Tesco boss and CBI president John Allan calls for ‘orderly’ Brexit June 17, 2018 The chairman of Tesco and Barratt Developments, John Allan, has hit out at the government and called for an “orderly” Brexit that is best for business. In an interview with the Daily Telegraph, Allan said that leaving the EU is “going to have an impact on the economy” and said the UK needs to the [...]
FTSE 100 ends the day 100 points down despite Rolls-Royce gains June 15, 2018 The FTSE 100 ended the day down more than 100 points as trade war fears reared their head again. After Donald Trump confirmed he will slap tariffs on $50bn worth of Chinese goods, London's blue-chip index closed down 131.9 points at 7,633.9. Global market sentiment was low today, but the FTSE performed particularly poorly due [...]
Tesco reports 10th consecutive quarter of sales growth as Booker deal boosts prospects June 15, 2018 Tesco today reported rising like-for-like sales for the 13 weeks ended 26 May, marking the 10th consecutive quarter of positive growth. The supermarket stalwart said like-for-like sales in the UK were up 2.1 per cent, while like-for-like sales in Booker soared by 14.3 per cent. Tesco said that was driven by "a strong underlying performance [...]
Tesco reports 10th consecutive quarter of sales growth as Booker deal boosts prospects June 15, 2018 Tesco today reported rising like-for-like sales for the 13 weeks ended 26 May, marking the 10th consecutive quarter of positive growth. The supermarket stalwart said like-for-like sales in the UK were up 2.1 per cent, while like-for-like sales in Booker soared by 14.3 per cent. Tesco said that was driven by “a strong underlying performance [...]
Majestic Wine reveal solid FY figures, but outlook is cautious June 14, 2018 Majestic Wine revealed solid full-year figures this morning, but issued a cautious outlook. Revenue rose by 2.3% to £476.1 million, broadly in line with estimates. Pre-tax profits jumped by 33% to £17.2 million, meeting analysts’ forecasts. The total dividend was increased by 40% to 7.2p, which comfortably topped the consensus estimate of 5.67p. The wine [...]
Pounded: Poundworld collapse raises fears of worst year for retail since financial crisis June 12, 2018 Poundworld crashed into administration yesterday, putting more than 300 stores and 5,000 jobs at risk amid conditions described by analysts as the worst period for the high street since the financial crisis. The total number of retail store closures so far this year will total 1,398 if Poundworld is forced to shutter at least 100 [...]
British Airways-owner IAG in the spotlight over excessive exec pay June 12, 2018 British Airways-owner IAG has been criticised by a shareholder advisory group for excessive executive pay. Advisory group Pirc has recommended shareholders abstain on IAG’s remuneration report over concerns about excessive pay for its chief executive. Pirc said that the pay of chief executive officer (CEO) Willie Walsh was “unacceptable” when compared to an average employee, [...]
Having a house near a supermarket can boost your house price by as much as £43,000 June 9, 2018 Owning a home close to a chain supermarket could potentially boost the house price by £21,500 on average, according to research by Lloyds Bank. The new research also showed that areas within range of so-called premium supermarkets, such as Waitrose, Marks & Spencer and Sainsbury's, will command house prices which are on average 12 per [...]
Tesco boss blames business rates for retail chaos June 8, 2018 Tesco boss Dave Lewis has joined the outcry against business rates, blaming the system for the carnage on the high street. He said that the tax was partly responsible for the collapse of some retailers, and that it had created an "uneven playing field". "Are we allowing it to stay competitive, or are we by [...]
The City’s Pret employees celebrate £1,000 bonus after JAB Holdings takeover May 29, 2018 Pret A Manger employees in the City today celebrated news that they would be receiving a £1,000 bonus after the company announced it will be acquired by German conglomerate JAB Holdings. “I only just heard,” said Mohamed Naim, 19, who works at a store on Fenchurch Street. “I still can’t believe it. It’s a bit [...]