Tesco hikes profit forecasts and launches share buyback programme October 6, 2021 Tesco, the UK’s largest supermarket, has hiked its forecasts for full year profits and kicked off a share buyback programme. Stronger than expected demand for the food retailer’s products prompted it to raise expectations for retail operating profits to between £2.5bn and £2.6bn. Ken Murphy, chief executive of Tesco, said: “We’ve had a strong six [...]
Supermarket sweep: Sainsbury’s and Tesco singled out as next takeover targets October 4, 2021 Sainsbury’s and Tesco have been singled out as the next targets for buyout firms after the Morrisons deal. US investment company Fortress – which was beaten to the Morrisons takeover by private equity Clayton, Dubilier & Rice (CD&R) at auction – has indicated it is interested in other UK acquisitions. Joshua Pack, financier at Fortress, [...]
Supermarket sweep: Sainsbury’s and Tesco singled out as next takeover targets – CityAM : CityAM October 4, 2021 Sainsbury’s and Tesco have been singled out as the next targets for buyout firms after the Morrisons deal. US investment company Fortress – which was beaten to the Morrisons takeover by private equity Clayton, Dubilier & Rice (CD&R) at auction – has indicated it is interested in other UK acquisitions. Joshua Pack, financier at Fortress, [...]
Morrisons’ chairman calls Christmas supply concerns ‘slightly overblown’ October 4, 2021 Morrisons’ chairman has downplayed concerns over the supermarket supply chain this Christmas. Andy Higginson said he was “not worried” about the challenges arising from a shortage of goods drivers and reports forecasting empty shelves this autumn, the BBC reported. The supermarket boss said problems in the supply chain were “well publicised” and “slightly overblown”. “Supply [...]
Concoction of risks weighs on London markets October 4, 2021 A concoction of risks threatening to scupper the global economic recovery from the Covid-19 crisis weighed on London markets this morning. The capital’s premier index edged down 0.12 per cent to 7,018.60 points during the first couple of hours of trading today. Ongoing supply issues, severe shortages, accelerating inflation and the growing likelihood of central [...]
Shortages saga: A third of UK mid-size firms forced to slim down offerings October 4, 2021 With the UK’s supply chains riddled with labour shortages and continued Covid-19-related hang-ups, a third of mid-size firms have been forced to reduce their offering. More than 34 per cent of businesses already trimmed their product lines and services by mid-September – before the fuel crisis had gripped the nation, according to accountancy firm BDO. [...]
London markets look to put soggy week behind them October 4, 2021 Investors will be looking to put what was a soggy end to last week behind them today and kick off a fresh week in positive fashion. The FTSE 100 tumbled 0.84 per cent to 7,027.07 points last Friday as markets sweated over the global economic recovery from the Covid-19 crisis stalling after Wall Street registered [...]
Supermarkets bleed sales thanks to food shortages October 3, 2021 The country’s largest supermarkets have lost out on more than £2bn sales this year so far thanks to food shortages. Leading retailers – Tesco, Sainsbury’s, Asda and Morrisons – lost out on sales during the first nine months of the year, according to data shared with trade magazine The Grocer. The sector has been hit [...]
CD&R wins takeover battle for Morrisons at auction with £7bn bid October 3, 2021 US private equity firm Clayton, Dubilier & Rice has beaten the Fortress Investment consortium at auction for Morrisons with a bid of £7bn for the supermarket. Clayton, Dubilier & Rice (CD&R) bid 287 pence per share – 2 pence per share above their existing offer and just a penny above the 286 pence offered by [...]
Tesco gears up to announce interim results amid sector’s driver chaos October 3, 2021 Supermarket behemoth Tesco is expected to reveal a big share buyback programme this week, alongside setting out plans to overcome supply chain disruption. Tesco’s buyback scheme will run in parallel to its normal dividend, The Sunday Times reported, with no expected plans for a special dividend. The grocer will post its interim results on Wednesday, [...]