Tesco - Another quarter of growth

The retail giant blamed a tough October for a 2.8 per cent fall in like-for-like clothing and home sales over the 13 weeks to December 30, while it said ongoing under-performance in its food arm saw sales fall 0.4 per cent.

Shares in Tesco were trading down 4.2 percent at 1250 GMT, the second worst performer after Marks & Spencer (MKS.L), the high street retailer which reported a fall in like-for-like Christmas sales on Thursday.

And Tesco, Britain's biggest retailer, missed forecasts for its festive trading.

"As a result, we carried more stock into the December sale", said CEO Steve Rowe.

The figures were published at the same time as a slew of retailers' trading updates, with rival supermarket Waitrose seeing like-for-like sales up by 1.5% over the six weeks to 30 December.

However, analysts had expected a rise of between 2.4 and 3.2 percent.

Trading was particularly buoyant in the last six weeks, with sales for up by 3.7% compared to the previous year.

Coquelin close to Valencia move
Coquelin departs with FA Cup winners' medals for in 2015 and 2017 - and may be heading back to the Champions League . The Hammers, under David Moyes, look decent after an early scare of dropping into the relegation zone.

State legislators in Nebraska and California are introducing net neutrality laws
The GOP-controlled FCC voted 3-2 along party lines to repeal the Title II provisions classifying ISPs as utilities. Only one of the rollback options has a chance of making a difference in the near term.

99% of These Sea Turtles Are Turning Female
Using a combination of endocrinology and genetic tests, researchers identified the turtles' sex and nesting origin. In contrast, the southern region, where it is fairly colder, females accounted for only 65-69% of the population.

The supermarket said it enjoyed "record sales and volumes" in the four weeks leading up to Christmas Day. "'As a result, we have passed on less inflation to date than our competitors, recognised by our customers in a continued improvement in our 'Trust in Price" score"'. To be fair, an unseasonal October could not have been predicted-though the revenue hit showed M&S's non-food inventory operation is still not as nimble as it could be.

"Sales in clothing and home actually fell by the biggest margin, but in a market which is shrinking, that's more a reflection of wider economic trends", he said.

This helped Tesco notch up a 2.3% rise in third quarter comparable sales. Its food sales also fell on a like-for-like basis.

"Trading pressure continued into the lead up to Christmas".

Department store chain Debenhams was among the first to emerge as a festive casualty after warning over profits after it was forced to slash prices to boost flagging festive sales.

Group sales - which include the company's operations overseas - could only muster growth of 0.6% over the 19 weeks though, with an 11.1% decline in its Asia business as it ceases "unprofitable bulk selling activities" in Thailand.

Catherine Shuttleworth, chief executive at retail marketing agency Savvy, said: "We think that the M&S food shopper has in part been lured away to the discounters this Christmas with their enhanced premium ranges and outstanding wines and spirits offers".

(Copyright © 2015. All Rights Reserved.)
 
Recommended

Oakland Raiders to introduce Jon Gruden as new coach
Jon Gruden made his return to the Raiders official on Tuesday, announcing at a news conference in Oakland, "I'm all in". Carr has proven to be one of the league's most dynamic young quarterbacks in the league through his first four seasons.

Michigan Heisman victor Woodson selected for Hall of Fame
He will be officially inducted on December 4, 2018, at the annual NFF awards dinner at the Hilton Midtown Hotel in New York City. Taylor was a key member of the Huskers' dominate run under Tom Osborne that ended with national titles in 1994-95 and 1997.

Uber and Volkswagen partner with Nvidia on self-driving AI chips
Nvidia has collaborated with Uber Technologies and Volkswagen to make further gains in the autonomous vehicles segment. Both are based on Xavier, a system-on-a-chip series that Nvidia has built to power artificial intelligence software.

President Oprah? Golden Globes speech sparks rumours of 2020 run
Watch the exchange above. "If she'd do it, she'd be fantastic, she's brilliant, she's popular. she's a wonderful woman". Oprah Winfrey is a veteran talk show host and media mogul, with Forbes estimating her net worth at $2.8 billion.

Malaysia hires United States firm to resume search for missing MH370
They were the largest aviation searches of their kind in history, according to the Australian Transport Safety Bureau (ATSB). It is expected that the ship will arrive at the search zone by mid-January.

Oprah Winfrey's home damaged by deadly California mudslides
Winfrey posted video of herself wading through mud in her backyard to Instagram on Tuesday, although her home survived. Those numbers could increase when the search is expanded Wednesday and search-and-rescue teams reach new areas.

Shallow natural disaster hits Caribbean Sea, felt along Quintana Roo
Struck at 10:51 p.m. local time (0251 GMT), the epicenter was located some 27 miles (44 km) east of Great Swan Island, it said. A tsunami advisory by the Pacific Tsunami Warning Center was in effect for Puerto Rico and the U.S.

Alligator Noses Stick Out Above Frozen Water During the Winter
The park later posted an update video on January 9 to show the alligators swimming around after the ice had thawed. Several users were shocked after watching the video, while some were concerned if the alligators were dead.

Missing reporter followed by suspicious man has been found
Roland's family has been pleading for her whereabouts. "If somebody has her, we just want to tell them we love you too. Her white Jeep was found overnight in a parking garage close to the shopping center, police said .

Contestants face harsh questions from journalists
The duo were tied together in way where their backs were facing each other and they had to pick the flags and put in other pot. Shilpa clears her stance on being the "Maa" of the house; as Hina comments on Shilpa's strategy of running the kitchen.

Home and Away actress Jessica Falkholt has her life support
Annabelle died in hospital three days later, and Jessica had remained in a coma following several surgeries. She passed away surrounded by loved ones who have refused to leave her side since the devastating incident.

Huawei Mate 10 Pro Wins the Best Smartphone Award of 2017
The Wall Street Journal and The Verge both reported that AT&T backed out of the deal for some unknown reason. Huawei has denied these allegations for years now, but it looks like AT&T was unwilling to take the risk.

Dark Souls Remastered For Nintendo Switch, PS4, PC, and Xbox One Announced
Those who play the game on PlayStation 4 Pro , Xbox One X or PC will be able to take advantage of 4K resolution with 60fps. Bandai Namco has announced that Dark Souls: Remastered will be released for PS4, Xbox One , PC and Switch on May 25th.

National Football League to investigate if Raiders violated Rooney Rule
Oakland Raiders new head coach Jon Gruden , right, smiles as he sits next to owner Mark Davis. The NFL has yet to address the FPA's statement , but Raiders could be in hot water here.

Asian Shares Weaken on Trade Worries, Bonds Recover as China Rebuts Report
Rising Treasury yields can pressure prices for gold, but the dollar's slide helped gold shrug off the impact. If markets are to crash, recent history suggests China's activity in US bonds is unlikely to be the trigger.


More News

News
More News