Too big to succeed? How Tesco’s new leader can take on the toxic retailer July 21, 2014 The last-minute cancellation of his “40 years at Tesco” party suggests that Philip Clarke’s departure came as a big surprise. But in truth, his future at Tesco had been looking increasingly bleak for months. The man himself conceded as much in March, with his surprise statement at a conference that his days as chief executive [...]
Toblerone and Red Bull a hit for Poundland in Spanish Dealz shop July 3, 2014 Poundland chief executive Jim McCarthy said yesterday its Dealz chain “could be bigger” in Europe than its sister chain in the UK, after kicking off its expansion by opening its first store in Spain on Wednesday. The company, which reported a 23.5 per cent jump in annual profits yesterday, said 2,700 people came [...]
What the other papers say this morning – 22 May 2014 May 21, 2014 FINANCIAL TIMES Monte dei Paschi to give state €4bn Shareholders of Monte dei Paschi di Siena, Italy’s third-largest bank by assets, have given the go ahead to a €5bn (£4.05bn) capital raising in a step that effectively lifts the threat of nationalisation from the bank. In a turbulent meeting, Monte Paschi shareholders voted overwhelmingly to [...]
Aldi sees a doubling of annual profits and a 40.6 per cent leap in sales September 30, 2013 Budget supermarket Aldo has announced a 40.6 per cent increase in sales last year, rising to £3.8bn, with profit doubling from £70.5m to £157.9m, moving away from the pack of other UK supermarkets in terms of growth. With a growing middle class clientele and one million extra customers coming through the doors of its 500 [...]
Bottom Line: New players have a better chance than most May 22, 2014 IT’S A tough one to call. At the same moment that Fat Face officially pulled its market listing, four other companies filed upbeat intentions to float – each convinced that they had the perfect formula that would have investors running for the shares. Despite the fickle market, some of them might actually be right. Zoopla has [...]
Bottom Line: New players have a better chance than most May 22, 2014 IT’S A tough one to call. At the same moment that Fat Face officially pulled its market listing, four other companies filed upbeat intentions to float – each convinced that they had the perfect formula that would have investors running for the shares. Despite the fickle market, some of them might actually be right. Zoopla has [...]
Sainsbury’s to trial selling clothing online June 9, 2014 Sainsbury is to take on its high street and supermarket rivals by selling its clothing brand TU online for the first time. People close to the company previously said that clothing margins were too low justify delivering clothes bought online to customers. However in a statement yesterday Sainsbury’s said it will pilot selling [...]
Bottom Line: This is the end of the big four supermarkets March 13, 2014 DALTON Philips kicked off more than just a price war yesterday. By promising to slash prices in an effort to turn around Morrisons’ fortunes, he also exposed a growing schism at the heart of the British grocery market. For years, supermarket analysts have talked about the big four (Tesco, Asda, Sainsbury’s and Morrisons) but with [...]
Dave Lewis: Tesco banks on first outsider in its 95-year history. Will he make a difference? July 21, 2014 Tesco’ incoming boss Dave Lewis will have no easy task on his hands when he takes the reins at the UK’s biggest retailer and the world’s third largest chain in October. But while he lacks the Tesco genes that Philip Clarke had from spending 39 years at the grocer, Lewis makes up for it in [...]
Justin King’s final curtain: Sainsbury’s CEO goes out on sliding sales June 11, 2014 It is chief executive Justin King’s last set of results, and Sainsbury's has reported a 1.1 per cent fall in like-for-like sales – in line with expectations. Including fuel, they dropped 2.4 per cent in the 12 weeks to 7 June. But shares have risen by as much as two per cent this morning. Darren [...]