Tesco trading update sends investors running for cover January 13, 2011 BRITAIN’S leading share index fell yesterday as a disappointing trading update from Tesco upset food retailers and tobacco stocks were hit by a broker’s downgrade. At the close, the FTSE 100 was down 26.84 points, or 0.4 per cent, at 6,023.88, after hitting a 31-month closing peak on Wednesday. Tesco was the biggest FTSE 100 [...]
BEST OF THE BROKERS January 13, 2011 CARPHONE WAREHOUSE RBS rates the retailer “sell” with a target price of 244p. The broker expects a decline in like-for-like sales when the firm reports its third quarter results on 18 January, with only rapid growth in the US driving the shares at the moment. Conditions will remain tough, RBS believes, with economic hardship in [...]
Asda to sell 47 of Netto UK shops to rivals January 12, 2011 ASDA, owned by Wal-Mart, has agreed to sell 47 of the stores it plans to buy from Netto UK to rivals including Morrisons and Iceland in order to win regulatory clearance for the deal. Asda has already lined up buyers for 25 of the stores, the Office of Fair Trading (OFT) said yesterday. The OFT [...]
M&S sales rise but year ahead set to be harsh January 11, 2011 MARKS & SPENCER saw sales rise in the key Christmas period but the retailer warned that 2011 would be tough, with austerity measures and the spectre of inflation rises to take their toll. Same-store sales rose 2.8 per cent in the UK in the 13 weeks to 1 January despite the impact of the snow. [...]
Computacenter in boost for full year January 11, 2011 IT firm Computacenter – which provides services for supermarket giant Morrisons – said full-year profit would be at the top end of market expectations. The continued growth in IT services and its customers resuming spending on new equipment has helped to fuel the improving figures. The company, which also counts Lloyds Banking Group as a [...]
Sainsbury’s to lead jobs rise January 10, 2011 SUPERMARKET giant Sainsbury’s will create 20,000 new jobs over the next three years, as part of a government backed drive for the private sector to boost employment. Sainsbury’s chief executive Justin King said: “These new jobs will provide a huge boost to communities across the UK and as they are a mixture of full and [...]
Morrisons sees slim Xmas lift January 10, 2011 WM MORRISON Supermarkets posted a modest rise in Christmas sales yesterday, held back by disruption from severe weather and a tough consumer backdrop. Britain’s fourth-biggest grocer behind market leaders Tesco, Asda and J Sainsbury said sales at stores open at least a year rose one per cent, excluding fuel and VAT, in the six weeks [...]
Miners and debt concerns leave FTSE lower January 10, 2011 EXCITEMENT over takeover talks at joint replacement specialist Smith & Nephew was not enough to keep the FTSE in positive territory as miners weighed on the index today. The FTSE 100 closed down 37.39 points or 0.6 per cent at 5,946.94 as worries over demand for copper in China and the impact of floods in [...]
Ocado sales on track despite weather January 10, 2011 Online grocer Ocado reported a 26.7 per cent rise in December sales as the popularity of internet shopping and upmarket foods helped it to thrive despite disruption from severe winter weather. The loss-making group, whose shares have been on a roller-coaster ride since they floated in July, said the rise in December gross sales followed [...]
Morrisons in slim Xmas sales rise January 10, 2011 Wm Morrison Supermarkets posted a modest rise in Christmas sales – held back by disruption from severe weather and a tough consumer backdrop. Britain’s fourth-biggest grocer behind market leader Tesco, Asda and Sainsbury’s said sales at stores open at least a year rose one per cent excluding fuel and VAT sales tax in the six [...]