Asda market share up as it lures shoppers with price guarantee May 17, 2012 ASDA, the British arm of supermarket giant Walmart, said it continued to gain market share in the first quarter of the year as its focus on low prices and a revamping of own-brand ranges helped drive sales growth. The UK’s second-biggest supermarket chain behind Tesco, said like-for-like sales excluding fuel and VAT accelerated in the [...]
Supermarkets kick off petrol price drop wars May 15, 2012 TWO of the UK’s top four supermarkets have said they will cut fuel prices from today, passing on savings to customers as the cost of wholesale oil continues to fall. Sainsbury’s and Morrisons – the third and fourth biggest supermarkets by market share respectively – both confirmed yesterday they will cut petrol prices by up [...]
Ageas reports loss but strong growth in UK May 14, 2012 BELGIAN-based insurer Ageas yesterday recorded a net loss of €84m (£67m) for the first quarter, mainly as a result of outstanding issues stemming from its former identity as part of failed bank Fortis. The loss was less than analysts had expected, and the firm’s insurance division achieved a strong 15 per cent rise in net [...]
Borrows set to reign at 3i after Queen leaves May 13, 2012 TOP City rainmaker Simon Borrows is set to be named this week as chief executive of 3i, Britain’s oldest private equity firm. Borrows, who joined as chief investment officer last summer, will take over from Michael Queen, who in March announced his intention to step down. The promotion of Borrows will surprise few in the [...]
ANALYST VIEWS HOW IS SAINSBURY’S FARING IN A COMPETITIVE ENVIRONMENT? May 9, 2012 JAMES GRZINIC JEFFERIES Sainsbury’s full-year results were nearly two per cent better than expected…Crucially, the group has confirmed that it expects core capex to decline from the 2011-12 peak of £1.24bn to £1bn in 2012-13. We expect yield merits to be better underpinned given better cashflow dynamics, but Morrisons and Tesco are a 20 per [...]
Tesco takes pensions in-house May 9, 2012 Tesco yesterday said it would manage its own pension scheme, one of the largest in the country still offering defined benefits, to maximise returns and cut dependence on consultants. Tesco Pension Investment will be led by Steven Daniels, previously group chief investment officer of LV= Asset Management.
Morrison rules out any further discount plans May 3, 2012 WM MORRISON’S chief executive said yesterday the supermarket would not succumb to offering more vouchers after aggressive discounting by rivals like Tesco hurt its first quarter sales. Dalton Philips warned that, as economic conditions remained uncertain, squeezed consumers would continue to seek out even more promotions. But he brushed off concerns that the grocer was [...]
Morrisons sales dip in tough market May 3, 2012 Morrisons posted a fall in underlying sales in its first quarter, reflecting tough comparatives with a bumper period of trading last year and customers switching to rivals who are promoting more heavily. The supermarket chain, which trails market leader Tesco, Wal-Mart’s Asda and J Sainsbury in UK market share, said on sales at stores open [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 2, 2012 FINANCIAL TIMES Airline levy could aid UK border Two Democratic senators have turned up the political pressure on News Corp, reviving questions about whether a scandal at Rupert Murdoch’s UK newspapers could jump the Atlantic. Sen Jay Rockefeller of West Virginia has written to Lord Justice Leveson asking for any evidence that “troubling and sometimes [...]
Troubling times for retailers to the squeezed middle April 29, 2012 SPARE a thought for the squeezed middle. No, not the ordinary family as defined by Ed Miliband, but the places they shop and the things they buy. The mid-market consumer firm is finding the going very tough indeed. There has been much written about Tesco’s troubles in recent months, punctuated by a series of ignominious [...]