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  • Tesco chairman to step down as profits plunge

    Tesco chairman to step down as profits plunge

    Tesco has announced that chairman Sir Richard Broadbent is to step down, as the retailer reported profits were overstated by £263m. The figure is higher than the £250m reported last month, and has resulted in the retailer posting a 92% fall in first-half profits. Tesco said Deloitte had now carried out a review into its accounting errors, which [...]

    📅October 23, 2014

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  • Retail costs holding back employment expansion

    Retail costs holding back employment expansion

    According to the BRC-Bond Dickinson Retail Employment Monitor for October, the number of full-time jobs fell by 1.3% in the third quarter of 2014 compared with the same period last year. Over the same period, the number of outlets rose 2.9%, while the average number of full-time equivalent staff per store fell to a record low [...]

    📅October 23, 2014

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  • Tesco fall in profits – analyst reaction

    Tesco fall in profits – analyst reaction

    Analysts have been responding to news that Tesco has reported a 92% fall in first-half profits, after admitting that profits had been overstated by £263m. Bryan Roberts director of retail insights, Kantar Retail, said: "Naïve hopes that the flamboyant accounting practices were limited to a six month period have been scotched, hinting at a systematic and [...]

    📅October 23, 2014

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  • Scottish sales fall in September

    Scottish sales fall in September

    According to latest figures from the Scottish Retail Consortium (SRC), total Scottish retail sales in September were down 2.9% on last year. Like-for-like sales fell 4.2% on last September, with total sales falling 1% in real terms, taking account of shop price deflation. Total food sales were 2.4% down on last year. Over the last three months, [...]

    📅October 22, 2014

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  • Waitrose opens Baker Street store

    Waitrose opens Baker Street store

    Waitrose has announced the opening of a Little Waitrose on Baker Street, the retailer's ninth store in Westminster. Unveiled by City of Westminster Councillor, Karen Scarborough, the Portman Square store features a selection of Waitrose products and services, including bakery, fresh fruit and vegetables, take-away sandwiches and snacks. Councillor Karen Scarborough said: “Little Waitrose Portman Square is [...]

    📅October 22, 2014

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  • Asda gains market share as supermarket price war continues

    Asda gains market share as supermarket price war continues

    According to latest grocery share figures from Kantar Worldpanel, like-for-like prices have declined by 0.2% for the 12 weeks to 12 October 2014, pushing the grocery market into deflation. Asda saw its market share rise to 17.3% as sales grew ahead of the market, rising 1% over the year. The data showed Aldi’s growth slowed slightly [...]

    📅October 21, 2014

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