ANALYST VIEWS: WERE MORRISONS’ RESULTS IN LINE WITH EXPECTATIONS? January 9, 2012 PHILIP DORGAN | PANMURE GORDON Christmas trading was slightly below best expectations, although in line with the market. Morrison’s shares were fantastic performers in 2011 and, while we see no real downside, we expect others within the sector to pick up the baton in 2012. CLIVE BLACK | SHORE CAPITAL We deem such a performance [...]
Morrisons sales growth slows over Christmas January 9, 2012 Wm Morrison Supermarkets reported a slowdown in sales growth over Christmas and predicted cash-strapped shoppers would remain reluctant to spend this year, despite an easing of inflationary pressures. Britain’s fourth-biggest grocer behind J Sainsbury, Wal-Mart’s Asda and industry leader Tesco) said sales at stores open over a year rose 0.7 per cent, excluding fuel and [...]
Tesco set to unveil bleak Christmas January 8, 2012 TESCO is set to deliver its worst Christmas trading performance for decades this week after the supermarket’s £500m price cutting campaign failed to gather pace in the fierce battle for supermarket sales. Deutsche Bank, a house broker to Tesco, is forecasting a two per cent decline in like-for-like sales from UK stores in the six [...]
Don’t be unnerved by this retailer’s blip January 8, 2012 IN A WORLD of fierce supermarket price wars, and in the words of a well-known supermarket chain, every little helps. And every percentage point change in sales growth or underperformance can send alarm bells through the industry. Tesco’s own house broker signalling a two per cent decline in UK sales has surely raised some fears [...]
Value is key for the grocers December 20, 2011 LAST week I looked at how the major UK banks performed on YouGov’s BrandIndex in 2011, and this week I’m turning my attention to how the supermarkets fared over the same year. An interesting starting point is to take the Index Score (which is a composite of six key attribute measures). We see that all [...]
Lloyds arm finally closes in on UK firm December 19, 2011 LLOYDS Development Capital (LDC), the private equity arm of Lloyds Banking Group, has finally signed a deal to buy out a home-grown British manufacturer in a deal first disclosed by City A.M. last month. LDC has bought Benson Group, which makes packaging for household brands such as Neurofen and Asda’s “cheeky monkey cake”, for an [...]
CITY MOVES | WHO’S SWITCHING JOBS December 18, 2011 The Miles Partnership Sue Shipley is to join the search firm as a partner to specialise in retail. Shipley was previously the global practice leader at Odgers Berndtson, where she led successful searches for the chief executives of Primark and Thorntons, the managing director of Wickes, and the director general of the British Retail Consortium. [...]
Morrisons to create 7,000 new jobs as it opens branches and warehouses December 14, 2011 WM MORRISON Supermarkets said it will create over 7,000 new jobs next yet, as it opens 25 new stores and develops its manufacturing and logistics operations. Britain’s fourth largest grocer behind J Sainsbury, Asda and market leader Tesco said many of the new jobs created next year will be skilled positions such as butchery, bakery [...]
OFT tobacco fines overturned December 12, 2011 Imperial Tobacco and several leading retailers have won a court battle to overturn record fines imposed by the Office of Fair Trading (OFT) over allegations of unlawful pricing. A fine of £112.3m handed down to Imperial Tobacco last year was reversed, while Morrisons, Asda, Co-Op and Shell also had cases against them overturned by the [...]
Bond to stay with Wiggle after Bridgepoint swoops for £180m December 7, 2011 PRIVATE equity house Bridgepoint has won a bidding war to buy Wiggle, the online cycling and sports retailer, for £180m from Isis. The buyout firm completed the deal after an auction process launched last month by Rothschild. Advent, EQT and 3i had been keen on purchasing the company, which is chaired by former Asda boss [...]