Supermarket Tesco reported a sharp drop in third-quarter like-for-like sales on Wednesday, as the retailer struggles to woo cash-strapped consumers ahead of the key Christmas trading period.» Read More
*Analysts forecast Q3 UK underlying sales down 1-2 pct. Tesco, which trails France's Carrefour and U.S. number one Wal-Mart in global sales, has spent more than 1 billion pounds on store revamps, more staff, new product ranges and pricing initiatives in Britain.
The U.K. supermarket landscape is changing, with Tesco’s long-held place at the top of the market beginning to look shaky.
J Sainsbury, Britain's third-biggest grocer, met forecasts with a pick-up in quarterly sales driven by growth at local convenience stores and online, outperforming rivals including market leader Tesco.
European shares fell lower on Friday, mirroring the negative sentiment in the U.S., after St. Louis Fed President James Bullard said the U.S. central bank could taper its $85-billion-a-month bond-buying program during its October meeting.
J Sainsbury, Britain's No. 3 supermarket chain, met forecasts for underlying sales growth in its first quarter, outperforming major rivals.
Tesco, the world's third-biggest retailer, slipped back to an underlying sales decline in the U.K. in the first quarter, raising doubts about a costly recovery plan for its home market.
U.K. supermarket Morrisons announced it is going into partnership with online delivery service Ocado on Friday.
In a growing trend, Dairy Crest, one of Britain's top producers of dairy products, has transferred 20,000 pounds of cheddar cheese to its pension fund.
Tesco wrote down the value of its global operations by $3.5 billion and announced plans to exit the U.S., after a year in which profit fell for the first time in two decades.
European shares closed lower on Tuesday as markets await the outcome of a critical vote in Cyprus to tax bank deposits.
The operator of the U.K.'s third-biggest supermarket chain J Sainsbury, beat expectations on Tuesday with quarterly like-for-like sales (excluding fuel) rising by 3.6 percent. Analysts polled by Reuters had expected a rise of just 2.3 percent.
Hedge funds are betting that a prolonged consumer squeeze and a further shift to online shopping could spell trouble for Britain's retail chains.
Rallying telecom stocks and a bullish start to the new earnings season propelled Europe's top shares to fresh 22-month closing highs.
Supermarket chain Sainsbury plans to combine cost cuts with expansion in 2013, CFO John Rogers told CNBC Wednesday, with the group determined to lure more cash-strapped consumers to its mid-range supermarkets.
Britain's Tesco, the world's No. 3 retailer, has launched a strategic review of its loss-making United States chain Fresh & Easy.
European markets ended mixed on Wednesday after Spain’s Prime Minister Mariano Rajoy denied reports that he would be seeking a bailout for Spain this weekend.