On the bread line: Premier Foods announces £259.1m loss Monday, 19th March 2012
Premier Foods on Monday announced a £259.1 million pre-tax loss for 2011, as the Hovis owner fought against tough price competition in the bread market. According to the BBC, trading profit in Premier Food’s bread division fell 90.4 per cent to just £3.4 million.
Warren Buffett spends £350m on Tesco shares Thursday, 19th January 2012
True to his word, Warren Buffett has upped his stake again in Tesco, after the supermarket was forced to issue its first profit warning in over 20 years. In November last year Buffett, arguably one of the world’s most successful investors, said he would buy more Tesco shares if the price fell. The Berkshire Hathaway chairman stuck to that claim and on the back of Tesco’s share slum last week, increased his stake from 3.6 per cent to 5.1 per cent, spending roughly £350 million on the purchase.
Tesco makes U-turn on discounts after big share price drop Wednesday, 18th January 2012
Coupon queens can breathe a sigh of relief: Tesco has announced the return of its money-off vouchers after chief executive Philip Clark admitted its Big Price Drop had failed to deliver. The supermarket saw £5 billion wiped off its market value after a disappointing set of results from Christmas trading.
UK CPI down 4.2% for December Tuesday, 17th January 2012
The Office for National Statistics (ONS) today released new figures showing the UK’s consumer price index (CPI) fell to 4.2 per cent in December. Used as a measure of inflation, the report showed CPI continued to fall from its peak of 5.2 per cent in September. December’s fall was attributed to transport, housing and household services, clothing and footwear and alcoholic beverages and tobacco.
Shop price inflation falls to 16-month low for December Friday, 13th January 2012
Shop prices inflation ground to a halt in December as retailers cut prices for electrical goods, clothes and footwear in the run up to Christmas. According to the British Retail Consortium (BRC), shop price inflation fell 1.7 per cent last month year-on-year from 2.0 per cent in November, far below a peak of 2.9 per cent in June.
Maplin’s refusal to cut prices pays off for December like-for-likes Thursday, 12th January 2012
The electronics specialist has reported a 1.4 per cent jump in like-for-like sales for the Christmas period, as online sales rose 21 per cent. Gross sales rose by 6 per cent in the four weeks to 31 December. Maplin said its “pleasing” performance in “tough current economic conditions” was due to store improvements designed to focus on offering customers specialist products.
Waitrose sales set new record Thursday, 5th January 2012
According to the supermarket, sales in the week before Christmas set a new weekly record for the retailer. Like-for-like grocery sales, which take away the effect of new store openings, rose 3.8 per cent in December, compared with the same month last year. Overall, grocery sales grew 19.1 per cent in the month, whilst sales at the Waitrose.com online operation grew by 49 per cent.
ASA puts its foot down with new rule to end price war squabbles Monday, 12th December 2011
After a full twelve months of bickering and name calling from the Big Four supermarkets, the Advertising Standards Authority (ASA) has finally lost its patience. From this month, a rival company will no longer be able to lodge a complaint unless it can prove it has tried to resolve the issue with a competitor.
Inditex receives vote of confidence from Nomura and Banco Sabadell ahead of earnings update Wednesday, 7th December 2011
Japanese bank Nomura gave Inditex a vote of confidence this week by reiterating its neutral recommendation price target of EUR 66 for the Spanish retail firm. With Inditex’s earnings presentation just one week away, Japanese media reported that Nomura expects the retailer to present solid results and showcase its strength in the Spanish market.
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