Sainsbury says it beat rivals but shares fall June 13, 2012 J SAINSBURY crowned itself “a Jubilee winner” after chief executive Justin King said the Queen’s celebrations helped the retailer continue to beat its rivals in the first quarter of 2012. Like-for-like sales rose 1.4 per cent in the 12 weeks to 9 June, while total sales rose 3.8 per cent excluding fuel, with savvy shoppers [...]
ANALYST VIEWS | DID SAINSBURY’S RESULTS DISAPPOINT? June 13, 2012 RICHARD HUNTER HARGREAVES LANSDOWNE Sainsbury’s rise in sales was steady but shy of expectations, with the shares reflecting a tinge of disappointment… The numbers were boosted by including the Jubilee weekend, unlike Tesco, and progress in clothing and online remained notably strong. CLIVE BLACK SHORE CAPITAL Sainsbury did continue to outperform the market and its [...]
Business leaders must speak up in promoting a culture of capitalism June 12, 2012 MY 33 years at Tesco, 14 of them as its chief executive, left me in no doubt that people hold one of two views of the world: there are those who believe in trusting people, markets and competition, and those who put their faith in government, in all its various guises. Life being what it [...]
Tesco recovery fails to ignite growth in sales June 11, 2012 TESCO reported its fourth consecutive quarter of falling sales yesterday as the grocer’s £1bn recovery plan following its shock profit warning in January struggled to gain pace. Britain’s largest retailer said UK like-for-like sales excluding VAT and fuel fell 1.5 per cent in the 13 weeks to 26 May, only slightly up on a 1.6 [...]
ANALYST VIEWS | DO TESCO’S RESULTS SUGGEST A FINANCIAL TURNING POINT? June 11, 2012 CLIVE BLACK SHORE CAPITAL We see this as a steady statement suggesting stabilisation is coming through in the UK, which we find encouraging after sustained underperformance. For the “uber bears” there is no warning, which is an important foundation to the rebuilding of Tesco’s investment credentials. FREDDIE GEORGE SEYMOUR PIERCE We continue to believe that [...]
Supermarkets cut fuel prices as battle at the pumps intensifies June 11, 2012 SAINSBURY’S and Asda yesterday fired the latest salvo in a fuel price war among supermarket giants. A fall in global oil prices has triggered the price drops, which have seen the big four supermarkets – Tesco, Asda, Sainsbury’s and Morrisons – fight it out to offer the best deal. Asda said that from today it [...]
Bailout buzz evaporates as FTSE 100 falls in the wake of Spanish rescue June 11, 2012 BRITAIN’S top shares saw earlier sharp gains evaporate yesterday, ending the session lower, as euphoria engendered by a Spanish bank rescue package gave way to concerns over its long-term efficacy, as investors eyed the next hazards in the crisis. The FTSE 100 index ended the session down 2.71 points, or 0.1 per cent, at 5,432.37, [...]
As Tesco reports a drop in UK sales, has the retailer been pursuing the wrong strategy? June 11, 2012 YES Richard Perks “Retail is detail” and Tesco has been getting too many of the details wrong – poor quality, bad service, tired stores and an inept marketing function that couldn’t cope with Asda’s price guarantee. Very basically, Tesco has been using the UK as a cash cow to provide funds for development elsewhere. But, [...]
THE TIPSTER | Consulting an upbeat 2012 June 11, 2012 CONSULTANCY WS Atkins was quite upbeat about its full-year results back in April, so it will be interesting to see if the company can indeed deliver. The shares have dropped back noticeably from their 2012 high around 800p, so the company will be hoping that its figures are enthusiastically received by investors. IG’s price on [...]
Tesco sales fall June 11, 2012 Tesco, the world’s third-biggest retailer, has seen a drop in quarterly underlying sales in its main British market, showing its recovery plan following a shock profit warning in January is taking time to gain traction. The supermarket group, with over 6,000 stores in 14 countries, said consumer confidence was subdued across all of its markets, [...]