Co-operative Group says investments in its turnaround will hit full-year profits September 3, 2015 The Co-operative Group has warned full-year profits are likely to be lower than 2014 is ramps up investment as part of a radical overhaul of the business following one of the most turbulent periods in its history. The company, which operates everything from supermarkets to funerals, has been fighting to restore its fortunes following the [...]
Falling milk prices piles pressure on Arla farmers as revenues drop August 31, 2015 ARLA Foods has blamed the global decline in milk prices and volatile market conditions for a drop in revenues in the first half of the year. The Danish-based dairy giant behind brands including Lurpak, Castello and Arla, said total revenue dropped 3.8 per cent to €5.13bn (£3.73bn) in the first half from €5.33bn compared with [...]
Morrisons pulled up on Match & More price-match advert claims against competitors Tesco, Sainsbury’s, Asda, Aldi and Lidl August 26, 2015 Morrisons has been told it must be clearer about its promise to match the prices of competitors, including Aldi and Lidl. The supermarket's Match & More scheme, which is the only one of the big four to match the prices of the German discounters, has been pulled up by the advertising watchdog for not clearly [...]
M Local selloff: Morrisons’ ill-fated attempt to build a convenience arm has become a lesson for the industry August 26, 2015 It was a cold day in February 2013 when Morrisons’ former chief executive Dalton Philips was faced with a tough decision. Film rental chain Blockbuster had just collapsed and Morrisons was one of several suitors circling a portfolio of 50 stores administrators had put up for sale. Read more: It's a deal – Morrisons [...]
Supermarket wars: Big Four in big trouble as Tesco, Asda and Morrisons register more declines August 25, 2015 Tesco is still struggling to shrug off competition from the discount supermarkets, as data released this morning reveals yet more declines. While consumer spend within the grocery sector rose 0.9 per cent for the 12 weeks to 16 August, at Tesco it dropped by the same proportion. The price of a comparable basket of [...]
Poundland’s share price soars as discount retailer gets greenlight for 99p Stores takeover August 25, 2015 Poundland's acquisition of (more) budget rival 99p Stores has been given the provisional go-ahead by the competition watchdog, sending the listed company's share price soaring. The Competition and Markets Authority this morning said the merger “may not be expected to result in a substantial lessening of competition”. It said: "Along with Poundworld, [...]
Tesco share price falls as supermarkets suffer for third day amid renewed concerns about discounters Aldi and Lidl August 20, 2015 When one supermarket sneezes, it seems the rest catch a cold. Shares in troubled supermarket Tesco fell to their lowest level since January this morning, two days after Asda reignited concerns over the threat from German discounters. Tesco shares dropped 1.77 per cent today, while Sainsbury's shed 0.77 per cent. Both are down about four percent since [...]
Walmart’s Asda has reached its “nadir” says chief Andy Clarke as supermarket chalks up more declines August 19, 2015 Asda boss Andy Clarke has said the troubled supermarket's “nadir” has been reached, as the Walmart-owned retailer revealed yet another slump in sales. Second quarter like-for-likes were down 4.7 per cent, while profits were flat. Clarke described the figures as “disappointing, but a short-term picture”. “We've hit our nadir,” Clarke said insisting there was [...]
Asda promises turnaround after sales hit rock bottom August 19, 2015 ASDA chief executive Andy Clarke insisted that the company was seeing the first “green shoots” of a recovery despite revealing its worst ever quarterly result in the 16 years it has been owned by US chain Wal-Mart. The supermarket chain, which recently lost its position as Britain’s second-largest food retailer to Sainsbury’s, said like-for-like sales [...]
UK immigration: Businesses including Asda, Lloyds Banking Group, Rolls-Royce, Siemens warn Tories over migration curbs August 14, 2015 Britain’s biggest businesses have warned the government against tightening rules for employing foreign workers, saying that new restrictions could increase costs, jeopardise graduate schemes and encourage firms to move their operations overseas. Asda, Lloyds Banking Group, Rolls-Royce, Siemens and others made their case in formal submissions to the Migration Advisory Committee (MAC), a group of [...]