Tesco PLC news

British supermarket groups Sainsbury's and Asda have committed to deliver 1 billion pounds of annual price cuts as they attempt to salvage their proposed combination after being dealt a potentially fatal blow by the regulator. The Competition and Markets Authority (CMA) last month said its initial view was that Sainsbury's 7.3 billion pounds takeover of Walmart's Asda should be blocked in the absence of the sale of a large number of stores, or even one of the brands. "Sainsbury's and Asda strongly disagree with the CMA's Provisional Findings and have found the CMA's analysis of their proposed merger to contain significant errors," the supermarkets said on Tuesday.

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19 Mar, 2019 / 12:59

ROSS-ON-WYE, England (Reuters) - For almost 100 years, Chris Chinn's family has farmed asparagus in the rolling hills of the Wye Valley in western England. This year, he fears uncertainty around Britain's departure from the European Union will keep his eastern European workers away and the asparagus will stay in the ground. Asparagus grown in Britain is feted by chefs as among the world's best but the seasonal worker shortage threatens the country's asparagus industry and the viability of Chinn's Cobrey Farms business.

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18 Mar, 2019 / 08:23

Moody's Investors Service ("Moody's") has today affirmed the ratings on France-based food retailer Carrefour S.A.'s (Carrefour) (P) Baa1 senior unsecured medium term notes program and (P)P-2 other short term. Concurrently, Moody's changed Carrefour's outlook to negative from stable. "Moody's decision to change Carrefour's outlook to negative reflects our view that additional restructuring measures will be necessary to restore earnings and market shares as operating challenges grow for the French food retailing industry," said Vincent Gusdorf, a Vice President -- Senior Analyst at Moody's and lead analyst for Carrefour.

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14 Mar, 2019 / 17:47

There are more than 6,500 Tesco stores worldwide, but there is one country where the British retailer failed to take off: the United States.

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14 Mar, 2019 / 12:39

There are more than 6,500 Tesco stores worldwide, but there is one country where the British retailer failed to take off: the United States.

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14 Mar, 2019 / 12:36

Sales at Sainsbury's, Britain's No. 2 supermarket group, have worsened, industry data showed on Tuesday, adding to its woes after a brutal provisional regulatory view on its proposed 7.3 billion pound takeover of Asda. Shares in Sainsbury's, which had fallen by nearly a fifth after the CMA's preliminary report, dropped as much as 1.3 percent on Tuesday after market researcher Kantar Worldpanel said Sainsbury's sales fell 1 percent in the 12 weeks to Feb. 24, reducing its market share by 0.5 percentage points to 15.7 percent. In contrast sales at market leader Tesco, No. 3 Asda, which is owned by Walmart, and No. 4 Morrisons rose 1.3 percent, 1 percent and 0.8 percent respectively, Kantar said.

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05 Mar, 2019 / 15:23

France's Carrefour raised its savings goal and said it would step up plans to downsize its hypermarket stores, as Europe's largest retailer delivered cost cuts of 1.05 billion euros (898 million pounds) in 2018 and a higher free cash flow. It posted a well-flagged 3.4 percent decline in 2018 operating profit, reflecting weakness in its domestic market that offset a better performance in Brazil, which is its second-biggest market behind France. Carrefour shares were up 1.7 percent at 0853 GMT, however, as analysts welcomed its general plans to cut costs.

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28 Feb, 2019 / 09:15

Britain's Marks and Spencer and Ocado launched an online food joint venture on Wednesday, belatedly giving M&S a home-delivery service while netting $1 billion (£753 million) for its fast-growing technology providing partner. M&S, Britain's best-known stores group, has lagged rivals in tapping into Britain's fastest growing grocery area, which industry researcher IGD expects to expand by 52 percent over the next five years to £17.3 billion. Under the deal, Ocado's retail arm will become a joint venture with M&S, which will pay £750 million for its half share.

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27 Feb, 2019 / 17:16

Sainsbury's planned £7.3 billion takeover of Walmart's Asda can only be salvaged if Britain's competition regulator fundamentally changes its analysis of Britain's grocery market, experts said on Thursday. "The only way you get there is you have to have the CMA do a fundamental u-turn on the way they’ve appraised it,” said one person familiar with Sainsbury's thinking. Sainsbury and Asda have until March 13 to respond to the CMA's provisional findings and until March 6 to respond to its suggested divestment remedies.

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22 Feb, 2019 / 09:04

British regulators signaled they may veto the merger of Walmart’s U.K. supermarket unit with J Sainsbury.

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20 Feb, 2019 / 18:39

Both the FTSE 100 and the FTSE 250 ended the day with 0.7 percent higher. Stocks in Wall Street were also in positive territory as investors awaited the Federal Reserve's minutes from its latest meeting. Hopes of a breakthrough in the U.S.-China trade talks lifted spirits as U.S. President Donald Trump said he was open to extending their March 1 deadline.

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20 Feb, 2019 / 17:49

Britain's competition regulator has dealt a potentially fatal blow to Sainsbury's planned $9.5 billion (£7.3 billion) takeover of Walmart's Asda, saying the supermarket groups are unlikely to be able to address its "extensive" concerns about the deal. Shares in Sainsbury's plunged as much as 17 percent on Wednesday after the Competition and Markets Authority (CMA) said its provisional view was the deal should be blocked, require the sale of a large number of stores, or even one of the brands. "Close to the worst possible outcome (for the companies)," said Bernstein analyst Bruno Monteyne.

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20 Feb, 2019 / 17:04

By Geoffrey Smith

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20 Feb, 2019 / 04:58

Britons could face shortages of fresh food, price rises and less variety if the country leaves the European Union next month without agreeing trade terms, food industry officials say. With no deal in sight as Britain's March 29 exit date approaches, supermarkets are stockpiling, working on alternative supplies and testing new routes to cope with an expected logjam at the borders but say they face insurmountable barriers. "You can't stockpile fresh produce, you haven't got any space and it wouldn't be fresh," said Tim Steiner, head of online supermarket pioneer Ocado.

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19 Feb, 2019 / 06:09

Tesco, Britain's biggest retailer, said on Friday a new accounting standard related to the treatment of leases, will change the way assets and liabilities are presented but will not have an economic impact on the group. It also said the introduction of the new IFRS 16 standard would have no bearing on the plans or financial ambitions Tesco detailed in October 2016. Tesco said it has no effect on how the business is run, nor on cash flows for the group.

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15 Feb, 2019 / 08:04

Britain's competition regulator has extended the review period for Sainsbury's proposed £7.3 billion takeover of rival supermarket group Asda by eight weeks to give it more time to consider evidence recently provided to them. The Competition and Markets Authority (CMA) regulator had been due to publish its provisional findings on the deal by early February and its final report in early March. The deal, agreed in April 2018, between second-ranked Sainsbury's and the British arm of Walmart, the number three player, could see the combined group vault Tesco as market leader.

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11 Feb, 2019 / 15:45

Britain's competition regulator has extended the review period for Sainsbury's proposed 7.3 billion pound ($9.5 billion) takeover of rival supermarket group Asda by eight weeks to give it more time to consider evidence recently provided to them. The Competition and Markets Authority (CMA) regulator had been due to publish its provisional findings on the deal by early February and its final report in early March. The deal, agreed in April 2018, between second-ranked Sainsbury's and the British arm of Walmart, the number three player, could see the combined group vault Tesco as market leader.

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11 Feb, 2019 / 14:53

LONDON (Reuters) - Britain's "big four" supermarkets continued to lose market share to German discounters Aldi and Lidl in the 12 weeks to Jan. 27, market research firm Kantar Worldpanel said ...

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05 Feb, 2019 / 08:57