Tesco’s share price falls as supermarket sells half of stake in ecommerce site Lazada to Alibaba for £90m April 12, 2016 Tesco is continuing to shed itself of unwanted assets as management continues to plug the gaps in its balance sheet, this morning revealing it has partially offloaded its stake in ecommerce site Lazada to Chinese giant Alibaba. The supermarket received $129m (£90m) for its 8.6 per cent stake in the business, which acts a platform to sell global [...]
Consumers wasted a whopping £13bn of edible food in 2015 January 10, 2017 Consumers threw out £13bn – 7.3m tonnes – worth of perfectly edible food in 2015. That generated 19m tonnes of carbon emissions, equivalent to those generated by one in four cars on UK roads, according to food waste reduction charity Wrap. However, 60 per cent of us believe we waste either no food or hardly any. Wrap has built off its work with [...]
Waterstones has finally turned a profit again after years of losses February 1, 2017 Waterstones has turned an annual profit for the first time since 2009 as book sales picked up in 2016. The figures The bookseller reported a pre-tax profit before exceptional items of £11.9m, which was up from a loss of £3.4m in the previous year. Sales rose 4.3 per cent to £409.1m for the year ended 30 April, up [...]
Tesco explores sale of Dobbies Garden Centres April 11, 2016 Tesco is preparing to sweep its shelves clean of more non-core businesses – this time in the gardening section – as the supermarket chain focuses on reviving sales at its core supermarkets. The retailer, which will publish its full-year results on Wednesday, already sold off a number of assets including its South Korean business Homeplus for £4.2bn last [...]
Stocks surge on strong Chinese trade figures, while Tesco’s return to profit proves every little doesn’t help April 13, 2016 Strong trade data from China was enough to offset disappointing results from Tesco this morning and push UK stocks to their highest level of the year. Gobal shares rallied on the latest sign that the process of rebalacing in the world’s second largest economy is on course. Exports from China jumped by 11.5 per cent in March in dollar terms [...]
Watch out Tesco, now Amazon’s creating its own-brand range May 16, 2016 Is Amazon trying to eat even more of Tesco and the rest of the supermarkets' lunch? Not satisfied with muscling in on the grocery world with speedy deliveries straight to your door, the retailer-slash-tech giant is now planning on selling its own-label range of food and other sundries, according to reports. A new line of products that [...]
Every little helps: Tesco to sell Giraffe chain and Turkish interests in bid to offload underperforming assets June 7, 2016 Britain's biggest supermarket chain Tesco is set to sell its Kipa chain in Turkey and Giraffe restaurants in the UK. The sale of Kipa, that Tesco acquired in 2013, is likely to raise "a couple of hundred million pounds", an analyst told Sky News, while an unnamed family-owned investment group is interested in snapping up Giraffe. Tesco bought Giraffe [...]
Every little helps: Tesco chief executive to grab £3m bonus May 13, 2016 Tesco’s chief executive has been awarded an annual bonus of nearly £3m, the company's annual report, published this morning, revealed. The award, which represents 96 per cent of Lewis's maxmimum payout, comes after Tesco moved back into pre-tax profit last year following a record £6.4bn annual loss in 2014. Read more: Is Tesco ringing up the changes? Lewis [...]
Tesco’s share price has recovered this year as Dave Lewis implements his turnaround plan, but the preliminary results could affect sentiment April 13, 2016 When Dave Lewis took over as Tesco chief executive in September 2014, much was made of his nickname Drastic Dave, particularly as drastic measures were necessary to revive the group's flagging fortunes. Lewis was parachuted in from Unilever to turn around the Tesco juggernaut after a scandal that had seen the retailer overstate its profits. [...]
Tesco’s not out of the woods yet January 26, 2016 Tesco is still very much paying for the sins of the past, but it has started to turn the corner on the slow road to recovery. The coming weeks are likely to contain some unpleasant tidings for the embattled supermarket. The slap on the wrist from the grocery watchdog for failing to treat suppliers fairly is [...]