Tesco kicks off price war September 22, 2011 TESCO has kicked off a price war with rivals, announcing that it plans to splash out £500m on dropping prices on 3,000 food items. In an aggressive attempt to outflank the competition, the supermarket giant has vowed to focus the campaign on cheap, everyday products and to scrap complex promotions in favour of across-the-board price [...]
Tesco sees UK sales hit by shopper woes October 5, 2011 TESCO yesterday reported its weakest six-monthly UK sales growth figures for 20 years as higher food and fuel costs took their toll on household budgets. UK like-for-like sales, excluding petrol and VAT, fell by 0.5 per cent in the six months to 27 August. The retailer said that underlying sales of food were up but [...]
Clarke takes charge as UK chief departs March 15, 2012 TESCO chief executive Philip Clarke is expected to take the reins at the retailer’s UK business for at least a year until sales show signs of improving, after former head Richard Brasher abruptly stepped down. Tesco announced yesterday that Brasher was stepping down from the board of Britain’s biggest retailer with immediate effect, and would [...]
Tesco sees overseas sales offset weak UK October 5, 2011 Tesco has posted a 3.7 per cent rise in first-half profit as overseas growth helped it to overcome one of its worst ever falls in underlying sales in its main British market. Tesco, which takes more than one in every ten pounds spent in British shops, said on Wednesday it made an operating profit of [...]
Tesco sees overseas sales offset weak UK October 5, 2011 Tesco has posted a 3.7 per cent rise in first-half profit as overseas growth helped it to overcome one of its worst ever falls in underlying sales in its main British market. Tesco, which takes more than one in every ten pounds spent in British shops, said on Wednesday it made an operating profit of [...]
Tesco plots Thai property float September 21, 2011 Tesco Plc (TSCO.L), the world’s third-biggest retailer, plans to float its property assets in Thailand as it looks to highlight the value of its international businesses to investors. The British supermarket group said on Wednesday the property fund had an appraised value of more than 14 billion Thai baht (293 million pounds) and would include [...]
Sainsbury and M&S chiefs see bonus slashed June 7, 2012 SAINSBURY chief executive Justin King and Marks & Spencer boss Marc Bolland have both seen their bonuses cut after failing to meet targets, as the recession forced them to slash growth plans. The cuts come amid a recent wave of shareholder upheaval against excessive executive pay which has swept across boardrooms including Aviva and Inmarsat. [...]
Bonuses slashed at Sainsbury’s and M&S June 7, 2012 The chief executives of major retailers J Sainsbury and Marks & Spencer have both taken cuts in their bonuses after failing to meet targets and as recession forces them to scale back growth plans. Philip Clarke, head of rival Tesco, last month forewent his annual bonus, paying the price for a weak performance in the [...]
Tesco and Sainsbury’s in battle to step up sales October 2, 2011 TESCO reports it half yearly results on Wednesday with analysts predicting international sales offsetting sluggish figure for the UK. The grocer, which has slashed the prices on thousands of lines in a bid to trigger sales rises, will also be eyeing second quarter results from rival Sainsbury’s, which is reporting on the same day. New [...]
Morrison rules out any further discount plans May 3, 2012 WM MORRISON’S chief executive said yesterday the supermarket would not succumb to offering more vouchers after aggressive discounting by rivals like Tesco hurt its first quarter sales. Dalton Philips warned that, as economic conditions remained uncertain, squeezed consumers would continue to seek out even more promotions. But he brushed off concerns that the grocer was [...]