Ocado’s growth slows but first profit is in sight March 12, 2014 ONLINE grocer Ocado yesterday said it was on course to report its first ever annual profit this year after strong first quarter sales. Retail sales rose 18 per cent to £218m in the 12 weeks to 23 February. However, this was below what analysts were expecting and a slowdown on the 20.1 per cent growth [...]
Ocado sales soar as Morrisons site gathers pace March 12, 2014 Online grocer Ocado has reported a jump in retail sales of 18 per cent to £218m, for the 12 weeks to 23 February. Average orders per week rocketed 18 per cent to over 155,000. Tim Steiner, chief executive officer of Ocado, commented: We are pleased with the continued growth in our business. We remain committed [...]
Discount stores feast on Tesco’s market share March 12, 2014 TESCO’S market share has fallen to its lowest level in almost 10 years as the supermarket and its mid-market peers lose ground to hard discounters Aldi and Lidl. Britain’s biggest supermarket, which announced plans earlier this month to win back shoppers by cutting prices, saw its market share decline to 28.7 per cent in the [...]
Co-op Group in turmoil: Sutherland quits and rival factions begin the fight for control March 11, 2014 THE CO-OP was plunged deeper into chaos yesterday as chief Euan Sutherland sensationally quit after just 10 months, inflaming a divisive row over modernising the mutual that threatened to split the board. Sutherland’s exit leaves serious question marks over the business’ future, with his resignation statement pointing to deep divisions at the top of the [...]
Discount stores feast on Tesco’s market share March 11, 2014 TESCO’S market share has fallen to its lowest level in almost 10 years as the supermarket and its mid-market peers lose ground to hard discounters Aldi and Lidl. Britain’s biggest supermarket, which announced plans earlier this month to win back shoppers by cutting prices, saw its market share decline to 28.7 per cent in the [...]
Here’s why the UK’s food sector has a rocky road ahead March 11, 2014 With some dire Christmas sales, heavy discounting and a ramping up of online shopping, the UK food retail sector feels unloved. That’s according to Barclays, which points out that the UK’s sector is now trading at a clear price-to-earnings discount when compared with continental Europe. It hasn’t always been like this for UK companies. Expansion [...]
Asda and Tesco kick off latest fuel price war March 10, 2014 SUPERMARKET chain Tesco kicked off another fuel price war yesterday, swiftly followed by Asda, following a decline in the wholesale cost of petrol and diesel despite escalating political unrest in Ukraine. Tesco cut the price of its petrol and diesel by one pence per litre (ppl) from yesterday afternoon. Asda is lowering its diesel by [...]
Letters to the Editor – 11/03 – Tax reform, Best of Twitter March 10, 2014 Tax reform [Re: Stop acquisitive politicians forever with a max tax guarantee, Thursday] I wish I thought a max tax would work, but it would likely be far worse than useless, and open the way for a British alternative minimum tax. Recall the political grandstanding that accompanied the withdrawal of allowances from higher-earning income taxpayers, [...]
Property to join milk on sale at grocer Morrison March 10, 2014 SUPERMARKET chain William Morrison is this week set to sweeten its drop in profits with a property sell-off that could raise £500m for investors. The grocery giant, which has already said its Christmas sales were disappointing, is forecast to report annual pre-tax profits of between £734m and £805m, down from £879m in 2013 and the [...]
Bottom Line: Price wars can come and go but real estate is permanent March 10, 2014 FOUR pints of milk and a warehouse near Stockton-on-Tees, please. Morrisons’ latest special offers will be welcomed by shoppers and property buyers alike, though the latter have a bit longer to enjoy the spoils of the investment. Cutting the price of everyday groceries doesn’t look like a sustainable strategy on its own for Morrisons, with [...]