|Bid||256.00 x 215000|
|Ask||260.00 x 175000|
|Day's Range||256.52 - 258.60|
|52 Week Range||171.95 - 262.50|
|PE Ratio (TTM)||17.54|
|Earnings Date||Oct 3, 2018|
|Forward Dividend & Yield||0.03 (1.15%)|
|1y Target Est||266.00|
Europe's two largest supermarket groups, France's Carrefour and Britain's Tesco, plan to form a global purchasing alliance to cut costs in the face of competitive pressure. As Thuy Ong reports, the deal is the latest partnership in a European retail industry into which U.S. internet giant Amazon has made inroads in recent months.
Tesco Plc is readying a new chain of discount stores in the company’s most direct offensive on Aldi and Lidl to date. Tesco acquired both sites before Chief Executive Officer Dave Lewis took over in 2014 and they have been dormant since. “Tesco will be competing with Aldi and Lidl in what they do best,” Berenberg analyst Dusan Milosavljevic said by email.
Tesco is set to launch a new chain of discount stores as early as September across the UK, in its latest effort to take on cut-price rivals Aldi and Lidl who have transformed the expectations of price-conscious consumers. The UK’s biggest retailer has drawn up plans to open up to 30 stores in the autumn, planning to refit some existing stores to introduce the new format or reopen mothballed sites that Tesco still controls, according to a person with knowledge of the plans. The person said the new chain is expected to be called Jack’s — thought to be a reference to Tesco founder Jack Cohen — with a division of the company having recently attempted to register the name as a trademark.
The following are the top stories on the business pages of British newspapers. Mike Manley, at present the boss of Jeep and hitherto little known outside of the automotive sector, has been appointed chief executive of Fiat Chrysler, after the abrupt retirement of Sergio Marchionne, the much-feted industry leader, owing to ill-health. The chief executive of Airbus has opened the door to a merger of the aerospace giant's jet fighter business with that of BAE Systems Plc to create a pan-European military aircraft company with the might to take on America.
Companies in Britain must strive to rein in excessive executive pay, pay more heed to staff and make boards more diverse under a new "short and sharper" corporate code, published on Monday. The Financial Reporting Council (FRC) has updated its non-binding 26-year old code of corporate standards for publicly listed companies, which must comply with it or explain in annual reports to shareholders if they do not. The new 15-page code, about half the length of the current version, comes as the watchdog, which oversees company governance standards and accountants, faces a review to see if it can uphold high corporate standards to maintain Britain's attractions as a place to invest after Brexit.
France's antitrust authority said on Monday it will investigate the potential impact of several purchasing alliances recently sealed by French and European supermarket retailers. The probe on that last alliance was also widened to include the tie-up between Carrefour and Tesco (TSCO.L). The probes will assess "the competitive impact of these purchasing alliances on the markets concerned for suppliers and for consumers," the statement said.
Sainsbury's (SBRY.L), the British supermarket group that is merging with rival Asda, has lined up Martin Scicluna as the successor to chairman David Tyler, Sky News reported on Tuesday. Scicluna already chairs insurance group RSA (RSA.L) and property company Great Portland Estates (GPOR.L). Sainsbury's, Britain's second biggest supermarket, announced a 7.3 billion pound deal to buy Walmart-owned (WMT.N) Asda in April, a tie-up which could put it ahead of market leader Tesco (TSCO.L) in grocery sales.
Shareholders in Marks & Spencer (MKS.L) should not be overly concerned about its financial results over the next two years because those numbers are not that important to the clothing and food retailer's future, its new chairman told them on Tuesday. Retail veteran Archie Norman joined M&S as chairman in September last year and two months later the company detailed its latest attempt at a turnaround after more than a decade of failed reinventions. The plan included a five-year programme of store closures and relocations to cut excess selling space in its clothing business, increased technology investment and moves to make a misfiring food business more competitive.
Tesco said its recently appointed UK and Ireland boss Charles Wilson would step down to a less onerous role after being diagnosed with throat cancer three months ago. Wilson, the former CEO of wholesaler Booker which was bought by Tesco in March, had been seen as a potential heir to Tesco Chief Executive Dave Lewis.
PARIS/LONDON (Reuters) - A deal between Carrefour and Tesco to team up on global purchasing will help them not only cut prices but also expand their own-label ranges, tightening a squeeze on major brand producers such as Nestle and Kraft Heinz. The Carrefour-Tesco alliance will reset relationships with global suppliers like Unilever, Nestle and Procter & Gamble, at a time when they are already battling sluggish demand and start-up rivals. In a further blow to major consumer goods firms, the pair will also jointly source own-brand products, sales of which are growing rapidly in Europe due to the expansion of discounters like Aldi and Lidl which mostly stock private-label goods.
PARIS/LONDON (Reuters) - A deal between Carrefour (CARR.PA) and Tesco (TSCO.L) to team up on global purchasing will help them not only cut prices but also expand their own-label ranges, tightening a squeeze on major brand producers such as Nestle and Kraft Heinz. The Carrefour-Tesco alliance will reset relationships with global suppliers like Unilever (ULVR.L), Nestle (NESN.S) and Procter & Gamble (PG.N), at a time when they are already battling sluggish demand and start-up rivals. In a further blow to major consumer goods firms, the pair will also jointly source own-brand products, sales of which are growing rapidly in Europe due to the expansion of discounters like Aldi and Lidl which mostly stock private-label goods.
Two of the world’s biggest grocery chains, Tesco PLC and Carrefour SA, have struck a deal to collaborate on how they buy from suppliers in an effort to cut prices amid mounting competition from Amazon.com Inc. and other rivals. Tesco, Britain’s largest grocery chain, and Carrefour, the French giant, said they would jointly source certain products to lower prices, raise quality and broaden their product offerings. The deal is the latest in a string of moves by traditional grocers the world over as they race to find new ways to compete with Amazon’s growing food ambitions and fast-changing shopper behavior.
By Julien Ponthus LONDON (Reuters) - European shares fell on Monday as worries about U.S. trade policies and concerns about German Chancellor Angela Merkel's coalition government weighed on sentiment. ...
PARIS/LONDON (Reuters) - Europe's largest supermarket groups Carrefour and Tesco have agreed to form a global purchasing alliance to demand better terms from major suppliers in the latest attempt by the industry to drive down costs. With combined annual sales of $170 billion, the partnership is designed to secure a better deal from the likes of Nestle, Procter & Gamble, Unilever, Danone and others to help the French and British groups to compete hard on price. Such alliances are becoming increasingly common in Europe's retail sector as supermarkets battle to keep prices down to counter German-owned discount groups Aldi and Lidl and the looming shadow of U.S. internet giant Amazon.
LONDON (AP) — Tesco and Carrefour, two of Europe's biggest supermarket chains, are teaming up to wring better deals out of suppliers as traditional retailers battle increased competition from internet traders.
Tesco Plc and Carrefour SA are joining forces in a grocery "entente cordiale" against price pressure from Amazon.com Inc. and domestic rivals. This is a sensible rather than a radical solution to their problems, and may only work to defend margins rather than boost them. The logic here is simple: Carrefour and Tesco are teaming up to get better terms from suppliers.
French supermarket retailer Carrefour and British peer Tesco announced on Monday plans to form a global long-term purchasing alliance, as they seek to cut costs. The deal is the latest partnership within the European retail industry, which has seen U.S. internet giant Amazon make in-roads into the sector in recent months. The alliance will cover the strategic relations with global suppliers, the joint purchasing of own-brand products and goods not for re-sale, said Carrefour in a statement.
Britain's biggest retailer Tesco (TSCO.L) is trialing a checkout-free method of payment for its convenience stores, allowing customers to scan products on their mobile devices and then walk out with them, it said on Thursday. The supermarket group is testing the smartphone app at the Tesco Express convenience store located in the campus of its headquarters at Welwyn Garden City, north of London.
Britain's biggest retailer Tesco is trialing a checkout-free method of payment for its convenience stores, allowing customers to scan products on their mobile devices and then walk out with them, it said on Thursday. The supermarket group is testing the smartphone app at the Tesco Express convenience store located in the campus of its headquarters at Welwyn Garden City, north of London. "Using your mobile device you select some products, put them into your basket on your device and then just walk out of the store," Steven Blair, Tesco's convenience transformation director told reporters.
Tesco Plc is testing checkout-free shopping technology in a bid to keep pace with Amazon.com Inc. The technology is being tested at a store at the company’s headquarters near London. “In our stores in central London, Manchester and Birmingham, lunchtime queues are a problem,” Tesco Chief Executive Officer Dave Lewis said at a presentation Thursday.