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The Tesco executive who caused controversy by selling 50,000 shares in the retailer just days before it issued its first profit warning in over two decades has been removed from his old role. The UK chief operating officer Noel ‘Bob’ Robbins’ decision to sell the shares broke no stock market laws but came as a [...]
(Read More)1st Feb 12
Tesco market share slips
by Adam Richards
Tesco saw its market share fall below 30 per cent for the first time in almost seven years as it found it difficult to compete with cheaper rivals, revealed the latest figures. The retailer’s drop in the share of the market, to its lowest point since May 2005, came during a period when Sainsbury’s achieved [...]
(Read More)31st Jan 12
Tesco scraps carbon-label pledge
by Katie Naylor
Tesco has scrapped its plan to have all its products labelled with their carbon footprint, claiming the amount of work required and the fact that other supermarkets did not follow suit were to blame. In January 2007, Tesco’s then-chief executive Sir Terry Leahy spoke of a “green consumption revolution” with the company vowing to attach [...]
(Read More)24th Jan 12
Tesco tailors promotions to suit area affluence
by Harry Oldfield
Tesco is set to tailor its price deals and ranges in accordance with the wealth of people who live close to its stores. The new initiative will see consumers in poorer areas encouraged to buy Tesco Value goods through various promotions, while people residing in more affluent areas of the UK will be offered more [...]
(Read More)24th Jan 12
Ocado finance chief resigns to join Michael Page
by Sally Davies
Online grocer Ocado saw a fall in its shares after announcing that Andrew Bracey, its finance director, was departing to join the recruitment firm Michael Page. Mr Bracey, who joined Ocado in 2010 ahead of its flotation, will move to Michael Page to become its chief financial officer. Experts immediately questioned whether this was evidence [...]
(Read More)24th Jan 12
Bonmarche bought by private equity group
by Katie Naylor
Fashion retailer Bonmarche, part of the collapsed Peacocks Group, has been purchased for an undisclosed amount by private equity firm Sun European Partners. However, the acquisition could lead to around 1,400 redundancies. Sun European Partners, which bought all except three of Bonmarche’s stores, has revealed that 230 stores will remain open but around 160 will [...]
(Read More)23rd Jan 12
UK retail sales rise in pre-Christmas boost
by Paul Russell
High street sales promotions helped UK retail sales volumes grow in December, revealed official figures, as shops battled for hard-up customers during the lead-up to Christmas. Month-on-month growth in retail sales volumes of 0.6 per cent was recorded last month, reported the Office for National Statistics (ONS), compared to a revised decline of 0.5 per [...]
(Read More)20th Jan 12
Tesco in effort to win back customers
by Paul Russell
Tesco is heavily promoting its offer to lure consumers back to its check-outs after admitting that its previous campaign to win shoppers had fallen flat. The UK’s biggest retailer has been promoting its latest deal in full-page newspaper adverts. The deal promises to give £5 off your next purchase if you spend £40 or more [...]
(Read More)17th Jan 12
Tesco investors question the sale of executive shares
by Katie Naylor
Tesco shareholders have said that the retailer needs to change its rules to make sure there is no repeat of the director’s share sale, the controversial move which emerged last week. The UK’s biggest supermarket was criticised after a senior executive of the group sold 50,000 shares only a few days before Tesco published its [...]
(Read More)13th Jan 12
Tesco warns on profits as shares tumble
by Adam Richards
Tesco shares dropped by as much as 15 per cent after Britain’s largest retailer issued a profits warning and revealed disappointing sales figures for the Christmas period. Like-for-like sales – those at stores open one year or more – increased by 1.7 per cent, excluding fuel, during the six weeks ending 7 January. Excluding VAT [...]
(Read More)