Horsemeat fear sends burger sales plunging February 26, 2013 SUPERMARKET sales of frozen burgers and ready meals have plummeted since the horsemeat scandal reared its ugly head last month, industry data shows. Market researcher Kantar Worldpanel yesterday said frozen burger sales fell by 43 per cent and frozen ready meals declined by 13 per cent in the four weeks to 17 February, as retailers [...]
Morrisons is among the winners of the ongoing saga February 26, 2013 BRAND INDEX IKEA now joins the long list of brands to get hit by the horsemeat scandal. We won’t have numbers until later today but judging from what happened to Tesco, the Swedish group may well have a problem. The first time I wrote on this subject back in January, I said it might turn [...]
Morrisons buys six HMV shops February 26, 2013 SUPERMARKET firm Morrisons last night announced it had bought six former HMV shops in London and the south east which it will convert into convenience stores. Its purchase of the units comes in the same week it bought 49 Blockbuster stores for the same purpose. The Yorkshire-based grocery business, a late entrant into the corner shop market, [...]
M in meltdown as the founders join the exodus February 26, 2013 JUST a few hours after The Capitalist disclosed that five key members of staff had quit the City’s top flight financial PR agency M:Communications came the revelation that suggests things are getting serious. Founders Nick Miles and Hugh Morrison, both City veterans and big revenue earners, announced that they are also leaving the group, which [...]
Best of the Brokers February 26, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com HOME RETAIL GROUP Espirito Santo rates the retailer “sell” with a fair value of 85p. The broker sees the reported closure of the firm’s Argos joint venture in China as a sensible step, allowing management to focus on improving the key domestic business. [...]
Top spin doctors’ PR firm hit by defections over owner strategy February 25, 2013 SIGNS of exodus yesterday at M Communications, the top flight financial public relations agency founded by City veterans Nick Miles and Hugh Morrison. According to insiders, five senior people handed in their resignations, unhappy about the way the agency’s profits are being distributed. Insiders told The Capitalist last night that M, with annual revenues of [...]
Tesco voted worst supermarket in survey of 11,000 UK shoppers February 21, 2013 TESCO has been voted the worst of Britain’s nine major supermarkets in a poll carried out by one of the leading consumer groups. More than 11,000 Which? members rated the supermarkets with customer scores based on customer satisfaction and the likelihood they would recommend it to a friend. Tesco, the UK’s largest supermarket group, came [...]
Suppliers back quarterly tests for horsemeat February 18, 2013 ENVIRONMENT minister Owen Paterson last night said food retailers will conduct tests for horse- meat in processed beef products every three months, in an attempt to restore consumer confidence in the industry. “There was absolute determination in the industry to restore confidence in their products, and I’m pleased to say we look forward to meeting [...]
Best of the Brokers for 19 February 2013 February 18, 2013 ASSOCIATED BRITISH FOODS UBS has a buy rating on the clothing-to-sugar conglomerate and has raised its target price from 1,705p to 2,000p as currency tailwinds lift the firm. The broker also expects Primark to accelerate further this year, which combined with lower restructuring costs in grocery and ingredients should help deliver double digit earnings growth [...]
Morrisons buys 49 Blockbuster shops to grow convenience unit February 17, 2013 SUPERMARKET chain Morrisons yesterday snapped up 49 stores from defunct video chain Blockbuster, proving its commitment to the UK high street as it seeks to expand its offering of smaller shops. Blockbuster collapsed into administration last month, and advisers Deloitte are planning to close 332 stores across the UK. Morrisons, which earlier this month bought [...]