Company News Reporter, London
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Oct 31, 2014

Warm weather set to push M&S non-food sales down again

LONDON (Reuters) – Marks & Spencer (MKS.L: Quote, Profile, Research) is set to report a 13th straight quarterly fall in underlying non-food sales, with trading hurt by Britain’s warm autumnal weather, the continuing “settling in” of a new website and a sluggish economic recovery.

Marc Bolland, M&S CEO since 2010, has spent over 2.3 billion pounds to address decades of under-investment, overseeing the redesign of products and stores. But a new clothing team he set up in 2012 has so far failed to deliver a sustained increase in sales and, for the first time, M&S earned less in the year to the end of March than faster-growing rival Next.

Oct 31, 2014

SuperGroup shares slide as firm warns on profit

LONDON, Oct 31 (Reuters) – SuperGroup, the British
company behind the Superdry fashion brand, warned that full-year
profit would fall short of market forecasts, becoming the latest
retailer to see a warm autumn hit demand for winter clothes.

The firm’s surprise statement follows one on Wednesday from
Next, Britain’s No. 2 clothes retailer, which also cut
its profit forecasts due to the warm weather, prompting analysts
to expect more promotions ahead of Christmas as retailers battle
to shift unwanted stock.

Oct 30, 2014

Serious Fraud Office launches probe into Tesco accounting scandal

LONDON (Reuters) – Serious Fraud Office (SFO) has opened a formal criminal investigation into accounting errors at Tesco, raising the stakes in a scandal that has hammered the reputation of the country’s biggest grocer.

Already battling challenges on multiple fronts, Tesco said on Wednesday it had been notified of the SFO’s new investigation into the 263 million-pound ($424 million) overstatement of its first-half profits that has led to the suspension of eight senior members of staff.

Oct 30, 2014

Britain’s Fraud Office launches probe into Tesco accounting scandal

LONDON, Oct 29 (Reuters) – Britain’s Serious Fraud Office
(SFO) has opened a formal criminal investigation into accounting
errors at Tesco, raising the stakes in a scandal that
has hammered the reputation of the country’s biggest grocer.

Already battling challenges on multiple fronts, Tesco said
on Wednesday it had been notified of the SFO’s new investigation
into the 263 million-pound ($424 million) overstatement of its
first-half profits that has led to the suspension of eight
senior members of staff.

Oct 29, 2014

SFO launches criminal probe into Tesco accounting

LONDON (Reuters) – Britain’s Serious Fraud Office (SFO) has launched a formal criminal investigation into accounting errors at Tesco (TSCO.L: Quote, Profile, Research), adding to the intense scrutiny of the country’s biggest grocer.

Tesco was already being investigated by the Financial Conduct Authority (FCA) after the group revealed the discovery of a 263 million pound hole in its accounts, adding to a string of recent profit warnings and management departures to nearly halve the company’s market value this year.

Oct 29, 2014

Britain’s Fraud Office launches criminal probe into Tesco accounting

LONDON (Reuters) – Britain’s Serious Fraud Office (SFO) has launched a formal criminal investigation into accounting errors at Tesco (TSCO.L: Quote, Profile, Research, Stock Buzz), adding to the intense scrutiny of the country’s biggest grocer.

Tesco was already being investigated by the Financial Conduct Authority (FCA) after the group revealed the discovery of a 263 million pound ($424 million) hole in its accounts, adding to a string of recent profit warnings and management departures to nearly halve the company’s market value this year.

Oct 29, 2014

UK’s Next cuts profit guidance as sales feel the heat

LONDON, Oct 29 (Reuters) – Britain’s No.2 clothing retailer
Next Plc cut its profit guidance after an unusually warm
autumn left its coats, scarves and jumpers stuck on shop
shelves, sending an ominous sign to rivals ahead of the
Christmas season.

Shares in Next fell as much as 4.4 percent, dragging down
rivals Marks & Spencer and Debenhams as the
company spelt out the impact on demand of Britain’s driest-ever
September and mild October.

Oct 28, 2014

Britain to award benefits contract to U.S. firm Maximus: source

LONDON (Reuters) – Britain is set to pick U.S. group Maximus Inc over UK-based Interserve Plc for a contract worth around 500 million pounds ($806 million) to assess whether benefits claimants are fit to work, a source with knowledge of the situation told Reuters.

Britain’s Department for Work and Pensions (DWP) has been searching for a service provider for months after French incumbent Atos SE reached a financial settlement in March to quit the contract earlier than scheduled next year.

Oct 27, 2014

New Tesco boss Lewis gets “golden hello” share options

LONDON, Oct 27 (Reuters) – Embattled British retailer Tesco
Plc has handed its new boss Dave Lewis a potentially
lucrative “golden hello”, awarding him options for 1.66 million
shares to compensate for benefits he surrendered when he quit
his previous job.

The options, priced at 230.4 pence apiece, were worth 3.8
million pounds ($6 million) based on Tesco’s share price in
early September when Lewis joined, though since then the stock
has plummeted in the wake of an accounting scandal.

Oct 23, 2014

Tesco accounting black hole deepens, chairman to step down

LONDON (Reuters) – Britain’s largest retailer Tesco reported a bigger than expected hole in its finances on Thursday after finding that accounting transgressions went back further than initially thought, prompting its chairman to quit.

Shares in Tesco fell 8.5 percent to an 11-year low, meaning Tesco, once the juggernaut of the retail sector, has lost half its market value this year after the accounting errors compounded a succession of profit warnings.

    • About Neil

      "I'm a company news reporter covering the retail and leisure sectors. Based in London I write on everything from the big retailers to fashion chains, hotels, drinks firms, pubs and coffee shops. I've previously covered the outsourcing sector and before that worked on Reuters sport for three years. You can follow me on Twitter @ReutersMaidment"
      Joined Reuters:
      2008
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