Sainsbury’s October 6, 2010 SAINSBURY’S was a little more low key about its sales rise and consumer sentiment than Tesco which posted sales figures earlier in the week. With Sir Terry Leahy signing off with his last set of results it is hardly surprising that Tesco has stolen some of Sainsbury’s thunder. However, Sainsbury’s chief executive Justin King echoed [...]
BEST OF THE BROKERS October 6, 2010 NORTHERN FOODS JP Morgan Cazenove has moved its rating on Northern Foods back to “underweight” with a new downgraded price target of 40p. The broker says the food manufacturer’s growth and profitability are dependant upon its relationship with UK food retailers and its ability to control its costs. The broker says Northern is likely to [...]
Christmas will come early to the high street October 6, 2010 HIGH-STREET retailers have every reason to be cautious right now. If it isn’t the government squeezing households’ disposable incomes with one hand and hiking VAT with the other, then surges in the prices of commodities such as cotton, which is at a 15-year high, are threatening margins. Only last month Next chief executive Simon Wolfson [...]
Sainsbury’s beats forecasts with sales hike October 6, 2010 J Sainsbury has posted second-quarter sales towards the top end of forecasts, as new stores, online shopping and demand for non-food lines helped it to grow share in a tough market. The group said it expected conditions to remain difficult for shoppers as the government hikes taxes and cuts spending to rein in its debts. [...]
Tesco talks up economy as profit lifts October 5, 2010 TESCO said yesterday that the UK was unlikely to slide back into recession as it reported a 12.5 per cent increase in first half profit to £1.6bn. The world’s third largest retailer said it had been boosted by the strength of Asian markets, offsetting “modest” UK sales growth in the 26 weeks to 8 August. [...]
Tesco October 5, 2010 SIR Terry Leahy effectively signs off with yet another set of results which shows Tesco is negotiating choppy economic waters in a calm and assured way. While UK sales growth of three per cent is far from stellar, growing Asian markets have helped to keep the ship moving forward. Analysts point to the surprise forecast [...]
Tesco in £1.8bn profit October 5, 2010 Tesco has made a £1.8bn profit in first half profits – a 14 per cent jump from the same period the year before. The world’s third biggest retailer said the rise in underlying pre-tax profits came despite “modest” UK sales growth in the 26 weeks to 28 August. Sales across the group jumped by more [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 3, 2010 THE SUNDAYS The Sunday Telegraph EURO MAY NOT SURVIVE, CAUTIONS STIGLITZ One of the world’s leading economists has warned that the future of the euro is “looking bleak” and the fragile European economic recovery could be irreparably damaged by a “wave of austerity” sweeping the continent. Joseph Stiglitz, the former chief economist of the World [...]
Retailers go head to head with results October 3, 2010 SUPERMARKETS are set for a showdown this week as Tesco, J Sainsbury and Marks & Spencer post interim results. Smaller retailers Ted Baker, Halfords and Greggs are also due results, in a week that will indicate how the High Street has fared since the general election. Tesco is expected to post a 10 per cent [...]
Tesco plan to sell mortgages delayed by FSA October 3, 2010 TESCO’S plans to sell mortgages in Britain could face a delay because it has yet to receive approval from the country’s financial services watchdog. “The FSA (Financial Services Authority) is just being careful. It is a new process and it is very difficult,” a Tesco spokesman said. He declined to comment on a report in [...]