Morrisons’s share price soars 10 per cent as supermarket returns to growth after 16 quarters of decline January 12, 2016 Morrisons's share price soared 10 per cent this morning after posting better-than-expected Christmas results, as it starts to win back customers. The figures Like-for-likes excluding fuel were up 0.2 per cent for the nine weeks to 3 January – its first quarterly growth in 16 quarters – while total sales excluding fuel were down 1.2 per cent. This [...]
Virgin Money announces two new appointments to senior executive team, with Peter Bole to join as chief financial officer and Hugh Chater to take on the role of chief commercial officer January 12, 2016 Challenger bank Virgin Money has appointed former Tesco Bank finance chief Peter Bole as its new chief financial officer. In a statement today, the bank said he will join in 2017. Read more: Virgin Money replaces KPMG with PwC as auditors Glen Moreno, chairman of Virgin Money, said Bole is "an accomplished professional with first-class strategic financial management experience. "I [...]
UK grocers Morrisons, Sainsbury’s and Tesco set to show their hand in Christmas battle for sales January 10, 2016 The winners and losers of the battle for this winter’s Christmas dinner will be laid bare this week as Morrisons, Sainsbury’s and Tesco prepare to report tough trading amid intense competition in the grocery sector. Morrisons will report its Christmas trading figures on Tuesday, with the Bradford-based chain expected to post a two per cent decline [...]
Asda boss Andy Clarke adds £500m fuel to the supermarket price war with Tesco, Sainsbury’s, Morrisons as well as discounters Aldi and Lidl ahead of supermarket Christmas earnings bonanza January 10, 2016 Asda is throwing a further half a billion pounds at the supermarket price war as boss Andy Clarke predicted another "challenging" year for the sector. "There is currently no growth in the food market and the rise of the limited assortment discounters means that we must take radical action to win back our customers," said [...]
At the close: FTSE 100 index falls further to cap off a bad week January 8, 2016 The FTSE 100 index fell again on Friday, finishing just under 6,000 to cap off a bad week, as concerns over the Chinese economy continued to weigh. "A turbulent start to 2016 has seen investors adopting the brace position, as a combination of factors have driven global markets lower," Richard Hunter, head of equities at Hargreaves Lansdown, said. "With [...]
FTSE 100 index remains under 6,000 mark as fears over the Chinese economy linger January 8, 2016 After the FTSE 100 index faltered in late morning trading, it has rebounded back towards the gains it made at the open – but still remains below the 6,000 mark. The rebound comes as concerns over weakness in the Chinese economy continue to weigh on European markets. The UK's blue-chip index rose 0.44 per cent to 5,979 points in early afternoon [...]
Tesco share price soars after Barclays upgrades to buy recommendation January 8, 2016 Tesco's share price soared five per cent this morning after Barclays upgraded its rating on the stock to buy. Barclays moved its weighting from equal weight to overweight, saying recent declines in its share price had now lowered the stock to attractive levels. [stockChart code="TSCO" date="2016-01-08 11:45"] It also believes there are improvements to the [...]
Tesco Bank lets students keep their cash after an ATM glitch saw people getting double their withdrawals January 6, 2016 Before the Christmas break and while last-minute present buying was well under way, students in Manchester were blessed by a malfunction from Tesco’s banking arm. An ATM in a residential area of the city began dishing out double the money that was requested for withdrawal. Hundreds of students queued for hours to grab cash from the generous [...]
Tesco to start charging £2 for click and collect deliveries under £30 from February January 6, 2016 Tesco is to start charging for click-and-collect deliveries under £30, as the business looks to bolster its bottom line. The £2 charge, which will apply to deliveries under £30, will come into force from 2 February, according to an email sent to customers today. Tesco said in a statement the move was designed to ensure its click-and-collect service [...]
Sainsbury’s should focus on its core offer January 6, 2016 Sainsbury's and Home Retail Group do not at first glance appear obvious bedfellows. If perceptions count for anything, and they do in retail, then Sainsbury’s is very much a supermarket that attempts to cater for the British middle class. Home Retail Group’s Argos doesn’t. But for both the high street and supermarkets, these are desperate [...]