Morrisons warns of discounters’ growing threat June 26, 2014 MORRISONS boss Dalton Philips warned yesterday that discounters could grow to as much as 25 per cent of the grocery market if supermarkets fail to “face the brutal reality” of the changes taking place and fight back. Speaking at the British Retail Consortium’s annual symposium, Philips said the threat posed to the UK’s big four [...]
Morrisons ramps up assault on rival supermarkets after slashing more prices June 23, 2014 Morrisons has launched a fresh round of price cuts today as the troubled supermarket group steps up its efforts to win back shoppers defecting to cheaper rivals. Britain’s fourth-largest grocer will cut the price of a further 135 grocery and household products today by an average 14 per cent. “These are permanent price cuts, not [...]
FTSE 100: Shire and Morrison help index end on a high note June 17, 2014 Bid speculation surrounding pharma giant Shire, proposed cost savings at supermarket operator Wm Morrison and a strong update from Premier Inn-owner Whitbread yesterday helped lift the FTSE 100 index slightly. The bluechip index closed up 12.13 points, or 0.2 per cent, at 6,766.77. Shire jumped 3.5 per cent to 3,660p, providing the biggest boost for [...]
After share price crash Asos warns on profits and investors slam Morrisons June 5, 2014 SOME of Britain’s biggest retailers were left reeling yesterday after a profits warning from Asos spooked investors and supermarket bosses came under a fierce verbal attack from angry shareholders. Asos shares crashed 31 per cent, wiping £1.2bn off its market value, after the online fashion retailer warned that a strong pound and a rise in [...]
Morrisons insists its price cuts will win back custom May 8, 2014 MORRISONS chief executive Dalton Philips insisted yesterday that its price-cutting plan will win over customers defecting to discount rivals despite the decline in like-for-like sales worsening in the first quarter of the year. Total sales excluding fuel fell 4.2 per cent in the 13 weeks to 4 May while like-for-like sales slumped 7.1 per cent, [...]
London Report: Morrisons forecast and plans for cuts at Barclays lift FTSE May 8, 2014 BRITAIN’S top shares neared nine-week highs yesterday led by Barclays after it announced a revival plan, while investors also welcomed the possibility of more stimulus steps from the European Central Bank in June. Barclays was the standout gainer on the FTSE 100, up 7.9 per cent after it announced 19,000 job cuts in the next [...]
Analysts fear for Morrisons as sales plunge 7.1pc May 8, 2014 Morrisons has reported a 7.1 per cent drop in like-for-like sales in the 13 weeks to 4 May. That’s considerably worse than expected – and worse than the 5.6 per cent fall it saw over the festive season. Jefferies had forecast a seven per cent decline, whereas Barclays was predicting one of 6.3 per cent. [...]
Morrisons steps up battle with fresh price cuts April 30, 2014 MORRISONS has launched a fresh assault in the supermarket price war after unveiling price cuts on 1,200 products as part of its £1bn programme aimed at winning back customers defecting to cheaper rivals. Britain’s fourth largest supermarket said that from today it will slash the price of branded products such as Jammie Dodgers and Morrisons [...]
Brand Index: Cheaper supermarket brands are outflanking Morrisons April 8, 2014 GERMAN discounters Aldi and Lidl continue to expand their reach in the UK at the expense of the so-called “big four” chains, with Aldi increasing its market share by more than a third. Tesco, Asda, Sainsbury’s and Morrisons have all experienced a decline in sales, though Asda has proved the most resilient and Morrisons has [...]
Morrisons boss gives up £374,000 bonus March 28, 2014 DALTON Philips, the chief executive of Morrisons, has waived his £374,000 bonus after Britain’s fourth biggest grocer posted its lowest profit for five years following a dismal year. Philips has told the remuneration committee that he will not take up the cash and share bonus a spokesperson confirmed yesterday. Philips has been under pressure to [...]