ANALYST VIEWS | DO TESCO’S RESULTS SUGGEST A FINANCIAL TURNING POINT? June 11, 2012 CLIVE BLACK SHORE CAPITAL We see this as a steady statement suggesting stabilisation is coming through in the UK, which we find encouraging after sustained underperformance. For the “uber bears” there is no warning, which is an important foundation to the rebuilding of Tesco’s investment credentials. FREDDIE GEORGE SEYMOUR PIERCE We continue to believe that [...]
Supermarkets cut fuel prices as battle at the pumps intensifies June 11, 2012 SAINSBURY’S and Asda yesterday fired the latest salvo in a fuel price war among supermarket giants. A fall in global oil prices has triggered the price drops, which have seen the big four supermarkets – Tesco, Asda, Sainsbury’s and Morrisons – fight it out to offer the best deal. Asda said that from today it [...]
Bailout buzz evaporates as FTSE 100 falls in the wake of Spanish rescue June 11, 2012 BRITAIN’S top shares saw earlier sharp gains evaporate yesterday, ending the session lower, as euphoria engendered by a Spanish bank rescue package gave way to concerns over its long-term efficacy, as investors eyed the next hazards in the crisis. The FTSE 100 index ended the session down 2.71 points, or 0.1 per cent, at 5,432.37, [...]
As Tesco reports a drop in UK sales, has the retailer been pursuing the wrong strategy? June 11, 2012 YES Richard Perks “Retail is detail” and Tesco has been getting too many of the details wrong – poor quality, bad service, tired stores and an inept marketing function that couldn’t cope with Asda’s price guarantee. Very basically, Tesco has been using the UK as a cash cow to provide funds for development elsewhere. But, [...]
THE TIPSTER | Consulting an upbeat 2012 June 11, 2012 CONSULTANCY WS Atkins was quite upbeat about its full-year results back in April, so it will be interesting to see if the company can indeed deliver. The shares have dropped back noticeably from their 2012 high around 800p, so the company will be hoping that its figures are enthusiastically received by investors. IG’s price on [...]
Tesco sales fall June 11, 2012 Tesco, the world’s third-biggest retailer, has seen a drop in quarterly underlying sales in its main British market, showing its recovery plan following a shock profit warning in January is taking time to gain traction. The supermarket group, with over 6,000 stores in 14 countries, said consumer confidence was subdued across all of its markets, [...]
LONDON REPORT June 10, 2012 THE week starts with a quarterly trading statement from grocer Tesco, which is expected to report a fall in earnings because of tough economic conditions and fierce competition. Tomorrow will see the release of the UK’s latest industrial production and manufacturing data, plus a speech from Paul Tucker, deputy governor of the Bank of England. [...]
Sainsbury and M&S chiefs see bonus slashed June 7, 2012 SAINSBURY chief executive Justin King and Marks & Spencer boss Marc Bolland have both seen their bonuses cut after failing to meet targets, as the recession forced them to slash growth plans. The cuts come amid a recent wave of shareholder upheaval against excessive executive pay which has swept across boardrooms including Aviva and Inmarsat. [...]
THE GREAT PAY DROP: HOW RETAIL BOSSES ARE FEELING THE PINCH June 7, 2012 Was £3.7m Now £3.4m Sainsbury chief Justin King takes a 9pc cut to total pay package from £3.7m to £3.4m Was £1.02m Now £663k Marks & Spencer chief Marc Bolland sees bonus cut by 50pc from £1.02m to £663,000. Was £574k Now £354m Ocado chief Tim Steiner was paid £354,000, down from £574,000 last year. [...]
BEST of the BROKERS June 7, 2012 HALFORDS UBS has upgraded the DIY retailer from “sell” to “neutral” but has trimmed its target price from 260p to 240p. The broker has lowered its 2013 forecasts after a grim outlook took the shine off Halfords’ recent results, but believes cost cutting measures will cushion the firm from further earnings downgrades. UBS sees some [...]