Dave Lewis in plea to staff: Tell me how to fix Tesco September 1, 2014 New Tesco boss Dave Lewis parachuted into the supermarket giant yesterday by urging his half a million staff to email suggestions to help fix the troubled retailer. Marking his first day in charge, Lewis – who stepped up to take the reins from departing boss Phil Clarke a month earlier than planned – penned a [...]
Tesco targets Walkie Talkie workers September 1, 2014 Tesco launched a new flagship store next to the City’s iconic Walkie Talkie building yesterday, in a bid to capitalise on an expected 8,000 thousand-strong workforce set to take over the building. The store, which houses a new Tesco-backed brand Fred’s Food Construction, is based on a New York style deli counter.
Hot sauce: Tesco launches new sandwich store to fight Pret A Manger September 1, 2014 Another day, another sandwich bar opens. So what's new? Well this time, it's Tesco which is launching a brand new sandwich shop format – selling premium subs and hot breakfast to City workers. This morning the supermarket opened its first small format sandwich store, conveniently located a stone's throw away from City AM's [...]
“Dear colleagues”: Dave Lewis’ letter to Tesco staff on his first day as chief executive September 1, 2014 On his first day at Tesco, new chief executive Dave Lewis has written a letter to staff outlining his initial plans for the supermarket. Lewis introduced himself to Tesco’s more than half-a-million staff, telling them he would be doing “a lot of listening,” to staff, customers, shareholders and investment analysts, and the most important thing [...]
Tesco share price continues slump after Harris Associates cuts stake from 3pc to 1pc September 1, 2014 Tesco's share price continued to slump, down almost two per cent on Friday’s losses this morning, after one of Tesco’s largest stakeholders revealed it had cut its investment in the supermarket by two thirds. Investors failed to be reassured on Dave Lewis’ first day on as chief executive after it was revealed the US firm [...]
Three charts showing the challenges facing new Tesco boss Dave Lewis September 1, 2014 New Tesco chief executive Dave Lewis starts his job today, a month earlier than originally anticipated. The supermarket is clearly desperate: on Friday it issued a profit warning saying it expected full-year profits to hit £2.4bn, rather than the £2.8bn expected. The company has been battling against the increasing might of discounters Aldi and Lidl, [...]
Dave Lewis begins first day as Tesco boss August 31, 2014 Former Unilever executive Dave Lewis has taken up his role today as chief executive of Tesco – a month earlier than planned – after the troubled food retailer issued its second profit warning in six weeks on Friday. Tesco slashed its interim dividend by 75 per cent and said it would cut its capital expenditure [...]
Tesco share price: What the analysts are saying August 29, 2014 Tesco's profit warning – its second in just over a month – came out of the blue this morning, but its sentiment has been known for a while. The supermarket's struggles are well documented, from loss of market share against Lidl and Aldi, and growth at a 10-year low. Here's how analysts have responded to Tesco's [...]
Tesco share price plunges on profit warning, dividend cut – and Dave Lewis to start early August 29, 2014 Tesco's share price plunged 8 per cent in early trading after issuing a shock profit warning this morning. The struggling supermarket reduced full-year forecasts from £2.8bn to £2.4bn amid tough trading conditions and expects to reduce its dividend by 75 per cent on last year’s interim payout to 1.16p per share when it reports interim results [...]
Best of the Brokers for 29 August 2014 August 28, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com N BROWN GROUP Investec has kept a “buy” rating, but cut the target price to 520p from 550p. The broker thinks while there are a plethora of new initiatives, the benefits from the implementation of a more retail and marketing-led trading strategy are [...]