to those generated by one in four cars on UK roads, according to food waste reduction charity Wrap. However, 60 per cent of us believe we waste either no food or hardly any. Wrap has built off its work with [...]
Manufacturing giant Premier Foods to increase prices due to Brexit vote January 10, 2017 Premier Foods, the supplier of iconic brands such as Mr Kipling cakes and Bisto gravy, is in talks with its major retail customers about lifting prices due to a double whammy of weaker sterling and higher commodity costs. City A.M. can reveal that the listed food manufacturer last month opened discussions with the likes of [...]