Tesco to invest £85m in joint Indian venture March 21, 2014 Super market chain Tesco has confirmed an agreement with Trent Limited, part of Tata group, to form a 50:50 joint venture In Trent Hypermarket. Trent Hypermarket operates the Star Bazaar. Tesco's investment will be in the region of £85m. Tesco has received the approval from the Indian Foreign Investment Promotion Board but is awaiting other [...]
Sainsbury’s hit by first sales fall in nine years March 18, 2014 SAINSBURY’S nine-year run of like-for-like sales growth came to a halt in the fourth quarter as sluggish market growth and fierce competition from discounters finally caught up with the grocer. Like-for-like sales excluding fuel tumbled 3.1 per cent in the 10 weeks to 15 March, ending 36 consecutive quarters of sales growth on chief executive [...]
Morrisons employee arrested as grocer suffers payroll data theft March 17, 2014 Morrisons confirmed yesterday that one of its employees has been arrested in connection with the theft last week of payroll data covering thousands of its staff. The arrest by the West Yorkshire police yesterday morning comes after details of about 100,000 employees, including salaries and bank account details, were published on a website on Thursday [...]
Best of the Brokers for 18 March 2014 March 17, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com MICRO FOCUS Barclays upgraded Micro Focus from “equal weight” to “overweight” yesterday with a raised target price of 900p (from 800p). The broker expects that Micro Focus is soon to return to organic growth of up to five per cent now that its [...]
Tesco shares slump on BoAML downgrade March 17, 2014 Analysts at Bank of America Merrill Lynch have downgraded Tesco today to “underperform” on the back of rival Morrisons’ announcement last week to invest £1bn in slashing prices, causing the grocer’s share to fall to the bottom of investors’ shopping lists. The bank said the implications of the shock announcement from Morrisons were “substantial” and [...]
Morrison employee arrested over staff data theft March 17, 2014 After confirming on Friday that personal data of a large number of its staff had been stolen – a day after announcing a dire profit warning – supermarket Morrison today said that an employee has now been arrested in connection with the theft. Names, addresses and bank details from its staff payroll system were published [...]
Best of the Brokers for 17 March 2014 March 17, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com MORRISONS Cantor Fitzgerald keeps its “buy” rating and puts its target under review after the supermarket’s profit warning last week. The broker thinks the shares will be supported by the prospect of a takeover by the likes of Amazon or a grocery rival [...]
Morrison confirms staff personal data theft March 14, 2014 Another big blow for supermarket Morrison. After yesterday’s profit warning, the store’s now had to admit that data from its staff payroll system, including bank account details, has been stolen and published on the internet. In an email seen by Sky News, the company described to staff an “illegal theft” of data. The information has [...]
Morrisons’ woes wipe £2.6bn off supermarkets March 13, 2014 FEARS of a new supermarket price war wiped around £2.6bn off the combined value of Britain’s major grocers yesterday after Morrisons launched a major assault on its discount rivals. Shares in Morrisons plunged 12 per cent – to their lowest level since 2008 – after it revealed it would invest £1bn in slashing prices over [...]
Morrisons cuts prices after new profit warning March 13, 2014 MORRISONS sent shockwaves through the food retail industry yesterday after warning that underlying profits would halve this year and announced plans to spend £1bn on cutting prices over the next three years. Chief executive Dalton Philips said it will invest £300m this year to narrow the price gap with discounters, following similar moves by Tesco, [...]