LONDON (Reuters) – Britain’s biggest retailer Tesco Plc (TSCO.L: Quote, Profile, Research, Stock Buzz) is pursuing the sale of a majority stake in its data-gathering arm Dunnhumby, rather than an outright exit or flotation, a source familiar with the situation told Reuters on Monday.
Tesco said in January it would slash costs and sell assets to fund lower prices and mend its finances, as new boss Dave Lewis plots the supermarket’s fight back from years of market share losses, an accounting scandal and debt-ratings downgrades.
LONDON, Feb 5 (Reuters) – A decade ago McDonald’s UK
business needed better menus and a fresh image to catch up with
consumer tastes. Now the U.S. firm, facing the same problems but
on a much bigger scale, has turned to the man who fixed it for
them last time.
Briton Steve Easterbrook, a 47-year-old company veteran, was
appointed boss of the world’s biggest burger chain last week,
only the second non-American to take the job. His challenge is
to halt a slide in sales around the world, caused by unpopular
menus with too many options and accusations of poor quality.
LONDON, Jan 27 (Reuters) – Scottish soccer club Rangers said on Tuesday it had struck a deal with Mike Ashley’s Sports Direct for a 10 million pound ($15 million) credit facility, giving the stricken former champions time to find permanent investment.
Rangers, which needed funding to survive beyond the end of January, said the 10 million pounds would be used in part to pay off a previous loan from Ashley, the founder of Sports Direct and owner of English Premier League club Newcastle United.
LONDON, Jan 23 (Reuters) – The owner of Mr Kipling cakes and
Bisto gravy, Premier Foods, could gain shelf space in
the intensifying battle for shoppers among Britain’s ‘big four’
supermarkets, its chief executive said.
Big supermarkets including market leader Tesco have
lost market share to discount chains Aldi and Lidl. But now they
are fighting back with price cuts, improved customer service and
simpler ranges to woo shoppers.
LONDON, Jan 22 (Reuters) – Britain’s Royal Mail
announced an improved performance at its key parcels business
over a busy Christmas period, helped by price promotions, the
Black Friday retail rush and its own longer business hours in an
increasingly competitive market.
The company’s shares have dropped by about 28 percent from
their post-privatisation peak on concern over a squeeze on
parcel prices caused by rising competition, the emergence of a
rival letter-delivery service and regulatory disputes, but
Thursday’s update suggests that restructuring and improvements
to its parcels service are improving its fortunes.
LONDON, Jan 21 (Reuters) – British retailer Halfords
, whose boss Matt Davies will leave to take charge of
Tesco’s UK business in June, posted a rise in Christmas
sales thanks to strong demand for car parts, batteries and
Retail sales at stores open for more than a year rose 6.8
percent in the 15 weeks to Jan. 9, the bikes-to-car-parts
retailer said on Wednesday, ahead of an average forecast of 5.9
percent growth according to a Reuters poll of analysts.
LONDON, Jan 18 (Reuters) – Four months into the job, Tesco
boss Dave Lewis has wasted no time imposing a range of
price cuts and customer service improvements designed to regain
the initiative in a tough market. There are already signs
customers are noticing.
Despite the series of shocks Tesco suffered in the past
year, famously prompting billionaire investor Warren Buffett to
admit buying into the stock was a huge mistake, it remains clear
leader in its home market, lending it the clout to squeeze its
“big four” rivals as well as upstart discounters Aldi and Lidl.
LONDON, Jan 14 (Reuters) – SuperGroup, the owner of
clothing brand Superdry, said a bout of cold weather following
an unseasonably warm Autumn had boosted demand for coats and
jumpers, helping its underlying sales to rebound over the
Shares in the firm, which have almost halved in the last
year, were up 10 percent in early trading.
LONDON, Jan 13 (Reuters) – Debenhams, Britain’s No.2
department stores chain, posted an unexpected fall in
first-quarter sales as a strong Christmas failed to undo the
damage from mild autumn weather.
The firm said on Tuesday UK like-for-like sales for the 19
weeks to Jan. 10 fell 0.8 percent, below analyst expectations
for a 1 percent rise, as demand for winter clothing suffered
from the unseasonal weather that hurt much of the industry.
LONDON (Reuters) – Tesco will slash costs and sell assets to fund lower prices and mend its finances, Britain’s biggest retailer said on Thursday, as its new boss set out his plan to fight back from years of market share losses and an accounting scandal.
Dave Lewis, poached from Unilever to rescue Tesco from the biggest crisis in its 96-year history, said on Thursday he would halve capital spending, scrap the dividend, consider the sale of the Dunnhumby data gathering business, consolidate head office locations and shut the final salary pension scheme to save cash.