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....It gave an accurate, corrected statement before the markets opened on Monday 22 September, which estimated it had overstated profits by about £250m. The revelation sent the retailer's share price plunging and sparked two internal inquiries. ... [Read full article on BBC ]
Tuesday 28th of March 2017 06:35:26 AM
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.... It later revised this overstatement to £326m. Tesco, Britain’s biggest retailer by sales, announced the black hole in its profits after a whistleblower approached Dave Lewis, the new chief executive, after he joined the business in September 2014. ... [Read full article on Guardian ]
Monday 27th of March 2017 05:46:01 PM
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. Tesco is to pay out £235m to settle investigations by the Serious Fraud Office and Financial Conduct Authority into the 2014 accounting scandal that rocked Britain’s biggest retailer. ... [Read full article on Guardian ]
Tuesday 28th of March 2017 07:16:54 AM
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....7bn takeover of Booker, the grocery wholesaler, is in doubt after two major shareholders in the supermarket group expressed their opposition to the deal. Schroders and Artisan Partners, which between them own 9% of Tesco, have written separately to the chair of the retailer, John Allan, to ask him to pull out of the deal. ... [Read full article on Guardian ]
Monday 27th of March 2017 06:04:28 PM
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. Amazon has made its first move into the Middle East after agreeing to buy the region's largest online retailer, Souq. ... [Read full article on BBC ]
Tuesday 28th of March 2017 10:08:10 AM
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....Tesco is paying a £129m fine and will also pay £85m in compensation to shareholders. Separately, one of Tesco's biggest shareholders has warned that the retailer is paying too much for its planned takeover of wholesaler Booker. ... [Read full article on BBC ]
Tuesday 28th of March 2017 08:21:08 AM
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Latest Finance News related to Retailer

Amazon to buy Middle East online retailer Souq image
Source : BBC [Read Article] Tuesday 28th of March 2017 10:08:10 AM
. Amazon has made its first move into the Middle East after agreeing to buy the region's largest online retailer, Souq. ...
Plumbing firm Wolseley bolsters FTSE image
Source : BBC [Read Article] Tuesday 28th of March 2017 08:21:08 AM
....Tesco is paying a £129m fine and will also pay £85m in compensation to shareholders. Separately, one of Tesco's biggest shareholders has warned that the retailer is paying too much for its planned takeover of wholesaler Booker. ...
Tesco to pay £129m fine over accounting scandal image
Source : Guardian [Read Article] Tuesday 28th of March 2017 07:16:54 AM
. Tesco is to pay out £235m to settle investigations by the Serious Fraud Office and Financial Conduct Authority into the 2014 accounting scandal that rocked Britain’s biggest retailer. ...
Tesco fined £129m for overstating profits image
Source : BBC [Read Article] Tuesday 28th of March 2017 06:35:26 AM
....It gave an accurate, corrected statement before the markets opened on Monday 22 September, which estimated it had overstated profits by about £250m. The revelation sent the retailer's share price plunging and sparked two internal inquiries. ...
Two Tesco shareholders oppose £3.7bn takeover of wholesaler Booker image
Source : Guardian [Read Article] Monday 27th of March 2017 06:04:28 PM
....7bn takeover of Booker, the grocery wholesaler, is in doubt after two major shareholders in the supermarket group expressed their opposition to the deal. Schroders and Artisan Partners, which between them own 9% of Tesco, have written separately to the chair of the retailer, John Allan, to ask him to pull out of the deal. ...
Tesco and Serious Fraud Office near to deal over accounting scandal image
Source : Guardian [Read Article] Monday 27th of March 2017 05:46:01 PM
.... It later revised this overstatement to £326m. Tesco, Britain’s biggest retailer by sales, announced the black hole in its profits after a whistleblower approached Dave Lewis, the new chief executive, after he joined the business in September 2014. ...
Brexit: Food chiefs warn on EU tariffs image
Source : BBC [Read Article] Sunday 26th of March 2017 08:55:57 PM
....They say farmers need to import animal feed, and to export products if UK demand is insufficient. Food and drink manufacturers rely on exports to grow their businesses and on imports for some ingredients, while retailers need access to a full range of goods all year round, they add. ...
'People aren't spending': stores close doors in 'oversaturated' US retail market image
....In some areas of Manhattan, retail rents have declined 10-15%. But it has come too late for many retailers. ...
Jones Bootmaker sale saves 840 jobs image
Source : BBC [Read Article] Sunday 26th of March 2017 08:32:32 AM
....Under a pre-pack agreement, a buyer for a firm or its profitable assets is lined up in advance of the administrators being called in. "We are delighted that we have been able to rescue such an iconic UK footwear brand as Jones Bootmaker, including a high proportion of stores and preserving a large number of jobs, especially given the current economic pressures faced by retailers across the UK," said Will Wright, partner at KPMG and joint administrator. ...
Thought Mike Ashley was hard to work for? Meet Jennifer Hardy image
Source : Guardian [Read Article] Sunday 26th of March 2017 07:00:24 AM
. While Sports Direct founder Mike Ashley was undoubtedly the stand-out performer at June’s business, innovation and skills select committee hearing into the retailer’s treatment of staff, the show put on by Transline’s Jennifer Hardy is often overlooked. ...
Taking the easy option with car insurance renewal can be costly image
Source : Daily Express [Read Article] Sunday 26th of March 2017 12:01:00 AM
.... . The rules apply to insurance companies and anybody else selling cover, which includes banks, brokers and high-street retailers, such as M&S, Sainsbury’s and Tesco. ...
Ads in the sky image
Source : BBC [Read Article] Friday 24th of March 2017 12:13:43 AM
....Researchers found drivers often took their eyes off the road for more than two seconds - a threshold which other studies have found to be dangerous. Some bricks-and-mortar retailers, such as video games specialist Game, are using augmented reality (AR) tech to bring their shop windows to life. ...
1,100 Jones Bootmaker jobs at risk as private equity deal collapses image
Source : Guardian [Read Article] Thursday 23rd of March 2017 07:39:45 PM
....Jones Bootmaker is expected to call in administrators on Friday in a move that will put more than 1,100 jobs at risk. The shoe retailer, which employs 1,145 people, has nearly 100 stores and a handful of concessions in department stores. ...
What Next for shops? image
Source : BBC [Read Article] Thursday 23rd of March 2017 01:21:33 PM
....And of course it's not just Next that's up against it, it's the High Street as a whole. A stark reminder of the difficulties came just yesterday when "value" shoe retailer Brantano went into administration, its pricier sister company Jones Bootmaker is up for sale. ...
UK retail sales shrug off Brexit fears with February rise image
Source : Guardian [Read Article] Thursday 23rd of March 2017 10:37:42 AM
. Britain’s retailers received a respite from a two-month losing streak when spending in high street stores and online bounced back in February. ...
Higher fuel prices take toll on retail sales image
Source : BBC [Read Article] Thursday 23rd of March 2017 10:14:20 AM
....". Fashion retailer Next said on Thursday it was "extremely cautious" about trading for the coming year as it reported lower annual profits. ...
Next shares leads FTSE 100 higher image
Source : BBC [Read Article] Thursday 23rd of March 2017 09:31:43 AM
. London's main share index gained ground on Thursday led by retailer Next, as investors reacted to its results. ...
Next admits mistakes as profits fall for first time in eight years image
Source : Guardian [Read Article] Thursday 23rd of March 2017 08:58:32 AM
. The retailer Next has said a failure to stock enough wardrobe staples had contributed to its first drop in annual profits for eight years. ...
Next sees first annual profit fall in eight years image
Source : BBC [Read Article] Thursday 23rd of March 2017 07:24:09 AM
....Next has reported its first fall in annual profit for eight years and warned of "another tough year ahead". Pre-tax profit at the clothing and homeware retailer dropped 5. ...
Urban spies image
Source : BBC [Read Article] Thursday 23rd of March 2017 12:29:02 AM
Shoe retailer Brantano goes into administration with 1,000 jobs at risk image
Source : Guardian [Read Article] Wednesday 22nd of March 2017 05:41:07 PM
. More than 1,000 jobs are at risk after shoe retailer Brantano collapsed into administration. ...
Brantano: collapse of shoe retailer puts 1,000 jobs at risk image
Source : BBC [Read Article] Wednesday 22nd of March 2017 04:38:26 PM
. Shoe retailer Brantano has gone into administration, putting more than 1,000 jobs at risk. ...
Screwfix boosts Kingfisher's profits image
Source : BBC [Read Article] Wednesday 22nd of March 2017 09:18:25 AM
.... . The DIY retailer also trades as Castorama and Brico Depot in France, where sales were much weaker. ...
UK wages will soon lag behind prices – will the Bank take action? | Larry Elliott image
.... A combination of a rebound in oil prices and the fall in the pound since the EU referendum has resulted in a steady increase in inflation since the middle of last year, and there are more price rises in the pipeline. Competition between retailers will help keep inflation in check but the double whammy from energy prices and sterling could hardly have come at a worse time, since businesses are already having to cope with a higher minimum wage, pension auto-enrolment and the apprenticeship levy. ...
UK retailers have cut 'nearly 4,000 staff' ahead of new national minimum wage rate image
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Sir Philip Green 'could get £15m refund from £363m BHS payout' image
Source : Guardian [Read Article] Tuesday 21st of March 2017 06:30:06 AM
....Green could get the money back despite BHS workers receiving on average just 88% of the value of their original benefits from the settlement. Field, who co-led the parliamentary investigation into the collapse of the retailer, called on the billionaire tycoon to hand the £15m to BHS pensioners to make up for the shortfall in their benefits. ...
Save London's high streets from business rate hike, says mayor image
Source : Guardian [Read Article] Monday 20th of March 2017 04:43:52 PM
.... Furthermore, Khan has estimated that at least 1,000 pubs in the capital will not be eligible for the £1,000 business rates discount that Hammond also announced. Independent retailers are particularly at risk from the business rates revaluation because they will not be able to offset an increase in their business rates bill against decreases for shops in other parts of the country. ...
Uber president quits firm saying its values are 'inconsistent' with his image
.... He had been performing some of those COO responsibilities. Jones joined Uber in September from US retailer Target, where he was chief marketing officer. ...
Uber faces further turmoil as company president Jeff Jones quits image
Source : Guardian [Read Article] Sunday 19th of March 2017 11:27:43 PM
....Jones had been performing some of those COO responsibilities. He joined Uber from Target, where he was chief marketing officer and is credited with modernising the retailer’s brand. ...
UK Mail driver who was unable to work after car accident charged £800 image
....Delivery company UK Mail has been accused of “ripping off” workers and using “inhuman” practices after it charged a courier nearly £800 when he was unable to work as a result of a car accident while on duty. The £250m business, which delivers for retailers including Tesco, Homebase and O2, billed 47-year old Emil Ibrahimov £216 on the days he could not work after a car drove into him while he was carrying parcels from the rear of his van in east London. ...
The five best ISA funds that have thrashed the market image
Source : Daily Express [Read Article] Sunday 19th of March 2017 10:22:00 AM
.... . Manager James Anderson invests almost half the fund in US firms, including online retailer Amazon, electric carmaker Tesla Motors and social media giant Facebook, with hefty exposure to the eurozone and China. ...
Rising food costs - what's that got to do with the price of Brexit? image
Source : Guardian [Read Article] Sunday 19th of March 2017 07:00:01 AM
....Finsbury has already riffed on rising costs, which give the food industry three options: take a hit to margins, cut your own costs, or pass on the price rise to supermarkets. The last of these choices leaves retailers with a similar decision and increases the risk of price hikes being borne by the consumer. ...
Discovering holes in my Skoda Yeti… and in my £729 Mapfre warranty image
Source : Guardian [Read Article] Sunday 19th of March 2017 06:59:01 AM
....Leaving aside the value or otherwise of the policy, we think you would have been better off bringing a claim against the supplying dealer – Available Cars. This might seem unfair, but the Consumer Rights Act makes the retailer, not the manufacturer, responsible. ...
Gucci, Versace, D&G ... now top brands target fashion for kids image
Source : Guardian [Read Article] Sunday 19th of March 2017 12:05:01 AM
....1bn. In the designer market, online retailer childrensalon. ...
Rising prices set to push inflation over 2% Bank of England target image
Source : Guardian [Read Article] Saturday 18th of March 2017 03:59:43 PM
....The sharp fall in the pound since the Brexit vote last summer has raised the price of imported goods such as fuels, metals and food ingredients. The pressure on import costs has sparked some high-profile price tussles between suppliers and retailers, such as the row over Marmite last year. ...
Lily Beddall: Girl with Down's syndrome models for Matalan image
Source : BBC [Read Article] Saturday 18th of March 2017 12:30:56 AM
. A two-year-old girl with Down's syndrome has been chosen as one of the faces of a fashion retailer's advertising campaign. ...
Paperback fighter: sales of physical books now outperform digital titles image
....”. “Traditional publishers are setting the prices, which limits our ability as a retailer to discount or run price promotions,” he said. ...
Stock markets soar across Europe as FTSE clocks up new high image
Source : Guardian [Read Article] Thursday 16th of March 2017 06:58:16 PM
.... The healthcare sector was under particular pressure from proposed changes under Donald Trump’s administration that look set to raise companies’ regulatory costs. Shares in the luxury winter jacket retailer Canada Goose rose on their first day of trading, jumping to $18. ...
UK interest rates kept on hold at 0.25% image
Source : BBC [Read Article] Thursday 16th of March 2017 12:38:45 PM
.... . Earlier on Thursday, the supermarket chain Sainsbury became the latest retailer to warn of the pressure to raise prices. ...
Sainsbury's sales fall but Argos growth strengthens image
Source : BBC [Read Article] Thursday 16th of March 2017 07:24:57 AM
....General merchandise sales were down 4%, which Sainsbury's said was due to Easter and Mother's Day falling later this year. Sainsbury's bought catalogue retailer Argos last year as part of its £1. ...
Jones Bootmaker is on the brink – but it's not all gloom on the high street image
....The news that Jones Bootmaker is on the brink of falling into administration is a reminder of just how tough life is on the high street. The 160-year-old shoe retailer may yet be rescued, but about 1,000 workers are unsure about their future employment. ...
UK unemployment falls to joint lowest rate since 1975 but wages stall image
Source : Guardian [Read Article] Wednesday 15th of March 2017 11:27:55 AM
....The ONS said people on zero-hours contracts, which do not guarantee a minimum number of work hours, were more likely to be young, female, part-time or in full-time education people in other employment. Such contracts are widely used by retailers, restaurants, leisure companies and hotels. ...
Sports Direct calls executive pay report 'fake news' image
Source : BBC [Read Article] Wednesday 15th of March 2017 09:59:54 AM
....It says a PIRC (Pensions & Investment Research Consultants) report wrongly states the firm has a chief executive-to-average-employee pay ratio of 400:1. The retailer says the PIRC figures include a bonus that was never paid, and a "true ratio" would be about 9:1. ...
Identity fraud reached record levels in 2016 image
Source : BBC [Read Article] Wednesday 15th of March 2017 01:00:52 AM
....Fraudsters get hold of the necessary personal material by stealing mail, computer hacking, obtaining data on the dark web, and exploiting personal information on social media. They can also gather it though social engineering, where people give up personal information to someone pretending to be from their bank, the police or a retailer. ...
Lorry driver: 'I feel like a prisoner in my own lorry' image
Source : BBC [Read Article] Wednesday 15th of March 2017 12:06:15 AM
. Lorry drivers moving goods in Western Europe for Ikea and other retailers are living out of their cabs for months at a time, a BBC investigation has found. ...
Discounters 'exploit' lorry drivers image
Source : BBC [Read Article] Wednesday 15th of March 2017 12:01:50 AM
....". Lidl said it had a policy of drivers unloading their own vehicles: "As a retailer, we are not unique in this approach, which has also been verified by visiting regulators. ...
Ikea drivers living in trucks for months image
Source : BBC [Read Article] Wednesday 15th of March 2017 12:00:20 AM
. Lorry drivers moving goods in Western Europe for Ikea and other retailers are living out of their cabs for months at a time, a BBC investigation has found. ...
Jobs at risk as Jones Bootmaker teeters on brink of administration image
Source : Guardian [Read Article] Tuesday 14th of March 2017 08:09:59 PM
. Hundreds of high street jobs are at risk at Jones Bootmaker as the retailer teeters on the brink of administration. ...
M&S launches mental health drop-ins as part of Ruby Wax project image
Source : Guardian [Read Article] Tuesday 14th of March 2017 01:56:46 PM
.... The branches taking part include three in London as well as outlets in Nottingham, Leeds and Newcastle. The retailer said the sessions were “not therapy” but aimed to provide a space “where people can talk openly with others who understand how they are feeling”. ...
There’s no love lost when it comes to Debenhams Flowers image
Source : Guardian [Read Article] Tuesday 14th of March 2017 07:00:15 AM
.... DF, London W11. It does seem extraordinary that a flower delivery company, which is part of a major national retailer, can make such a hash of things and let so many customers down at one of the most important times of the year for flowers – and spoil any intended surprise. ...
Employment agency at centre of Sports Direct scandal axed by Amazon image
Source : Guardian [Read Article] Monday 13th of March 2017 07:52:39 PM
. Transline Group, one of the employment agencies at the centre of the Sports Direct scandal, has been axed from supplying temporary warehousing staff to Amazon, the world’s largest online retailer. ...
Asda offers staff a pay rise for 'flexible' contract image
Source : BBC [Read Article] Monday 13th of March 2017 03:18:08 PM
....However, Living Wage Foundation, which campaigns for pay levels based on the cost of living, said that Asda should go further. "This is a welcome pay rise for Asda's staff, however large national retailers like Ikea, Lush and Majestic Wine are already paying all their staff - including third party contractors - the real Living Wage or above at £8. ...
Petrol price war sparked as supermarket SLASHES fuel costs amid tumbling oil prices image
....Asda is cutting petrol prices by 2p a litre from tomorrow and more supermarkets are expected to follow suit in the coming days. But to get the cheapest prices, motorists have been urged to look at independent retailers, rather than the big name forecourts. ...
Glad to be sacked image
Source : BBC [Read Article] Monday 13th of March 2017 12:12:20 AM
....Thankfully for Mr Gormley, the staff that he most wanted to keep decided to follow him out the door, and six months later he launched his new venture - Naked Wines. Today he is the boss of both Naked Wines and fellow UK wine retailer Majestic Wine, which have combined annual sales of more than £300m. ...
Rolls-Royce calls its first staff AGM image
Source : Guardian [Read Article] Sunday 12th of March 2017 03:02:59 PM
....Rolls-Royce is not committing to appoint a worker to its board in the way that the transport group First Group has done. The embattled retailer Sports Direct last week said it would allow a worker representative to attend its board meetings but was accused by the union Unite of conducting little more than a “PR exercise”. ...
Trump is set to win the battle on interest rates, but US economy will pay the price image
.... After an evening that kicked off with an inspirational speech from cobbler John Timpson about the power of treating staff well, the retail industry handed its highest accolade to JD Sports, a business recently heavily criticised for its treatment of warehouse workers. JD has been an exceptional retailer in many ways: its stores and products are bright and exciting. ...
The farming revolution that aims to bring free-range milk to Britain image
Source : Guardian [Read Article] Sunday 12th of March 2017 12:05:09 AM
....4%, to bring the total number of dairy farms in England and Wales to 9,464, down from 13,000 a decade ago. “The bottom line is that over a number of years the retailers have successfully thrashed the value out of retail milk,” says industry analyst Ian Potter. ...
Charlotte Hogg: a family tree deeply rooted in the British establishment image
.... She then moved to credit checking agency Experian and the UK arm of Spanish bank Santander before returning to the Bank of England in 2013, where she was appointed chief operating officer. A mother of two, she is married to Steve Sacks – a management consultant, former Lloyds banker and now an executive at luxury retailer Burberry. ...
Lord Rose: Costs will be passed on image
Source : BBC [Read Article] Friday 10th of March 2017 11:13:54 AM
. UK retailers are being warned of tough times ahead as the accountants BDO released figures showing the worst February in eight years. ...
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Trump faces formidable institutional obstacles – so what can he do? | Barry Eichengreen image
.... Others, such as treasury secretary Steven Mnuchin, are evidently sceptical. And an important part of Trump’s business constituency – import-dependent retailers like Target and Walmart – are actively hostile. ...
Why is John Lewis tightening its belt? image
Source : Guardian [Read Article] Friday 10th of March 2017 07:16:34 AM
....So why is John Lewis reducing payouts to its workers, known as “partners” as they jointly own the business?. The introduction of the new minimum wage for over 25s – “the national living wage” – has increased costs for all retailers. ...
Tesco to pay out nearly £10m to staff after payroll errors image
Source : Guardian [Read Article] Thursday 9th of March 2017 10:56:20 AM
....Tesco said it had checked pay over the last six year and that it would pay the money owed by the end of March. The retailer has notified HM Revenue and Customs and the shopworkers’ union, Usdaw, of the error. ...
Sports Direct's move to put worker on board branded 'PR exercise' image
Source : Guardian [Read Article] Thursday 9th of March 2017 09:38:42 AM
. Sports Direct’s decision to allow a worker representative to attend its board meetings is not enough to solve the retailer’s deep corporate governance failings, unions and business leaders have warned. ...
John Lewis staff bonus cut again image
Source : BBC [Read Article] Thursday 9th of March 2017 09:27:42 AM
....Waitrose is also looking to export more. A deal with China's Alibaba Group allows it to sell products in the country for the first time, and an agreement with the online retailer British Corner Shop, which sells in more than 100 countries, allows it to export elsewhere. ...
Southwold: welcome to the town where business rates are set to rise 177% image
.... The money that goes into the big brands goes straight out,” Windell said. As a result of the town’s campaigning, Coffey met the chancellor in February to raise the issue on behalf of Southwold’s independent retailers; the intervention has had some impact but not enough to resolve the problem. ...
Morrisons profit rises as recovery continues image
Source : BBC [Read Article] Thursday 9th of March 2017 07:36:42 AM
.... . The pound fell sharply after the Brexit vote last summer, leaving retailers with the choice of raising prices or seeing their profits squeezed. ...
Budget: More help for pubs in rates change image
Source : BBC [Read Article] Wednesday 8th of March 2017 01:28:46 PM
....And Jerry Schurder, head of business rates at the property consultancy Gerald Eve said the plan for another consultation into more frequent revaluations was "timewasting of the highest order". The Association of Licensed Multiple Retailers, a body representing retailers in the eating and drinking sector, welcomed the move on pub rates, saying it would "safeguard investment and jobs". ...
John Lewis broke advertising rules by pulling Apple Watch deal image
Source : Guardian [Read Article] Wednesday 8th of March 2017 07:01:00 AM
....The ruling is a blow to the reputation of John Lewis, which prides itself on its clean corporate image. The retailer argued that the breach of the UK advertising code was a misunderstanding. ...
Rethink rates now or face retail disaster, shops tell chancellor image
Source : Guardian [Read Article] Tuesday 7th of March 2017 07:01:35 AM
. Britain’s hard-pressed retailers have urged Philip Hammond to rethink government plans for revamping business rates amid signs that rising inflation has led to the weakest high street spending in more than five years. ...
Exercise 'anywhere, anytime' image
Source : BBC [Read Article] Tuesday 7th of March 2017 12:06:23 AM
.... . Julie Stevanja started internet retailer Stylerunner in 2012, after becoming frustrated at the lack of choice available in the shops. ...
Asda fined over dead mice and flies at Enfield depot image
Source : BBC [Read Article] Monday 6th of March 2017 03:30:00 PM
....The depot, in Southbury Road, distributes food to online customers across London and Essex. "It beggars belief that a national retailer would allow food to be stored in an environment where rodents are running riot," said Daniel Anderson, Enfield Council's cabinet member for environment. ...
Asda fined £300,000 after dead mice and flies found at delivery depot image
....com/fdSg43Ft6F. “It beggars belief that a national retailer would allow food to be stored in an environment where rodents are running riot,” Daniel Anderson, the council’s cabinet member for environment, said. ...
Business chiefs tell chancellor: reform business rates now to avert high street crisis image
....Business leaders have made a final plea to the chancellor to reduce the impact of changes to commercial rates that could double the tax bill for some firms. The trade body for retailers, the British Retail Consortium, has written to the chancellor, Philip Hammond, saying the high street needs a “fundamental reform” of the tax, while a survey by the British Chambers of Commerce (BCC) found that business rates are the biggest concern for one in two small firms. ...
Red hot image
Source : BBC [Read Article] Monday 6th of March 2017 12:04:06 AM
....Robert Wang was hoping to make it easier for people to make a decent meal, but didn't expect his new product to attract a cult following. Last summer on Amazon Prime Day, the online retailer's global 24-hour annual sale event, one of the top-selling products in the US was a multi-function electric cooker. ...

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