Tesco execs stayed silent about a massive hole in its accounts say prosecutors October 9, 2018 Two senior former Tesco executives on trial for fraud in London were presiding over a “car crash waiting to happen” Southwark Crown Court heard today. Sasha Wass QC, prosecuting for the Serious Fraud Office (SFO), said Tesco’s former UK managing director Chris Bush and ex-UK food commercial director John Scouler were aware of a shortfall [...]
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 [...]
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 [...]
Aldi and Lidl continue to attract customers – so what impact will Tesco’s budget chain Jack’s have? September 26, 2018 Recently Tesco unveiled its first Jack’s discount store. With a strong emphasis on Britishness and home-grown products, the brand is seen as a challenger to the German supermarkets, Aldi and Lidl. I have often talked in this column about the growth of both Aldi and Lidl, and YouGov BrandIndex data points to the continued improvements [...]
Price wars versus trade wars: Markets work just fine when we leave them alone September 21, 2018 David Lewis is ramping up a food fight of epic proportions. The chief executive of Tesco has launched a spin-off chain of discount supermarkets called Jack’s (named after Tesco’s founder Jack Cohen). The aim is to become more competitive with German chains Aldi and Lidl, which have been saturating the market with cheaper products since [...]
Price wars versus trade wars: Markets work just fine when we leave them alone September 21, 2018 David Lewis is ramping up a food fight of epic proportions. The chief executive of Tesco has launched a spin-off chain of discount supermarkets called Jack’s (named after Tesco’s founder Jack Cohen). The aim is to become more competitive with German chains Aldi and Lidl, which have been saturating the market with cheaper products since [...]
Trolley wars: Drastic Dave’s no-frills move must hit the Jackpot for shareholders September 20, 2018 Tesco took a cheap shot at budget retailers Aldi and Lidl yesterday, launching its own discounter chain, Jack’s. Chief executive Dave Lewis opened the first store in a mothballed former Tesco outlet in the small Cambridgeshire town of Chatteris yesterday, with another 10 to 15 launches in the pipeline. The chain is named after Tesco founder [...]