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Sainsbury’s to phase out multi-buy promotions in favour of lower regular prices

Thursday 11 February 2016 - Posted by Veebs Sabharwal

Following the CMA’s plans to take actions against supermarkets with misleading promotions, Sainsbury’s has unveiled plans to diminish multi-buy promotions across its grocery business by August 2016. According to customer research from the grocer, multi-buys are out-of-step with today’s shopping habits, and Sainsbury’s customers have seemingly responded positively to the gradual removal of multi...


Organic growth for Whole Foods Market

Thursday 11 February 2016 - Posted by Philip Gallagher

Whole Foods Market announced personal record-breaking sales in its first quarter following a heavy shareholder restructuring. The American health-focused grocery chain announced a $1bn share repurchase in November, leaving it $1.1bn in debt at the end of its first quarter. Net income for the quarter fell to £109m, as available capital reached £971m. The move did not leave it crippled, however, ...


Boohoo waives non-Executive Director share options

Thursday 11 February 2016 - Posted by Veebs Sabharwal

Boohoo, the online fashion pureplay, has announced that Peter Williams (Chairman), Stephen Morana (Non-executive Director) and Mark Newton-Jones (Non-executive Director) have each waived his rights to the Non-executive Option awarded to him under the NED Plan at the time of flotation of the company which brings Boohoo in to line with "best corporate governance practice in this area". Following ...


Amazon to repurchase £3.4bn in stock

Thursday 11 February 2016 - Posted by Veebs Sabharwal

Shares in Amazon spiked briefly in after-hours trading, after the world’s biggest e-commerce company announced plan to buy back $5bn (£3.4bn) of shares over the coming years. This replaces a $2bn buyback plan that was approved in 2010. The online giant will buy back shares "opportunistically from time to time when it believes that doing so would enhance long-term shareholder value", it said in ...


Grocers face ban on in-store promotions

Thursday 11 February 2016 - Posted by Veebs Sabharwal

Misleading supermarket promotions could be banned within weeks under a crackdown being prepared by watchdogs, following research that these deals are "seducing" shoppers into spending an extra £1,000 a year. According to The Telegraph the Competition and Markets Authority, the consumer regulator, is preparing to take action against the UK’s biggest supermarkets, which are being accused of using...


Fashion giant questioned over a Gap in UK taxes

Thursday 11 February 2016 - Posted by Talya Misiri

Following the exposure of Google’s tax evasion and agreement to payback £130m last month, fashion retailer Gap is next to face questioning over its minimised tax bill in Britain. Since 2011 the retail giant has paid almost no corporation tax, once rebates are considered. The company has avoided these despite total revenues exceeding £1bn in that time. Originally established in San Francisco in ...


Tesco now owns Harris + Hoole wholly

Wednesday 10 February 2016 - Posted by Veebs Sabharwal

Despite divesting assets for months, Tesco has now taken complete ownership of loss-generating coffee chain Harris + Hoole. The grocer bought out the Tolley siblings, founders of the coffee shop business, who left just over six months ago. It has not been confirmed how much Tesco paid for the 51% stake held by the Tolleys. A spokesman said Tesco said had taken advantage of an option to acquire ...


Mark Price heads from Waitrose to Parliament

Wednesday 10 February 2016 - Posted by Philip Gallagher

Soon-to-be former Managing Director of Waitrose Mark Price is to be made a Foreign Office Trade Minister in David Cameron’s government. Mark “The Chubby Grocer” Price has been a part of the John Lewis Partnership for 30 years, but this year will move on to pastures new. He will not be alone amongst the career politicians of Westminister, however; Cameron has brought many businessmen and women i...


Will Pandora lose its charm in 2016?

Wednesday 10 February 2016 - Posted by Talya Misiri

Over Christmas jewellery specialist Pandora saw UK revenue soar by 49.7% year-on-year to 979m Danish Kroner (DKK). UK like-for-likes also grew 18.8%. Recent success comes from a new focus on categories such as its rings and earrings, said the retailer in a statement on Wednesday. Rings produced 20% of UK turnover last year. “Whilst our early success in the market can be largely attributed to ou...


The Body Shop launches global CSR strategy

Wednesday 10 February 2016 - Posted by Veebs Sabharwal

As The Body Shop turns forty, it has unveiled a new global CSR strategy. The Commitment is part of the retailer’s pledge to sustainability, and will be an extensive programme of global activity and measurable targets that touches all areas of the business, to be delivered by 2020. “The Body Shop courageously pioneered new ways of thinking, acting and speaking out as a company,” said Jeremy Schw...

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