Tesco, Sainsbury’s and Morrisons: Have investors given up on supermarkets? October 1, 2014 Tesco's share price has fallen 3.4 per cent today. Wm Morrison's has declined by 5 per cent. Sainsbury's share price tumbled 6.6 per cent. Although they operate in the same sector, each of these three supermarkets is suffering its own problem. So what is happening? Tesco's well documented £250m black hole in its [...]
Tesco share price falls again as Financial Conduct Authority confirms investigation into £250m profits black hole October 1, 2014 October has not started off well for beleaguered Tesco. This morning, the Financial Conduct Authority (FCA) confirmed the launch of a full investigation into the supermarket following last month's profit overstatement. On 22 September, Tesco warned investors that its profit outlook for the half year to August had been overstated by £250m. It blamed [...]
Blame groupthink – not lack of regulation – for Tesco’s accounting crisis September 30, 2014 The latest fiasco at Tesco could prove an embarrassment for more than just the retailer. There appears to have been an overstatement of profit of some £250m, and some are asking questions about the company’s auditors. Of course, the full story has yet to emerge, and Tesco’s auditors did flag issues in their most recent [...]
Tesco share price falls on £2.5bn credit facility claims September 30, 2014 Tesco share price fell again today – though far less than in recent days – after it emerged the embattled supermarket had sought a £2.5bn banking facility to prop it up against any impact from credit ratings downgradings. The supermarket was 0.4 per cent down in early trading today, with its share price continuing [...]
Morrisons exec is charged with insider dealing September 29, 2014 MORRISONS’ former treasurer and head of tax has been charged with insider dealing ahead of the retailer’s £216m tie-up with Ocado last year. The Financial Conduct Authority (FCA) said yesterday it had charged Paul Coyle with two offences of insider dealing. He will now face criminal proceeding and is set to appear before Harrogate Magistrates’ [...]
Supermarkets’ shares tumble September 29, 2014 BRITAIN’S struggling supermarkets continued their bad run as the worst performing stocks of the year through September, falling by as much as 20 per cent across the month. Ocado led the plunge, with its share price falling 19.5 per cent, followed by Tesco’s 16.7 per cent. But the shops are fighting to win customers and [...]
Aldi undaunted by price war as profits surge September 29, 2014 GERMAN discounter Aldi said yesterday that the supermarket price war was helping to drive more customers into its shops as it reported a 65 per cent jump in full-year profits. The retailer, together with its German peer Lidl, has been stealing market share from the big four supermarkets as it ramps up its presence in [...]
Tesco, Sainsbury’s and Asda cut petrol prices in latest battle in supermarket price wars September 29, 2014 Supermarkets clearly love the smell of diesel in the morning. Forget Brand Match promotions, in the latest battle between supermarkets in the long-waged war over low prices, the front of the petrol pumps re-opened. From tomorrow, Tesco and Sainsbury’s will slash fuel prices by up to five pence per litre while Asda will cut up [...]
Aldi UK profits jump nearly 66 per cent September 29, 2014 Group turnover at budget supermarket Aldi rocketed more than 35 per cent in the UK and Ireland during 2013, while pre-tax profits soared by nearly two-thirds, it said today. Sales at the discount grocer rose to £5.27bn for the year to December 31, 2013, up from £3.89bn the preceding year. Pre-tax profits, meanwhile, jumped [...]
Cream of the crop: Gu founder James Averdieck talks Australia and rural fantasy September 28, 2014 It's the kind of story you wouldn’t necessarily believe: someone cooked up the idea of a chocolatey pudding company while sitting in a coffee shop in Belgium, eating brioche. But for James Averdieck, founder of Gu, that’s exactly what happened. Back in 2003, he was a marketer for dairy company St Ivel, working in Belgium [...]