Business leaders in Britain and beyond warned on Wednesday of catastrophic job losses and chaos at ports if the country does not agree a European Union withdrawal, turning up the heat on politicians to deliver clarity. A Brexit agreement that would have secured tariff-free trade and safeguarded just-in-time cross-border supply chains was rejected by MPs on Tuesday, leaving Britain at risk of leaving the bloc on March 29 without a framework. From Channel Tunnel operator Eurotunnel to Scottish whisky distillers, firms called for urgent and decisive government action and warned of the consequences of a no-deal Brexit.
Like-for-like sales rose by 2.6 per cent in the UK and Ireland over the festive period, and by 1.9 per cent over the entire third quarter. Weakness in central Europe and Asia offset some of this, muting overall group sales growth to just 0.5 per cent for the quarter. Dave Lewis, chief executive, said the retailer had catered to what he called a “challenging” consumer environment with a revamped value food range, but added that growth was also evident in Tesco’s premium ranges.
European and Asian markets suffered an initial fall when the world's two largest economies failed to give concrete details of efforts to end their trade war, and on growing concerns of political instability in the United States. President Donald Trump stormed out of talks with Democratic congressional leaders on Wednesday over funding for a border wall with Mexico and reopening the government. Ken Odeluga, City Index analyst, attributed Thursday's seesaw in UK indexes to "very orderly" profit taking, adding that it was not surprising that "sufficient number of buyers turned up to manage to swing things around later in the day".
By Helen Reid and Julien Ponthus LONDON (Reuters) - European shares traded cautiously on Thursday, ending the session just slightly up as uncertainty over U.S.-China trade talks continued and weak earnings ...
British retailers suffered their worst Christmas since the depths of the financial crisis a decade ago as cautious customers forced high street stores such as John Lewis and Debenhams to slash prices to shift stock. With Britain heading for a potentially messy exit from the European Union at the end of March, consumer spending is drying up, exposing the weakness of many major retailers which are having to sacrifice profits in the quest for sales. "There's no doubt that there was significantly more promotional activity in the market, a combination of consumer confidence and the travails in the marketplace as a whole," said Paula Nickolds, managing director of John Lewis stores.
Yes, it’s the day they are all calling ‘Retail Super Thursday’! “They” being mainly the Financial Times’ long-suffering retail correspondent and sarcastic news editors, as they brace themselves for yet ...
Tesco, Britain's biggest retailer, defied the industry gloom on Thursday, saying improvements in its own-brand ranges helped deliver its best Christmas in nearly a decade. The supermarket group reported a 2.2 percent rise in same-store sales in its home market in the six weeks to Jan. 5, beating rivals Sainsbury's and Morrisons and helped by deals such as its "Festive Five" vegetable packs, offering staples such as carrots and sprouts for 29 pence. The increase contrasted with an industry survey showing UK retailers failed to increase Christmas sales for the first time since the depths of the financial crisis, with shoppers worried whether Britain will secure an orderly withdrawal from the European Union in less than three months' time.
since the depths of the global financial crisis, with heavy price cutting failing to persuade worried customers to splash out. Retail sales data compiled by KPMG with the British Retail Consortium estimated that sales were flat in December against an increase of 1.4 per cent in the same month the year before, the worst performance in December since 2008. “Squeezed consumers chose not to splash out this Christmas, with retail sales growth stalling for the first time in 28 months,” said Helen Dickinson, BRC chief executive.
Tesco said a strong Christmas performance had boosted its sales growth, with like-for-like sales rising 2.6% in the six weeks to January 5.
Tesco achieved its highest rate of Christmas sales growth in the UK since December 2009, signalling that British consumers were willing to spend on food despite cutting back in other areas. The grocer said like-for-like sales over Christmas rose 2.2 per cent in its UK stores, compared with the same period last year. Dave Lewis, chief executive, said the retailer had catered to what he called a “challenging” consumer environment with a revamped value food range, but added that growth was also evident in Tesco’s premium ranges.
Morrisons (MRW.L), Britain's No. 4 supermarket chain, reported weaker-than-expected Christmas sales with growth slowing at both its retail and wholesale businesses, as discounters Aldi and Lidl emerged as the major winners over the festive period. Bradford, northern England-based Morrisons has reported three years of underlying sales growth, but its shares fell as much as 4.8 percent on Tuesday after it missed analysts' forecasts for overall Christmas trading. Traditionally, British consumers have traded-up to Britain's big four supermarket chains - market leader Tesco (TSCO.L), Sainsbury's (SBRY.L), Asda (WMT.N) and Morrisons (MRW.L) - as well as upmarket players Marks & Spencer (MKS.L) and Waitrose [JLPLC.UL] in the run-up to Christmas.
Aldi UK, the British arm of the German discount supermarket, said its sales increased around 10 percent to almost 1 billion pounds in December, driven by increased demand for some of its premium products. Aldi, along with rival German discounter Lidl, has been winning UK market share from Britain's big four grocers - Tesco, Sainsbury's, Asda and Morrisons.
Asda achieved the strongest sales growth among Britain's big four supermarket chains in the Christmas quarter, though all lost market share to discounters Aldi and Lidl, industry data showed on Tuesday. Researcher Nielsen said that sales at Walmart's (WMT.N) Asda, which has agreed to be taken over by bigger rival Sainsbury's (SBRY.L), rose 0.8 percent year on year in the 12 weeks to Dec. 29. Market leader Tesco (TSCO.L) chalked up a 0.4 percent increase, but sales at Sainsbury's and Morrisons fell 0.6 percent and 0.1 percent respectively.
LONDON (Reuters) - Asda was the best performer of Britain's big four supermarket groups in the key Christmas quarter, though all lost market share to discounters Aldi and Lidl, industry data ...
The most senior bankers to face criminal charges in Britain over conduct during the financial crisis are preparing to appear before a London jury in a trial that will test the mettle of the Serious Fraud Office. Former Barclays (BARC.L) CEO John Varley and three one-time colleagues stand charged over deals with Qatari investors to secure cash injections that allowed the bank, that can trace its origins back to around 1690, to survive the crisis a decade ago. Varley, who married into one of the families that helped build Barclays, Roger Jenkins, the one-time chairman of the Middle Eastern banking arm, Tom Kalaris, an American former wealth division CEO and Richard Boath, a former European divisional head, are charged with conspiracy to commit fraud.
As an investor, I look for investments which does not compromise one fundamental factor for another. By this I mean, I look at stocks holistically, from their financial health to Read More...
Britain's Marks & Spencer (MKS.L) is expected to report another fall in underlying sales in both clothing and food in its Christmas quarter, while the major grocers are forecast to show a slowdown in growth as the discounters march on. Expectations for the UK retail sector going into Christmas were low after industry data showed the largest November drop in shopper numbers for a decade and Sports Direct (SPD.L) and Primark (ABF.L) issued downbeat comments about trading. Music retailer HMV added to the gloom, collapsing into administration shortly after Christmas.
How far off is Tesco PLC (LON:TSCO) from its intrinsic value? Using the most recent financial data, I am going to take a look at whether the stock is fairly Read More...