ARE YOU ENCOURAGED BY TESCO’S UPBEAT OUTLOOK? October 6, 2009 RICHARD HUNTER HARGREAVES LANSDOWN “By definition Tesco comes with high expectations and these numbers have resulted in something of a hung jury. Whilst the well flagged strategy of expanding overseas is intended to offset an increasingly saturated UK marketplace, this comes at a cost.”TONY SHIRET CREDIT SUISSE “UK trading profit was £1,155m which was slightly [...]
AT-A-GLANCE October 5, 2009 • UnemploymentShadow work and pensions secretary Theresa May fleshed out well-trailed plans for welfare reform, outlining a scheme that will give personalised help to young people who have been unemployed for over six months. Under Labour’s existing New Deal scheme, a young jobless person must have been out-of-work for 12 months before they are given [...]
Tesco succeeds in 514m sale and leaseback deal October 5, 2009 BRITAIN’S biggest retailer, Tesco, said yesterday it had carried out a sale and leaseback deal for property assets valued at £514m. The transaction, structured as a 50-50 joint venture with an unnamed UK pension fund, represents the latest phase in the firm’s ongoing programme to release value from its property portfolio. The deal involves 15 [...]
Supermarkets to dominate this week October 4, 2009 It’s off to the supermarket this week, with Tesco and J Sainsbury both due to give investors a taste of how the year is shaping up. Tesco reports its interims tomorrow, which will include Tesco Personal Finance (TPF) as a consolidated entity for the first time. UBS expects the chain to indicate that it is [...]
Tesco set to report slower sales growth October 4, 2009 TESCO, Britain’s biggest retailer, is set to report slower underlying UK sales growth than rival J Sainsbury for the fifth quarter in a row this week, alongside a small rise in first-half profit. But analysts expect Tesco to flag a stronger second-half profit performance, and some see signs it is beginning to close the gap [...]
Bond says no to M&S role October 1, 2009 ASDA chief executive Andy Bond yesterday ruled himself out of the running for the top job at high street retailer Marks & Spencer (M&S). Bond said: “I am not interested. I am not going to M&S. End of story.” M&S has said it will appoint a new chief executive next year, with Sir Stuart Rose [...]
THE LONDON REPORT September 22, 2009 BRITAIN’S top share index edged higher yesterday as miners and oil stocks buoyed by firmer commodity prices lent support, though with investors nervous before the group of 20 leaders’ meeting at the end of the week. The FTSE 100 closed 8.24 points, or 0.2 per cent, higher at 5,142.60, after ending Monday’s session 0.7 per [...]
Next claims Tesco copied clothing line September 20, 2009 TESCO, the supermarket famed for its aggressive price war tactics, was yesterday batting away allegations that it has illegally copied clothing ranges from fashion retailer Next. Next has filed claims with law courts alleging the supermarket has lifted up to five clothing lines – and stolen two design motifs originally designed by Next. Tesco denies [...]
BEST OF THE BROKERS September 20, 2009 JD WETHERSPOONInvestec Securities has reiterated its buy recommendation for JD Wetherspoon, noting that potential obstacles should be overcome by the company’s strong cash generation and market share gains. The planned VAT increase is not expected to damage JD Wetherspoon, with price increases and accentuated value relative to peers predicted to compensate.ROYAL BANK OF SCOTLANDEvolution Securities [...]
CITY MOVES WHO’S SWITCHING JOBS September 17, 2009 Virgin MediaThe media group has appointed Eamonn O’Hare, previously UK finance director of supermarket giant Tesco, as its new chief financial officer. O’Hare, who will assume his new role in November, has been at Tesco for the past four years. Prior to that, he played a key role in the turnaround of Energis, where he [...]