FTSE rise aided by banks April 25, 2012 The FTSE 100 opened on the front foot this morning as the tech sector was given a boost by stellar sales from Apple in the US while banks also nudged up. But UK GDP figures showing that the country had plunged back into recession cast a shadow.The UK economy shrank by 0.2 per cent in [...]
Waitrose and budget stores winning sales April 24, 2012 UK CONSUMER habits are becoming increasingly divided, accordingly to new retail data that shows higher-end and budget retailers growing market share while those occupying the middle ground lose out. Kantar Worldpanel figures for the 12 weeks to 15 April 2012 showed upmarket supermarket Waitrose increasing market share from 4.3 per cent to 4.5 per cent [...]
Leahy offers Tesco answers at Hay Festival April 22, 2012 INVESTORS seeking to find out what’s going wrong at supermarket chain Tesco might want to indulge their literary side and buy a ticket to this year’s Hay Festival – as the firm’s former chief executive is set to appear at the event. Terry Leahy, who led the firm for 14 years before quitting last spring, [...]
Tesco to fight back with £1bn revival scheme April 18, 2012 TESCO revealed yesterday it would be spending £1bn on reviving its UK business as the supermarket giant attempts to restore sales growth and make customers “fall back in love again” with the brand. Chief executive Philip Clarke outlined a six-point plan to hire 8,000 more staff, create “warmer” stores, lower prices and improve products after [...]
Clarke will need more than £1bn to reverse curse of complacent incumbency April 18, 2012 LET’S keep things in perspective here. Tesco isn’t exactly struggling, although you wouldn’t know it from the bad publicity that has plagued it since a profit warning in January. Group profit of £3.83bn was up by five per cent last year on revenues that were seven per cent higher at £72bn. A distressed retailer this [...]
CITY VIEWS DO YOU SHOP FOR GROCERIES ONLINE? April 18, 2012 LUCY WALLCRAFT FIDELITY Sometimes I shop online for my groceries, but not always. When I do it’s because it is the most convenient way to get what I need. I mainly use Tesco if I shop online because it is the easiest to use.” SHARON GURNETT MCGRIGORS I don’t personally shop online for groceries. I’m [...]
Euro fears and ex-divi stocks see FTSE slide after two days of gains April 18, 2012 BRITAIN’S leading share index dipped into negative territory yesterday, pulled down by a set of ex-dividend stocks, while fears of another blow-up in the Eurozone crisis kept investors nervy ahead of a Spanish debt auction. The FTSE 100 index closed down 21.66 points, or 0.4 per cent at 5,745.29, after two days of gains, as [...]
Tesco in £1bn plan to breathe new life into business April 18, 2012 Tesco said it would spend £1bn this year overhauling its underperforming UK business and will rein in expansion as it seeks to win back market share and calm nervous shareholders. It said that the blueprint to revitalise its most important market, which it conceded was not a radical change of direction, would focus on improving [...]
Dairy Crest loses Tesco contract April 17, 2012 Dairy Crest said yesterday it has lost its contract to supply milk to Britain’s largest retailer Tesco and that it was looking at closing two facilities, which will affect about 470 staff. The manufacturer of Country Life butter, Cathedral City cheese and flavoured milk drink Frijj, said Tesco had decided not to renew its contract [...]
American buyout giant’s gem plan could quickly lose sparkle April 15, 2012 KKR’s plan to merge the diamond operations of Rio Tinto and BHP Billiton might sound ambitious, but the deal loses its sparkle upon closer inspection. The market for the proverbial girl’s best friend is hot, about that there is no doubt. Demand is holding up even in mature markets while emerging countries are quickly falling [...]