just-style authors and correspondents
Articles by Katy Askew
Tesco will "accelerate" efforts to turnaround its UK business while also capping capital expenditure, the company said today (25 February).
Wal-Mart has said its full-year earnings could miss previously announced forecasts.
Sainsbury's chief executive Justin King will leave the UK supermarket group this summer, when current commercial director Mike Coupe will take the helm at the firm.
The disappointing third-quarter top-line performance reported this morning (4 December) by Tesco has left analysts divided over the group's strategy. Tesco has cut capital expenditure on new stores and is instead investing in refurbishments and multichannel growth. Management has insisted the strategy will simply take time to deliver results. But, with the clock ticking, another set of weak numbers has raised questions over whether Tesco's investment focus will pay off. Here is the view from the City.
Wal-Mart Stores outlined its strategy for the coming fiscal year at its annual investment community meeting yesterday (16 October). The world's largest retailer raised its capital expenditure forecast in the US while scaling back its international investment plans. Significantly, the company said it would close under performing store in Brazil and China and reduce store openings in Mexico and India - possibly reflecting concerns over the growth outlook in emerging markets. Katy Askew reports.
Carrefour has booked sales growth in the troubled markets of France and China, pushing shares in the French retailer up in morning trade today (17 October).
US retailer Wal-Mart has said that it will continue to focus on delivering low prices to drive higher volumes in the remainder of the year, after booking third-quarter sales and earnings gains.
Supermarket retailer Asda says it has been able to win over market share as it reported slightly higher third-quarter sales.
Shares in Wal-Mart de Mexico y Centroamerica plummeted this week as allegations the company bribed officials to speed up store openings prompted many shareholders to offload the stock at a rate of knots. Meanwhile, concern that US regulators will pursue action against parent company Wal-Mart Stores for violations of the Foreign Corrupt Practices Act could have some far-reaching consequences for the world's largest retailer. Katy Askew reports.
Tesco today (18 April) said it would spend GBP1bn (US$1.55bn) in a bid to revitalise its domestic operations as it confirmed that full-year like-for-like sales and profits in the UK have dropped. Nevertheless, its strong international business enabled the UK's largest retailer to book a 1.6% increase in pre-tax profit. While the disappointing UK performance held no surprises, details of the turnaround plan have been broadly welcomed by the market.
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