Pumpkin shortage threatens to ruin Halloween October 30, 2014 If you've left it until today to pick up a pumpkin to carve for Halloween, you might be out of luck. Owing to what farmers have described as the worst harvest in years, some shops have started reporting that they have sold out of the seasonal squash. Apparently it is this year's wet [...]
FTSE recovers but Tesco’s woes drag down rival retailers – London Report October 23, 2014 BRITAIN’S top equity index recovered yesterday and ended slightly higher, tracking a broad rally in US stocks following some strong earnings results, although a slump in Tesco and Unilever capped gains. The FTSE 100 index ended up 0.3 per cent at 6.419.15 points, after falling as much as 1.4 per cent during the day. Troubled [...]
Who will replace Tesco chairman Richard Broadbent: Runners and riders October 23, 2014 Wanted: Heavyweight to lead a City institution. Must be good with numbers and new people. Retail knowledge preferred. Must be willing to have difficult conversations, understand customers and be confident in implementing new strategies. Hobbies should include "brand archeology". It’s a tough job. Is there anyone who would want to fill chairman Richard Broadbent’s shoes [...]
FTSE rises after Glaxo sets out recovery plan – London Report October 22, 2014 BRITAIN’S top share index yesterday ended higher, with motor insurers advancing on news of an increase in car premiums and drugmaker GlaxoSmithKline rising after its results. The FTSE 100 finished 0.4 per cent higher at 6,399.73 points. It had fallen more than 10 per cent in four weeks before making a marginal recovery since late [...]
Is Waitrose boss Mark Price right that the Big Four supermarkets are “20 years out of date”? October 22, 2014 James McGregor, director of Retail Remedy, says Yes. Mark Price is correct that structural shifts in retail are a far bigger threat to the Big Four (Tesco, Sainsbury’s, Asda and Morrisons) than Aldi and Lidl. Yes, the discounters are a problem, but they’re not the big problem. The main issue is that people’s grocery shopping [...]
Three things to look out for from Tesco’s results tomorrow – other than the numbers October 22, 2014 When Tesco publishes its first-half results tomorrow, including an update on its investigation into an expected £250m profit black hole, all eyes will be on the numbers. Initially, investors will look for the specifics of exactly how much profits were "overestimated" by, and what effect it has on the supermarket's previously reported profits and future [...]
Tesco suffers worst decline in grocery sector October 21, 2014 TESCO emerged as the biggest loser in the grocery sector over the past three months, despite sales showing signs of recovery, as the supermarket price war and fierce competition continued to take its toll on the troubled retailer. The company, which stunned the City last month with revelations of a £250m black hole in its [...]
Supermarket woes deepen over price wars October 21, 2014 THE UK food industry’s troubles were laid bare today after a report revealed the sector had suffered the sharpest rise in financial distress compared with other UK industries. According to Begbies Traynor’s latest Red Flag update, which monitors the health of UK companies, levels of “significant” financial distress among UK food retailers rose by 11 [...]
Tesco share price rises as declines in its market share slows, while Waitrose reaches record high October 21, 2014 Tesco shares rose 2.2 percent in mid-morning trading after new figures showed while it has lost yet more market share, its rate of decline is slowing. while Waitrose has climbed to a record high, doing just enough to keep it ahead of German challengers Aldi and Lidl. The figures, by Kantar Worldpanel, also showed [...]
Moody’s thinks Tesco, Sainsbury’s, Asda and Morrisons’ profit margins will continue shrinking October 17, 2014 Profit margins at the so-called “big four” supermarkets will shrink even further than they have already as they fight a losing battle against discounters, according to rating agency Moody's. "Further price cuts could be particularly credit negative for Tesco and Morrison as their cost-cutting and efficiency measures are unlikely to fully offset the negative impact [...]