Morrisons (MRW) share price fell this morning after it reported strong profit and sales growth – here’s how City analysts have reacted March 9, 2017 Shares in Morrisons dipped by 4.6 per cent at the open, after the supermarket reported annual profit and sales growth for the first time in four years this morning. Turnover was up 1.2 per cent to £16.3bn, while profit before tax rose by 49.8 per cent, to £325m, signalling that chief executive David Potts' turnaround is [...]
Morrisons (MRW) share price dips at the open after it reports annual profits and sales growth for first time since 2012 March 9, 2017 Morrisons has reported a 50 per cent increase in profit for the year to 29 January, with turnover and earnings growing despite store closures. The figures Turnover was up 1.2 per cent to £16.3bn, from £16.1bn the year before. Profit before tax rose by 49.8 per cent, to £325m from £217m, while underlying pre-tax profit was [...]
Podcast: Dunnhumby founder Edwina Dunn on Tesco Clubcard, selling up – and International Women’s Day March 8, 2017 Edwina Dunn is one half of the husband-and-wife team which created the Tesco Clubcard and revolutionised loyalty schemes everywhere. After the pair made more than £100m through the sale of their marketing firm, Dunnhumby, to Tesco in 2010, Dunn is back with a new project: The Female Lead. On International Women's Day, she talks about what inspires [...]
Foreign takeovers in the UK hit record levels last year as Megabrew and BG-Shell deals completed March 7, 2017 Foreign takeovers of British companies reached record levels last year as mega-deals announced during 2015 were tied up. In 2016, the Office for National Statistics (ONS) tracked 227 foreign takeovers, the highest annual number since 2011, worth £187.4bn, the highest total value since records began in 1969. These figures were boosted by AB InBev’s £79bn [...]
Budgens is closing more than 30 stores March 7, 2017 More than 30 Budgens stores are set to close as Food Retailer Operations Limited (FROL) has gone into administration, putting 815 jobs at risk. FROL operates 34 Budgens stores, having bought them from the Co-op in July last year. Nine outlets were closed over the weekend, and the final 25 will close their doors over the [...]
Supermarket sales grew at their fastest rate since June 2014 in the last 12 weeks March 7, 2017 Supermarket sales were growing at their fastest rate since June 2014 over the past three months as inflation started to bump up prices for key items such as tea, butter and fish. According to data from Kantar Worldpanel, supermarket sales grew by 2.3 per cent year-on-year for the 12 weeks ending 26 February. Kantar said [...]
Tesco’s Dave Lewis: The Booker takeover means we can buy more and waste less March 7, 2017 Tesco boss Dave Lewis has said reducing food waste is a factor behind the supermarket’s £3.7bn takeover of wholesaler Booker. The tie-up will enable the combined group to buy a larger proportion of crops each producers. This allows it to both reduce its spend and ensure the residual food doesn't go to waste, Lewis said. Read more: Why Tesco could be [...]
Former Tesco finance chief Laurie McIlwee to join the board of Giraffe restaurant chain and Ed’s Easy Diner parent group March 7, 2017 A former Tesco finance chief is poised to join the board of the restaurant group that owns the likes of Giraffe and Ed’s Easy Diner, according to reports. Laurie McIlwee has been appointed executive chairman of Boparan Restaurant Group, Sky News reported, months after being cleared of any involvement in Tesco’s 2014 profit overstatement scandal. Read [...]
Turnaround plan looks set to pay off for Morrisons March 5, 2017 The turnaround at Morrisons supermarkets headed by CEO David Potts looks set to gather speed this week as the company reports its best annual results in six years. The chain is likely to report a 54 per cent rise in pre-tax earnings to £335m on Thursday, according to predictions by banking firm Jefferies. The firm [...]
Rio Tinto appoints a new legal chief after Guinea payments probe sacking March 3, 2017 Rio Tinto has appointed Philip Richards as group chief of legal to replace Debra Valentine, who was removed in November due to a payments probe related to mining rights in Guinea. The company sacked Valentine and former chief executive of energy and minerals Alan Davis for having "failed to maintain the standards expected of them" under Rio [...]