Next and Morrisons: What a difference a year makes September 16, 2016 What a difference a year makes. This time in 2015, shares in clothing retailer Next were up after it reported a jump in sales in its first half. Meanwhile, Morrisons warned of a “long recovery” as it made plans to sell its underperforming M Local stores amid falling sales and profits. Yesterday those fortunes reversed: [...]
Morrisons reports improved sales and increased profits and says Brexit has had no negative effect September 15, 2016 Shares in Morrisons jumped almost five per cent as the market opened, after the supermarket reported an increase in sales during the 26 weeks to 31 July, and said it hasn't seen any ill effects from the Brexit vote. The figures Revenue dipped to £8.03bn from £8.06bn this time last year, however like-for-like sales in the first [...]
A shortage of land could kill off London’s e-commerce revolution September 13, 2016 Recent reports that Amazon is set to test drone deliveries in partnership with the UK government is just the latest salvo in the fiercely contested battle between the e-commerce giants that are transforming the way we shop. The move also demonstrates the challenges of a constantly evolving logistics sector. City A.M. readers are at the [...]
Here’s why Ocado’s share price has slumped this morning September 13, 2016 Ocado's share price fell more than 10 per cent in early trading this morning, despite the company announcing retail sales growth of over 13 per cent. The stock had dipped by almost 15 per cent before noon, in a sell-off sparked by comments from the delivery service's chief executive Tim Steiner, who said the company is facing continued margin [...]
Ocado posts strong results – but the company is worried about the ongoing supermarket price war September 13, 2016 Ocado, the food delivery service, celebrated a positive set of results today but said the supermarket price war will drag on for some time. The group's share price slumped nine per cent in early trading on the news. The figures Sales at the group were up 15.4 per cent, reaching £314m for the 12 weeks to 7 August. Ocado's retail [...]
All eyes will be on Morrisons’ interim results this week to see if the strategy of CEO David Potts has delivered September 13, 2016 WM Morrison is on a mission to be leaner and meaner. Under CEO David Potts, 'in' have come aggressive price cuts while 'out' are a series of ill-fated ventures including a minority stake in US online grocery business Fresh Direct and M-Local, a hastily assembled collection of convenience stores. Potts has turned his focus to the [...]
City Moves for 26 August 2016 | Who’s switching jobs August 26, 2016 JLT Employee Benefits JLT Employee Benefits, a pension and benefit consultancy, has hired Tony Pike as head of sales for the investment consulting business. Tony joins with a remit to develop JLT’s investment and delegated consulting services to both new and existing JLT clients. Tony joins from Willis Towers Watson where he was head of UK sales [...]
Morrisons has finally sold its stake in Fresh Direct August 16, 2016 Morrisons has disposed of its 10 per cent stake in wholesale business Fresh Direct, it said today – almost 18 months since it first announced plans for the selloff. The supermarket said today it had got £45m from the sale – a premium of £14m to the £31m holding value of its equity investment. Morrisons said [...]
Drop in supermarkets sales leads to UK plc revenues sliding August 15, 2016 Dwindling supermarket sales have weighed heavily on the performance of UK plc, causing listed companies’ revenues to dip 2.2 per cent to £341.7bn in the last quarter, according to new research from retail stockbroker The Share Centre. Supermarkets, which account for nearly one third of the UK's publicly listed companies, saw sales fall below £100bn [...]
Checking out: non-exec director waves goodbye to Morrisons after Ocado deal August 12, 2016 Irwin Lee, a non-executive director at Morrisons – and chair of the supermarket's remuneration committee – will be leaving the board at the end of August. Lee is stepping down to become the chief executive of Rustan Supercenters Inc, a supermarket chain in the Philippines, his native country. He joined Morrisons in July last year to help [...]