Tesco, Sainsbury’s and Morrisons: Have investors given up on supermarkets? October 1, 2014 Tesco's share price has fallen 3.4 per cent today. Wm Morrison's has declined by 5 per cent. Sainsbury's share price tumbled 6.6 per cent. Although they operate in the same sector, each of these three supermarkets is suffering its own problem. So what is happening? Tesco's well documented £250m black hole in its [...]
Morrisons exec is charged with insider dealing September 29, 2014 MORRISONS’ former treasurer and head of tax has been charged with insider dealing ahead of the retailer’s £216m tie-up with Ocado last year. The Financial Conduct Authority (FCA) said yesterday it had charged Paul Coyle with two offences of insider dealing. He will now face criminal proceeding and is set to appear before Harrogate Magistrates’ [...]
Morrisons ex-treasuer and head of tax Paul Gerard Coyle charged with insider trading over Ocado shares September 29, 2014 A former treasurer and head of tax for Morrisons has been charged with insider dealing in relation to Ocado share trading. Paul Gerard Coyle has been charged by the Financial Conduct Authority with two counts of insider dealing related to trading shares in the online grocery delivery service between February and May 2013. A £200m partnership between [...]
Morrisons profit halves in fight to win shoppers September 11, 2014 MORRISONS appeased investors yesterday by hiking its dividend payout by five per cent despite the troubled supermarket group reporting a plunge in first-half profits. Underlying pre-tax profits fell by 51 per cent to £181m in the six months to 3 August – its lowest in eight years – after Morrisons slashed the price of thousands [...]
Morrisons’ share price opens 4.2 per cent up, despite plummeting pre-tax profits September 11, 2014 Shares in Morrisons opened 4.25 per cent higher this morning, even though results published today showed pre-tax profit plummeted by just under a third for the six months ended 3 August, as the company struggles to rise above a slowdown in the grocery market. The struggling supermarket's half-year results revealed a pre-tax profit of £239m [...]
Ocado share price jumps 8.5 per cent as Morrisons tie-up pushes sales up September 11, 2014 Ocado shares opened 8.5 per cent higher this morning after it reported a 22.5 per cent rise in gross sales for the 12 weeks to 10 August 2014. The online grocer enjoyed £231.9m worth of group sales, compared to £189.2m during the same period last year. Average orders per week rose 17.4 per cent from [...]
London Report: Lower crude prices pull FTSE down but Morrison’s gets lift September 9, 2014 BRITAIN’S top shares yesterday inched lower on Tuesday as energy stocks weakened and investors bet on whether Scotland would vote to leave the United Kingdom in the 18 September referendum. But stocks showed little reaction to comments by Bank of England Governor Mark Carney, who suggested the bank might start to raise interest rates next [...]
Morrisons fights back as Tesco’s sales get worse August 27, 2014 The challenges facing Tesco incoming boss Dave Lewis were further laid bare yesterday after figures out yesterday showed a worsening sales performance at Britain’s largest grocer. According to data from Kantar Worldpanel, Tesco’s sales declined by four per cent year-on-year in the 12 weeks to 17 August. This means its market share fell to 28.8 [...]
Tesco veteran Andrew Higginson to chair Morrisons after 15 years at supermarket July 28, 2014 Tesco’s former finance boss Andrew Higginson is expected to be appointed as the chairman of rival supermarket chain Morrisons. Current chairman Sir Ian Gibson has been in the position since September 2007, and last month announced his intention to stand down. Retail veteran Higginson spent 15 years on the board at Tesco, with 11 as [...]
Ex-Asda bosses Archie Norman and Allan Leighton linked to Morrisons chairman role July 27, 2014 Former Asda bosses Archie Norman and Allan Leighton are said to be in the running to become the new chairman of troubled supermarket chain Morrisons. Norman and Leighton were credited with reversing Asda’s fortunes in the 1990s and are both seen as plausible candidates to help revive the chain, which has been losing market share [...]