Tesco: The decline and fall of the supermarket giant and its share price in one chart April 22, 2015 The business world is reacting to the news that Tesco has racked up a £6.38bn loss – one of the biggest losses ever made by a UK company. The beleaguered supermarket’s pre-tax losses for the year are even higher than the £5bn markets had been expecting. There was also a big hit from the writedown of [...]
Tesco racks up record £6.38bn loss in worst year in supermarket’s history April 22, 2015 Tesco has racked up a £6.38bn loss – the worst year in the supermarket's 96-year history. It's one of the biggest losses ever made by a UK company, and the biggest ever made by a British retailer. The beleaguered supermarket's pre-tax losses for the year are even higher than the £5bn markets had been expecting. One-off [...]
Retailers slammed for “dodgy” discounting practices in super-complaint to CMA April 21, 2015 Retailers could face an investigation into their discounts and promotional activity after consumer campaigning group Which filed a “super-complaint” to the Competition and Markets Authority. Which claims retailers are “confusing consumers with tactics that exaggerate discounts and manipulate shoppers”, arguing they create “the illusion of savings that don't exist”. The complaint comes on the [...]
Tesco set to report record loss. Is new boss Dave Lewis the man to lead a turnaround? April 20, 2015 Dave Lewis arrived at Tesco with the nickname “Drastic Dave” – earned after he streamlined Unilever UK in 2007, cutting 40 per cent of costs and 300 jobs. When he took up the role of Tesco chief executive in September he had every reason to live up to that moniker. Facing a £263m accounting error, [...]
Five things to expect from Tesco’s results this week: Billion-pound losses, a pension blackhole, property writedown and more April 20, 2015 If Tesco thought the worst was over, Wednesday is likely to take Dave Lewis and co screaming back to last year’s blackhole debacle as the supermarket reports full-year results that are expected to be the worst in its 96-year history. LATEST: Tesco racks up worse than expected £6.38bn loss in worst year in supermarket's history With [...]
MPC minutes to be released as Tesco is set for annual report – London Report April 19, 2015 THE BANK of England’s monetary policy committee (MPC) will publish the minutes of its last rate setting meeting on Wednesday. The notes are expected to reveal officials’ thoughts on the strength of sterling and whether low inflation expectations will feed into the April wage negotiations. Traders will also be keeping a close eye on the [...]
British icon Tesco rebounds but will it ever attain its past glory? – Brand Index April 14, 2015 Are there now real signs of recovery for Tesco? Its battle – not just against its traditional big four rivals but the German discounters too – has a long way to run, but the YouGov BrandIndex points towards areas in which it is succeeding. Tesco’s nadir was reached prior to Christmas, its brand image damaged [...]
Don’t worry about zero UK inflation: The outcome of the election will be far more significant for markets April 14, 2015 Britain narrowly avoided heading into deflation last month, with prices unchanged compared to a year ago. But over the past six months, prices have fallen by 1 per cent annualised after adjusting for seasonal trends. Should we worry about deflation and the prospect of falling prices? Well, after stripping out some of the more volatiles [...]
Inflation is zero, but retailers and manufacturers are charging you more for less April 14, 2015 Consumer price inflation may be at zero for the second month in a row, but new research suggests the goods we buy are getting smaller while prices are edging up. Take your Tetley's Blend of Both tea, for example. If you bought that in Sainsbury's a few months back it would have been £2.55 for [...]
Morrisons’ group trading director Casper Meijer joins mass exodus April 13, 2015 Morrisons’ trading director Casper Meijer has become the latest high profile executive to leave the troubled retailer as part of an ongoing shake-up under new chief executive David Potts. The former Tesco director has sacked over half of Morrisons senior management team since taking over in March as he tries to turn around the troubled [...]