Retail rebounds as shops shrug off growth fears November 20, 2014 SALES on the high street saw a rebound in October after a sharp September dip. Retail sales volumes were 0.8 per cent higher in October than in September, according to figures published yesterday by the Office for National Statistics. “Given recent concerns that the UK economy has been losing momentum and the importance of consumer [...]
Tesco loses more market share as supermarket sector slows to record low September 23, 2014 Growth in the supermarket sector has slowed to an all-time low, with Tesco once again losing market share to Asda, Aldi and Lidl. The troubled supermarket, which yesterday revealed a £250m black hole in its profits, saw its market share drop 4.5 per cent in the 12 weeks to September 14. During the [...]
Aldi to hire 35,000 new staff for expanding discount drive November 10, 2014 GERMAN discounter Aldi is to create 35,000 new jobs and employ up to 1,000 apprentices as it continues to expand its presence in the UK, the company announced yesterday. During a visit from the Prime Minister David Cameron to the chain’s headquarters in Atherstone, Warwickshire, Aldi reiterated its commitment to increasing the number of stores [...]
Morrisons’ sales slump begins to slow down November 6, 2014 SALES at WM Morrison fell again in the third quarter, but yesterday investors were pleased at promising individual sales figures. The supermarket’s sales fell 6.3 per cent on the year, on a like-for-like basis – an improvement on the 7.6 per cent fall in the previous quarter. Its shares jumped by 6.22 per cent on figures [...]
Tesco quarterly sales show sign of turn around following profit warning December 16, 2014 Tesco has enjoyed its best quarterly sales performance since June, according to the latest industry data, giving investors in the troubled supermarket chain some reason to cheer following last week’s profit warning. Sales fell by 2.7 per cent in the 12 weeks to 7 December, a slowdown on the 3.7 per cent decline recorded in [...]
Sainsbury’s to slash prices as profits plunge November 12, 2014 SAINSBURY’S boss Mike Coupe said yesterday that the retailer was “taking the fight to the enemy” as he unveiled plans to cut costs and its dividend to fund a £150m price offensive against its discount supermarket rivals. The grocer’s nine-year run of uninterrupted sales growth came to a grinding halt this year as changing shopping [...]
Poundland sits pretty after new make-up launch November 27, 2014 THE ECONOMY may be improving, but Poundland’s booming popularity is proof shoppers are sticking to recession-born habits of seeking out a bargain, the company said as it posted a jump in first-half profits. The value retailer enjoyed a 34.2 per cent rise in pre-tax profits to £12.6m in the six months to 28 September, beating [...]
Tesco share price hits 11-year low as supermarket chain issues yet another profit warning December 9, 2014 The figures The year just keeps getting worse for Tesco, with the beleaguered supermarket chain issuing yet another profit warning this morning. It said trading profit for the financial year ending 2015 would not exceed £1.4bn – a significantly lower figure than market expectations of between £1.8bn and £2.2bn. Shares plummeted by 16.2 [...]
Fraud squad to probe Tesco’s accounting hole October 29, 2014 THE SERIOUS Fraud Office (SFO) announced yesterday that it would take over from the Financial Conduct Authority in investigating a £263m hole in troubled Tesco’s accounts. The retail giant previously said the profits had been overstated due to erroneous timings in accounting for supplier rebates. It is the latest major case to land on the SFO’s plate, [...]
Competition and sterling hit profit margins October 27, 2014 THE NUMBER of profit warnings issued by companies increased over the summer as margins were squeezed by greater competition, rising input prices, and a strong pound. UK quoted companies issued 69 profit warnings in the third quarter of 2014 – 13 more than the same quarter last year, a report released yesterday by accountants EY [...]