Sainsbury’s sales hit by slowing growth March 24, 2010 SAINSBURY’S has reported its smallest rise in underlying quarterly sales in almost five years. Britain’s third biggest grocery chain said stores open at least one year rose 1.7 per cent, excluding fuel, in the fourth quarter. That was down from 3.7 per cent in its third quarter and the smallest rise since the first quarter [...]
Record low for food inflation March 2, 2010 FOOD PRICES are increasing at their slowest annual rate in three years thanks to the falling cost of fresh food according to the British Retail Consortium’s (BRC)-Nielsen shop price index published today. Food prices were just 1.3 per cent higher on a year earlier in February compared to an annual increase of 2.9 per cent [...]
February sees bumper sales on high street February 25, 2010 BRITISH consumers returned to the high street in their droves in the first half of February, after January’s cold snap kept them at home. The Confederation for British Industry (CBI) said that in early February retailers had seen the strongest annual growth in sales volumes since May 2007. Almost half of all firms surveyed (46 [...]
Putting a spin on humble sneakers February 25, 2010 THEY’RE a funny thing, trainers. They are as much a part of a man’s functional wardrobe as jeans, but unlike jeans, they are also very expressive. Hip Camden Converse wearers are a different tribe to those who prance about in Usain Bolt’s yam-coloured Pumas, while those who spend evenings enjoying the box-fresh smell of their [...]
High street sales bounce back February 25, 2010 HIGH street spending bounced back this month as shoppers returned in force for the first time since the big freeze. The quarterly Confederation of British Industry (CBI) report showed that 46 per cent of retailers said business was up in February 2010 compared with the same period last year. Sales of clothes and household goods [...]
Squarestone in AIM float February 23, 2010 PROPERTY group Squarestone Brasil is planning to raise up to £250m in what would be the largest float on London’s Alternative Investment Market in a year. Squarestone plans to invest the cash in new Brazilian shopping-mall developments and future acquisitions. The company will be chaired by Asda veteran Tony Campbell with Liberum Capital acting as [...]
JP Morgan analyst in hot water after Asda meeting February 22, 2010 A JP Morgan analyst has been suspended after allegedly gate-crashing a private Asda supplier meeting. Rickin Thakrar, in his mid-20s, wrote an explosive research note, revealing management thought stores had become “boring”, despite being explicitly banned from attending the event. He gleaned private information about the firm’s plans just days before it released its results. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 18, 2010 FINANCIAL TIMES RIPOSTE BY 60 ECONOMISTS TO CALL FOR CUTS More than 60 leading economists have backed Alistair Darling’s decision to delay spending cuts until 2011, creating a dividing line within the profession on the crucial general election issue of how to tackle the UK’s huge public debt. Two letters in today’s Financial Times warn [...]
Walmart sees quarterly profits surge February 18, 2010 WALMART the world’s biggest retailer, yesterday reported a 22 per cent jump in profits for its fourth quarter, but left investors underwhelmed with its outlook for the current quarter. The world’s largest retailer made consolidated net income, or after-tax profits, of $4.6bn (£2.9bn) in the three months to 31 January on a 4.5 per cent [...]
Asda to concentrate on smaller stores February 18, 2010 ASDA said it would expand into smaller format stores, open more non-food shops and slash costs to drive growth in tough markets after posting its lowest quarterly sales growth in about two years. Chief Executive Andy Bond said the chain, owned by U.S. group Wal-Mart Stores, became too focussed on promotions in 2009, which clouded [...]