Bottom Line: As the going gets tough, Justin King gets going June 11, 2014 There was a lot of back-slapping at Sainsbury’s yesterday, with Justin King talking up his successor, and his successor lavishing praise on the soon-to-depart chief executive. “When Justin started at the business we were serving 14m customers a week, and now we’re serving 24m a week. That’s a great achievement,” enthused Mike Coupe. King insists the [...]
Justin King’s final curtain: Sainsbury’s CEO goes out on sliding sales June 11, 2014 It is chief executive Justin King’s last set of results, and Sainsbury's has reported a 1.1 per cent fall in like-for-like sales – in line with expectations. Including fuel, they dropped 2.4 per cent in the 12 weeks to 7 June. But shares have risen by as much as two per cent this morning. Darren [...]
Barclays fears Amazon and Google threaten traditional banks June 10, 2014 Customers will soon use tech firms like Amazon, Google and PayPal instead of banks, Barclays’ chief Antony Jenkins said today, promising to innovate more to compete with digital giants. The sector is already being shaken up by new banks being established, and big firms like Tesco offering current accounts. But Jenkins believes the [...]
Tesco Bank current account finally checks in June 9, 2014 After six years of delays, glitches and excuses, and a cool £600m splashed on the project… BRITONS can today open current accounts with Tesco Bank as the retailer at last becomes a fully functioning challenger to the big banks. The long-awaited milestone comes at a tough time for Tesco, which hopes a stronger banking arm [...]
Sainsbury’s to expand clothing sales by trialling online launch June 9, 2014 Sainsbury is to take on its high street and supermarket rivals by selling its clothing brand Tu online for the first time. The retailer said yesterday that it will pilot selling clothing to around 200 “invited” customers in the Midlands in August, which if successful would then be rolled out nationwide. It comes after people [...]
Sainsbury’s to trial selling clothing online June 9, 2014 Sainsbury is to take on its high street and supermarket rivals by selling its clothing brand TU online for the first time. People close to the company previously said that clothing margins were too low justify delivering clothes bought online to customers. However in a statement yesterday Sainsbury’s said it will pilot selling [...]
VEC lands third British e-cigarette company as industry booms June 9, 2014 US Victory Electronic Cigarettes (VEC) has acquired its third British e-cigarette company in six months for $104m (£62m). Ten Motives, one of the largest and fastest growing e-cigarette companies in Europe, was founded in 2008 by former telecoms Art Devlin. Ten Motives has long term relationships with leading retailers, such as Sainsbury’s, Tesco and Bargain [...]
VEC lands third British ecigarette company as industry booms June 9, 2014 US Victory Electronic Cigarettes (VEC) has acquired its third British ecigarette company in six months for $104m (£62m). Ten Motives, one of the largest and fastest growing ecigarette companies in Europe, was founded in 2008 by former telecoms Art Devlin. Ten Motives has long term relationships with leading retailers, such as Sainsbury's, Tesco and Bargain [...]
The week in brief June 8, 2014 UK E&M market to be worth £64bn by 2018 According to PwC’s latest Global entertainment & media (E&M) outlook report, the UK E&M market is expected to grow by 3.1 per cent from 2013 to 2018 – to a value of £64bn in 2018. In 2013, Britain had the second largest E&M market in Europe, [...]
After share price crash Asos warns on profits and investors slam Morrisons June 5, 2014 SOME of Britain’s biggest retailers were left reeling yesterday after a profits warning from Asos spooked investors and supermarket bosses came under a fierce verbal attack from angry shareholders. Asos shares crashed 31 per cent, wiping £1.2bn off its market value, after the online fashion retailer warned that a strong pound and a rise in [...]