Ocado sales surge by 30pc after flotation September 7, 2010 ONLINE grocer Ocado reported a 30 per cent jump in third-quarter sales as it seeks to boost confidence in the business following a turbulent initial public offering (IPO) in July. Ocado, whose shares are trading 13 per cent below an IPO price which had already been cut by almost a quarter from the company’s original [...]
John Lewis shrugs off double-dip fears September 3, 2010 Customers of John Lewis are showing few signs of reining in spending in the face of prospective tax rises and employment uncertainty with the firm posting another week of double digit sales growth. The employee-owned company, traditionally seen as a bellwether of the retail sector but which has outperformed competitors for over a year, said [...]
WM Morrison to start selling groceries online September 2, 2010 WM MORRISON, Britain’s fourth largest supermarket chain, is expected to announce next week that it will start selling groceries online. According to the Financial Times, the retailer’s newly appointed chief executive Dalton Philips is set to make his business plan for Morrison’s future, including offering groceries online to its customers, public next week. In his [...]
John Lewis sales accelerating August 13, 2010 RETAILER John Lewis said year-on-year department store sales accelerated last week, shrugging off fears that prospective tax rises and employment uncertainty would hit consumer spending. The employee-owned firm, traditionally seen as a bellwether of the UK retail sector but which has outperformed competitors for over a year, said sales at its 28 department stores and [...]
Ocado plans pulled apart by research July 15, 2010 ONLINE grocer Ocado has come under fire again for its ambitious £1bn flotation plan, as another research analyst warns investors off the firm. Edison Investment Research said in a scathing note the firm should cut its price by more than half, recommending a £400m to 650m range. It criticised the company’s lack of assets and [...]
Bullish Ocado defies calls to cut IPO?price July 13, 2010 ONLINE grocer Ocado dismissed more calls to cut the price of its planned flotation yesterday, saying analysts had misunderstood the fundamentals of the business. Several analysts claimed yesterday the Waitrose grocery distributor is worth much less than its intended £1bn valuation, and urged the firm to lower its sights. Shore Capital analyst Clive Black said [...]
Quest: Shares in Ocado are overvalued by 46 per cent July 8, 2010 Analysis firm Quest has delivered another slap in the face to Ocado, as the grocery delivery firm attempts to justify its £1.1bn IPO valuation to investors. The Collins Stewart subsidiary says it values shares in Ocado at just 128p – a staggering 46 per cent under the mid-point put forward in its prospectus. It says [...]
Amazon set to sell groceries July 7, 2010 Ocado’s £1.1bn float was dealt another blow yesterday when internet giant Amazon launched a competing grocery delivery business. Amazon has long toyed with the idea of branching into food delivery, and already does so in the US and Germany, but the timing of the decision heaps pressure on Ocado. Analysts have already questioned the value [...]
Ocado warns investors of Waitrose risks July 6, 2010 OCADO finally launched the hotly anticipated prospectus for its £1.1bn flotation, to a muted response from the City. The firm has set the price-range between 200p and 275p a share, giving it a value of between £800m and £1.1bn, despite never having turned a profit. The document contains 18 pages of risk factors associated with [...]
CITY MOVES | WHO’S SWITCHING JOBS July 6, 2010 Clifford Chance The legal giant said yesterday that Simon Tinkler has been elected leader of its London corporate practice, for a term of four years. Tinkler has been at Clifford Chance since 1995. A private equity expert, he has recently advised on deals such as Duke Street’s disposal of Simple, Sandpiper on its sale of [...]