Grocery sales grow at slowest pace since 2005 February 11, 2014 BRITAIN’S grocery market is growing at its slowest pace since 2005, with only discounters as well as Waitrose and Sainsbury’s defying the downturn and growing market share. Figures out yesterday from Kantar Worldpanel showed that grocery sales rose by 2.4 per cent in the 12 weeks to 2 February compared with the same time last [...]
London Report: Supermarket fears lead FTSE to a fifth consecutive drop March 13, 2014 BRITISH shares fell for a fifth straight session yesterday, dragged down by supermarket stocks after WM Morrison cut its profit outlook, as well as by escalating tensions between Russia and the West over Ukraine. Morrison’s was the worst performer on the FTSE 100 index, plunging 11.9 per cent, and its revised outlook triggered a sell-off [...]
What the other papers say this morning – 21 March 2014 March 20, 2014 FINANCIAL TIMES Turkey blocks access to Twitter Turkey blocked access to Twitter late last night, after Recep Tayyip Erdogan, prime minister, vowed to eradicate the social media site, which has been extensively used to spread corruption allegations against his government. “Twitter and so on, we will root them out,” Mr Erdogan told an election rally [...]
Morrisons’ woes wipe £2.6bn off supermarkets March 13, 2014 FEARS of a new supermarket price war wiped around £2.6bn off the combined value of Britain’s major grocers yesterday after Morrisons launched a major assault on its discount rivals. Shares in Morrisons plunged 12 per cent – to their lowest level since 2008 – after it revealed it would invest £1bn in slashing prices over [...]
Here’s what 3 banks are saying about Tesco’s latest turnaround plan February 26, 2014 Tesco’s shares are down more than four per cent, after the supermarket chain scrapped its profit margin target and laid out plans to invest in lowering its prices, prompting analysts cuts their ratings and price targets. Deutsche Bank cut its earning before interest and tax (EBIT) forecast of a £50m decline in the year to [...]
More price cuts in store as profit slides at Tesco April 16, 2014 TESCO boss Philip Clarke said yesterday he had no intention of leaving as the supermarket giant posted a second year of falling profits and revealed large writedowns across its international businesses. Dismissing reports that he was under pressure from investors to step down, Clarke said: “I have got no intention of going anywhere. All my [...]
Philip Green to take on big four with BHS food March 24, 2014 SIR PHILIP Green is taking on the supermarkets this week, as BHS launches its first food outlet. Arcadia, the group owned by the retail tycoon, confirmed over the weekend that BHS will be opening its first trial food space in its Staines store on Thursday, with Warrington to follow the next week. A spokesperson told [...]
Maidstone Mums: The new Holy Grail December 1, 2013 RONNY Gottschlich, managing director of Lidl UK, described the discount retailer’s growing number of core shoppers as Maidstone Mums. “The Maidstone Mum is someone who probably previously would have thought, I can’t be seen in a Lidl store. Those Maidstone Mums are no longer afraid of being seen in a Lidl store,” he said. But [...]
Property to join milk on sale at grocer Morrison March 10, 2014 SUPERMARKET chain William Morrison is this week set to sweeten its drop in profits with a property sell-off that could raise £500m for investors. The grocery giant, which has already said its Christmas sales were disappointing, is forecast to report annual pre-tax profits of between £734m and £805m, down from £879m in 2013 and the [...]
City & Gild: How Tesco can make us fall back in love with its brand April 17, 2014 Tesco’s current strategy worries me enormously, especially off the back of a six per cent fall in profits. Chief executive Philip Clarke has confidently explained, “Tesco will be firmly established as a middle-market retailer, which offers low prices and good quality – all under one roof”. My translation of this is essentially, “we’re going to [...]