FTSE ends lower as retailers reveal a miserable Christmas January 12, 2012 BRITAIN’S leading shares fell yesterday after a profit warning from Tesco triggered sharp falls in retailers and eclipsed a lift for banks from a successful Spanish debt auction and restructuring at RBS. The FTSE 100 index closed down 8.40 points, or 0.2 per cent, at 5,662.42, once again missing out in a tilt at the [...]
Waitrose takes the challenge to Ocado with warehouse opening April 20, 2011 WAITROSE is setting itself up to directly compete with Ocado, by opening a massive “virtual shop” in west London to step up the delivery of orders from its website in the capital. Waitrose will use the the warehouse in Acton to store goods ready for dispatch. The supermarket has a clause in its contract with [...]
Ocado hires eBay executive April 12, 2011 Ocado has added eBay executive Doug McCallum to its board. He joins the online grocer as a non-executive director on 3 October. McCallum is currently European senior vice-president of eBay and previously ran the internet giant’s UK business for several years. Ocado chairman Lord Grade added: “Doug’s high-level background in e-commerce and IT is a [...]
Debenhams eyeing web sales growth September 18, 2011 DEBENHAMS will issue its first results under new boss Michael Sharp tomorrow with an added emphasis expected to be placed on online growth. The figures for the fourth quarter come as UK retailers face headwinds as household budgets are squeezed. Analysts are expecting the chain to focus on its international growth – particularly at its [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 20, 2011 FINANCIAL TIMES TESCO BANK FACES MORTGAGE DELAY Tesco faces a fresh delay to the roll-out of Tesco Bank, with mortgages unlikely to be launched until early next year. Britain’s biggest retailer by sales had been expected to introduce mortgages this autumn but, having bought out Royal Bank of Scotland’s 50 per cent share in their [...]
Ocado lifted by upgrade March 1, 2011 OCADO shares were boosted yesterday after broker Goldman Sachs upgraded its rating on the shares. The stock has fallen by almost a quarter since 11 February, when Goldman – Ocado’s house broker – placed ten per cent of the company’s shares at 265p each. Goldman raised its rating on the online delivery company from “hold” [...]
Tesco kicks off price war September 22, 2011 TESCO has kicked off a price war with rivals, announcing that it plans to splash out £500m on dropping prices on 3,000 food items. In an aggressive attempt to outflank the competition, the supermarket giant has vowed to focus the campaign on cheap, everyday products and to scrap complex promotions in favour of across-the-board price [...]
IT bull that shorts Ocado February 20, 2011 BLUE Ridge Capital, the hedge fund thought to have lost £40m after betting against Ocado, is no stranger to internet-based businesses: its two biggest long positions in the US are online giants Amazon and Apple, according to an SEC filing last week. The fund was set up by former Tiger Management president John Griffin in [...]
Ocado sales up 25pc March 4, 2011 Online grocer Ocado posted a 25 per cent rise in first-quarter sales and said it remained profitable, despite a challenging economic backdrop which has hit many retailers hard. The group, which mostly sells the products of grocer Waitrose, said it made gross sales of £146.2m in the 12 weeks to 20 February, in line with [...]
Ocado sales up 25pc March 4, 2011 Online grocer Ocado posted a 25 per cent rise in first-quarter sales and said it remained profitable, despite a challenging economic backdrop which has hit many retailers hard. The group, which mostly sells the products of grocer Waitrose, said it made gross sales of £146.2m in the 12 weeks to 20 February, in line with [...]