Tesco chief Philip Clarke says he has no plans to step down June 4, 2014 TESCO boss Philip Clarke yesterday reiterated that he had no plans to step down despite admitting that the supermarket chain had suffered its worst quarterly sales performance in his forty years at the company. Clarke said a dramatic slowdown in the grocery market and deliberate efforts to win back shoppers by slashing prices were partly [...]
Bottom Line: Chop harder or prepare to face a descending axe June 4, 2014 HOW quickly a giant can start to resemble a dinosaur. Tesco’s likefor-like sales in the first quarter fell by a shocking 4 per cent if you exclude VAT, petrol and vouchers, its worst drop in years. Embattled chief executive Philip Clarke says he’s determined to cling to his position, but it looks less and less [...]
Inside Track: Tesco’s boss is out on a limb with a limp recovery plan June 4, 2014 PHILIP Clarke is beginning to sound like the corporate equivalent of Alastair Cook at the end of England’s disastrous Ashes defence. On yesterday’s conference call to discuss Tesco’s worst like-for-like sales performance in roughly 20 years, his insistence that his strategy is working sounded faintly ridiculous. “We are more competitive now than we have been [...]
Tesco loses finance director to New Look June 4, 2014 TESCO has lost a second senior director from its finance division after fashion retailer New Look said yesterday that it has hired Mike Iddon as its chief financial officer. Iddon, Tesco’s group finance director for planning, treasury and tax, will replace New Look’s interim chief financial officer Richard Collyer in the coming months. His departure [...]
London Report: FTSE weighed down by poor Tesco numbers June 4, 2014 THE UK’S top equity index fell yesterday weighed down by Tesco after the supermarket retailer posted its biggest quarterly UK sales drop in 40 years. The blue-chip FTSE 100 closed down by 0.3 per cent, or 17.67 points, at 6,818.63 points. Tesco’s 1.4 per cent fall was one of the biggest setbacks for the FTSE, [...]
Tesco share price is falling after sales plummeted again June 4, 2014 Another set of falling sales figures from Tesco this morning. The UK supermarket giant has reported a 3.7 per cent drop in like-for-like sales – 3.8 per cent when including petrol. That does mark the store’s third drop in a row but is, however, better than the four per cent decline analysts were expecting. Revenues [...]
What you need to know before the open June 4, 2014 European markets are expected lower this morning, as stock futures were seen falling. Nervousness is building ahead of the European Central Bank’s anticipated measures, which’ll be revealed tomorrow. Regulator Ofcom has announced further imposed cuts to the cost of mobile phone calls, with a new charge control that’ll see calls to different networks fall to [...]
Tesco market share sinks to a 20-year low June 3, 2014 TESCO boss Philip Clarke is under renewed pressure after figures out yesterday showed that customers abandoning its stores have caused the chain to suffer its worst loss in market share in 20 years. Analysts lashed out as data from Kantar WorldPanel revealed that Tesco’s sales slipped by 3.1 per cent year-on-year in the 12 weeks [...]
Bottom Line: It’s crunch time for Clarke and Philips June 3, 2014 THE NUMBERS are dire. Despite splashing out more than £3bn over the past year, the UK’s three biggest listed firms – Tesco, Sainsbury and Morrisons – are all shedding market share, with the former showing its weakest growth in 11 years. Analysts are slashing the sector left, right and centre, and with Tesco expected to reveal another [...]
Tesco chooses two new execs June 2, 2014 TESCO appointed two new executives in creative roles yesterday, as it seeks new ways to improve sales. Jill Easterbrook has been appointed as chief customer officer. She has worked at Tesco for 13 years. Matt Atkinson has been picked as chief creative officer and will work on new products. “Both have played a big part [...]