Ex-Sainsbury’s boss Justin King takes on first big role since leaving September 7, 2015 The former chief executive of Sainsbury's, Justin King, is set to take on his first major role since leaving the supermarket last year. King, who is widely credited with reversing the fortunes of the supermarket chain, is due to become vice-chairman of private equity firm Terra Firma Capital Partners. "A source close to Terra Firma [...]
Whitbread’s Costa coffee chain to pay baristas above National Living Wage September 30, 2015 First it was Starbucks. Now coffee chain Costa has also followed suit by announcing a pay hike for its staff ahead of the government’s national living wage. From tomorrow Costa baristas in London (of all ages) will earn a minimum of £8.20 an hour, rising to over £9, the Whitbread-owned chain said. Meanwhile staff working [...]
Tesco: Here’s who is eyeing up its South Korean business Homeplus September 8, 2015 Embattled retailer Tesco has reportedly invited five private equity firms, and one department store chain, to bid for its South Korean unit Homeplus which is valued at around about $6bn (£3.9bn). US-based KKR and Carlyle Group are among the potential runners and riders, according to a report by Reuters. London-based CVC Capital Partners, Hong Kong-based Affinity Equity Partners and [...]
Sainsbury’s share price falls as profits plummet 18 per cent, dividend slashed in going price war November 11, 2015 Update: Sainsbury's share price has fallen six per cent so far today, after revealing a nearly 18 per cent fall in profit, despite slashing its interim dividend by a third. The figures Sainsbury's group sales were down two per cent to £13.6bn for the 28 weeks to 26 September, while retail sales were down 0.1 per cent excluding fuel. Like-for-likes dropped [...]
“Drastic Dave” Lewis is delivering at Tesco with £4.2bn sale of South Korean arm Homeplus to MBK September 7, 2015 Ever since Dave Lewis was appointed chief executive of Tesco last year, he has made strengthening the balance sheet a priority for the troubled retailer. Although Homeplus in South Korea was a profitable business, the focus has been on protecting Tesco’s UK market share in light of increasing competition from lower priced discounters, such as [...]
Lidl and Aldi see spending growth soar over 30pc December 14, 2014 Discount supermarkets, such as of Lidl and Aldi, are on track to be the clear winners in the lead up to Christmas with year-to-date spend growth of 31 per cent. Meanwhile, their mainstream rivals, including the big four of Tesco, Asda, Sainsbury’s and Morrison’s, have seen spending fall 4.1 per cent in the same period, [...]
Food prices drop ahead of supermarkets’ pre-Christmas battle – Nielsen and BRC October 7, 2015 Food prices fell back into deflation in September, industry figures released today show, as the supermarkets prepare to battle it out for customer’s wallets in the run-up to Christmas. Nielsen and the British Retail Consortium (BRC)’s latest monthly index said food saw annual deflation for the first time in three months, falling sharply to [...]
Sainsbury’s share price drops despite beating expectations as supermarket offers more detail on possible Argos deal January 13, 2016 Sainsbury's share price dropped this morning, despite beating expectations for the crucial Christmas period – and lifting the lid on its reasons for making a bid for Argos parent Home Retail Group. The figures Total retail sales for the supermarket were up 0.8 per cent in the 15 weeks to 9 January. Including fuel, sales were down [...]
Tesco launches “immediate” price match guarantee against Sainsbury, Asda and Morrisons October 12, 2015 Tesco has launched a new "immediate" price match service, promising to give money back to customers if they could have bought branded goods cheaper elsewhere. Tesco's Brand Guarantee will enable customers to receive money off their bill at the checkout – both in person and online – if the overall cost of their branded grocery shop [...]
UK grocery sector shows green shoots of recovery as distress levels fall October 19, 2015 Britain’s supermarket sector is showing signs of recovery, according to new research from Begbies Traynor that reveals the number of companies struggling to stay afloat declined for the first time in over two years. The business recovery specialist’s latest Red Flag Alert research, which monitors the health of UK companies, shows levels of “significant” financial [...]