Tesco rushes in new finance boss September 23, 2014 TESCO has rushed in its new finance director Alan Stewart to start two months earlier than planned after a £250m profit error and new industry data yesterday showing a slide in quarterly sales plunged the retailer into further turmoil. The retailer, which had billions of pounds knocked off its share price after revealing the error [...]
Tesco profits crisis: Dave Lewis must do “whatever it takes”, says shareholder September 22, 2014 Tesco could be forced to raise cash by way of a rights issue or by speeding up the sale of its UK and overseas assets, as the troubled supermarket chain launched a probe yesterday into a £250m black hole in its accounts. The debacle prompted a profits warning, which puts Tesco on course for trading [...]
London Report: Tesco’s woes and miners’ China fears drag down market September 22, 2014 SHARES in giant retailer Tesco tumbled yesterday 11.5 per cent to 203p – their lowest in 11 years – because of fears that first-half profits were overstated by around £250m, dragging down the FTSE 100. The blue-chip index was off 64.29 points, 0.94 per cent, at 6,773.63 points. Supermarket rivals Morrison and Sainsbury’s were hit [...]
Tesco can still win back shoppers by slashing prices: Investors may now be harder to convince September 22, 2014 EVEN before the announcement of accounting irregularities yesterday, Tesco was a company beset by problems. Once the darling of the British retail scene and the undisputed leader of the grocery pack, Tesco has faced years of falling sales and profits, combined with some high profile failures, like the disposal of its costly Fresh & Easy [...]
Why Tesco’s share price just fell to an 11 year low September 22, 2014 Another surprise announcement this morning from Tesco has further dampened the supermarket’s outlook when it really must have been hoping to move on from recent rough times. Shares fell more than 11 per cent to an 11-year low after announcing a £250m error in its first-half results. Whether its an accounting error or something worse, investigating the [...]
Xbox One release date: Microsoft delay China launch but console available in Hong Kong tomorrow September 22, 2014 Gamers in China had a date with a brand new Xbox One booked for tomorrow, but Microsoft has thwarted those hopes by delaying the release of its console at the last moment. A ban on foreign video game sales in China – introduced in 2000 – was lifted last year, allowing Microsoft to take advantage by [...]
Marks & Spencer’s clothing sales through Alibaba soar in China September 21, 2014 Alibaba, the Chinese e-commerce giant which could hold the title of having the world’s biggest ever initial public offering after raising $21.8bn on Friday, has helped to boost Marks & Spencer’s (M&S) online clothing sales in China. The head of M&S’s overseas internet business, Ricky Wilson, said on Saturday that M&S is now the fastest [...]
Vodafone saves nearly 900 jobs with Phones 4U buyout September 20, 2014 Vodafone announced yesterday that it is buying 140 Phones 4U outlets – a move that will save 887 jobs as the troubled retailer enters administration. Earlier this week, Phones 4U closed its 550 standalone stores after EE became the last mobile operator to terminate its sales through the stores. PwC, the company overseeing [...]
Alibaba share price means it will to smash tech float record September 18, 2014 Chinese e-commerce titan Alibaba last night priced its initial public offering at the top end of expectations, lining it up to raise a colossal $21.8bn (£13.3bn) in what will be the biggest tech float in history today. Alibaba will price its shares at $68 on the New York Stock Exchange, giving the firm a historic [...]
French Connection share price falls even as retailer narrows losses September 18, 2014 French Connection shares fell almost 14 per cent yesterday as the retailer struck a cautious note over the crucial Christmas period ahead, even as losses narrowed in the in the first half of the year. The clothes retailer has been trying to reverse its fortune after years of weak sales by cutting back on the [...]