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 [...]
2014 City A.M. awards: It’s always good to toast the best of the City – Editor’s Letter November 13, 2014 In a matter of weeks, during the first few days of January, I will be calling people to invite them to next year’s City A.M. awards. The event, the latest of which was held last night, has become a fixture in the City calendar and has grown in stature since its inception. Last night, [...]
From Quindell and Gotham City to Uber and the LDTA – five of the biggest business battles to watch out for in 2015 December 22, 2014 Rival camps have banded together, the lines are drawn, battle armour is on and adrenaline is running high. All that's left for spectators to do is grab some popcorn and watch from the ringside. From rival estate agents, to a business targeted by a Batman styled US fund and an influx of tiny new banks [...]
FTSE recovers but Tesco’s woes drag down rival retailers – London Report October 23, 2014 BRITAIN’S top equity index recovered yesterday and ended slightly higher, tracking a broad rally in US stocks following some strong earnings results, although a slump in Tesco and Unilever capped gains. The FTSE 100 index ended up 0.3 per cent at 6.419.15 points, after falling as much as 1.4 per cent during the day. Troubled [...]
Asda sales fall for first time since 2010 but market share grows as boss Andy Clarke heralds strong performance in “distressed market” November 13, 2014 Having largely kept its head above water as sales and market share sinked at fellow supermarkets, Asda is finally feeling the pinch. The supermarket published figures today showing sales slipped for the first time since 2010 during its third quarter. The UK’s second largest supermarket said like-for-like sales fell 1.6 per cent in the three [...]
Tesco loses out to Germans discounter Schwarz Beteiligungs in global market as Wal-Mart, Carrefour and Seven and I remain on top November 3, 2014 Battered retailer Tesco is losing market share on the global stage as German discount chains continue to steal ground from the British giant, researchers at Euromonitor International said today. Tesco has now been bumped from fourth-largest retail chain in the world into fifth place by German value group Schwarz Beteiligungs. Its dominant position in the [...]
Exclusive: CMC Markets plans more growth before IPO November 6, 2014 Online trading firm CMC Markets could float this time next year if the group grows as planned, chief executive Peter Cruddas told City A.M. yesterday. “I expect we can triple in size in the next five to seven years. I would be disappointed if we didn’t,” he said. “We are looking at a flotation, but there [...]
Lidl by Lidl, the discounters are still on the rise – Bottom Line August 27, 2014 Fresh data, but no fresh hope for the mid-market grocers. Tesco dropped its market share to 28.8 per cent in the 12 weeks to 17 August, down from 30.2 per cent last year. Sainsbury’s also edged down. By contrast, premium player Waitrose grew its market share to 4.9 per cent – and its take at [...]