Tesco UK sales fall short June 14, 2011 Tesco, the world’s No.3 retailer, missed forecasts with a second consecutive quarterly fall in underlying sales in its main UK market as cash-strapped shoppers cut back on discretionary spending. The supermarket group said sales at stores in the UK open at least a year fell 0.1 per cent, excluding petrol and changes in VAT sales [...]
Leahy invests in tech firm June 12, 2011 FORMER Tesco boss Sir Terry Leahy has invested £2m of his personal wealth into a British software startup. He has bought a ten per cent stake in MetaPack, a small technology firm that co-ordinates customer deliveries for several big retailers. The company counts Sir Terry’s former employer, from which he stood down as chief executive [...]
BEST OF THE BROKERS June 12, 2011 TESCO Evolution Securities rates the supermarket “sell” with a target price of 375p. The broker expects to see 7.5 per cent growth in group turnover when Tesco reports first quarter figures on Tuesday, with international gains making up for flat underlying UK like-for-like sales. Evo thinks Tesco is underperforming the UK market and has concerns [...]
Rugby’s phoenix still on the rise June 9, 2011 ANYONE who had even whispered talk of a return to the Premiership when London Scottish were at rock bottom a decade ago would have been wheeled off by men in white coats, suspected of suffering one high tackle too many. Relegated nine divisions after an ownership disaster dragged them into administration just after the advent [...]
FTSE falters as retailers slide June 9, 2011 Stocks defied downbeat expectations to post gains this morning but have since downhill after a number of UK retailers said sales were falling. Heavyweight banking stocks are also down following yesterday’s Treasury Select Committee debate over whether to ringfence their operations, and Vince Cable’s attack on their lending levels on Tuesday. State-backed Lloyds Bank is [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 6, 2011 FINANCIAL TIMES SPAIN TO SEEK REDRESS OVER E. COLI CLAIM Spain will demand “100 per cent” compensation for the damage suffered by its farmers over unfounded accusations that they were the source of the E. coli outbreak in Germany that has killed 22 people and made thousands sick. Rosa Aguilar, Spain’s environment and rural affairs [...]
The rock’n’roll banker that is set to chair Aviva June 5, 2011 FORMER Australia and New Zealand Banking Group (ANZ) chief executive John McFarlane is being touted as the next chairman of insurance group Aviva, after Sir Richard Broadbent passed over the role last month in favour of a move to Tesco. The appointment of McFarlane, who currently sits on the board of RBS, is believed to [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 2, 2011 FINANCIAL TIMES FORMER TESCO CHIEF PUTS MONEY INTO NICOTINE A medical devices group developing non-tobacco nicotine delivery systems has won the backing of Sir Terry Leahy in the latest private investment by the former Tesco chief executive since he retired in March. Sir Terry has put an undisclosed sum behind Kind Consumer, a start-up that [...]
Tesco revamps exec pay after rebellion May 31, 2011 TESCO has moved to head off a repeat of last year’s shareholder revolt by overhauling its executive pay structure. The shake-up, revealed in Tesco’s annual report, sees the scrapping of an incentive scheme which benefited US boss Tim Mason. His £4.2m in pay and bonuses was blasted by US institutional investors at last year’s AGM [...]
Krispy Kreme UK sales on the rise May 31, 2011 Doughnut maker Krispy Kreme saw UK sales of £33.4m over the past 12 months, it said yesterday. Like-for-like figures showed a same-store sales increase of 1.4 per cent. Revenue was up 12.6 per cent. The company said it plans to double its presence in the UK in the next five years. Over the past 12 [...]