Tesco prepares for boardroom revamp after £250m profit error October 5, 2014 Tesco is to shake up its board as part of new chief executive Dave Lewis’ efforts to restore the supermarket’s credibility after an accounting error that led it to overstate its profits by £250m. The retailer is expected to appoint a number of new non-executives to the board, which is led by chairman Sir Richard [...]
Tesco’s share price has fallen 52pc in a year, but company receives Gulfstream jet October 4, 2014 Tesco's share price has dropped 52.4 per cent in the last year and it overestimated its half-year profits by £250m. Why, then, is the besieged supermarket taking delivery of a new private jet; a Gulfstream G550 worth a reported £31m? Any blame could lie at the door of Philip Clarke, the chief executive who left the [...]
Store wars: Lidl attacks Morrisons with combative ad campaign October 4, 2014 Lidl have launched a new ad campaign, ridiculing Morrisons's attempts to match their prices. This may sound like dry advertising rivalry, but the gauntlet has been well and truly thrown down. Great advertisement from @LidlUK – very clever response to @Morrisons price pledge. pic.twitter.com/zUwrEKms6c — Steve Myall (@stevemyalleats) October 4, 2014 The advert lists the steps [...]
David vs Goliath? Why Tesco’s “Every Little Helps” is losing the battle for supermarket supremacy October 3, 2014 Like most of us, I’ve been watching the differing fortunes of Tesco and Aldi play out over the past few days. And it’s compulsive viewing, not least of all because we love the underdog. Plucky little Aldi with just 500 stores, takes on the might of Tesco and gives the goliath a bloody nose. Great [...]
Tesco share price drops yet again as supermarket misery continues October 3, 2014 The misery continues for Tesco as its share price dropped yet again in early morning trading. Tesco shares fell by over two per cent, before recovering slightly to a price of 176.03 pence per share – a 1.8 per cent drop. The supermarket’s stock has taken a pummelling in recent weeks, falling by [...]
UK supermarkets vs German discounters: Morrisons gets tough as Buffett attacks Tesco October 2, 2014 Britain’s embattled supermarkets have finally begun their fight back against German discounters Aldi and Lidl who have been eating their lunch in recent months with double-digit growth in the sector. Morrison, the UK’s fourth biggest supermarket, will launch its first customer loyalty card today, along with a price-matching scheme that its chief executive has labelled [...]
From Building Public Trust to European Diversity, the award for night with most awards held goes to… October 2, 2014 There’ll be some sore heads and award-laden pockets around the City this morning as its firms were treated to a variety of award ceremonies last night. PwC’s Building Public Trust awards took place on Park Lane, where four gongs were handed out recognising excellence in corporate reporting (no more pertinent an award in light of [...]
FTSE slumps to 2014 low after Draghi fails to light up markets – London Report October 2, 2014 BRITAIN’S top equity index yesterday slid to its lowest closing level so far this year on disappointment with the European Central Bank’s latest stimulus measures. The blue-chip FTSE 100 index ended down by 1.7 per cent, or 111.13 points, at 6,446.39 points – its lowest closing level since ending at 6,439.96 points in December 2013, [...]
Sports Direct now owns 11 per cent of Debenhams October 2, 2014 Sports Direct has just upped its exposure to underperforming department store chain Debenhams, buying a further £33m-worth of shares. The move comes months after the Mike Ashley-owned retailer took its original punt on the high street business, which was ultimately converted into a put option valued at £64m. The new investment equates to a 4.6 [...]
Warren Buffett admits he made “a huge mistake” on Tesco as share price tumbles again October 2, 2014 Warren Buffett has admitted making a “huge mistake” by investing in Tesco, as the supermarket's share price continued to fall today. The legendary investor, and second richest man in the world, is currently the third largest shareholder in Tesco, through his venture Berkshire Hathaway, which owns a 4.1 per cent stake. He first [...]