Marks & Tesco: Sales strong or weak, future looks bleak

Sales were up at the supermarket chain over Christmas but the markets had expected stronger growth

Sales were up at the supermarket chain over Christmas but the markets had expected stronger growth

Tesco Ireland recorded its highest market share growth in five years during the third quarter as like-for-like sales rose 3 per cent. "With both Sainsbury's and Morrisons beating their Christmas trading forecasts, the supermarket giant needs to keep prices competitive despite inflation to keep customers loyal and coming back for more".

Morrisons (MRW) is perhaps the retailer with the most to celebrate after its stores estate improved like-for-like sales by 2.8% in the six weeks to January 7.

United Kingdom shares were marginally higher on Thursday as the pound weakened against the dollar and euro, helping offset weak earnings updates from the likes of Tesco and Marks & Spencer Group.

Chief executive Steve Rowe said that consumers were "definitely facing a squeeze on spending" as the retailer posted a 1.4pc fall in group like-for-like sales over the 13 weeks to December 30.

Hockey Canada Reveals 2018 Men's Olympic Roster
Despite this unfortunate news, the Olympics are still promising an entertaining tournament both on the women's and men's level. In the absence of stars from the NHL , Team Canada will ice a hockey team long on heart at the Pyeongchang Olympics.

United Kingdom retailer Marks & Spencer has posted a 1.4% decline in like-for-like sales in its home market in its third quarter, with Food sales down 0.4% and Clothing & Home sales down 2.8%.

Alex Williamson, chief executive of House of Fraser, said: "We are a business in transition; our focus is on driving profitability rather than chasing revenue at any cost".

Ready to get started?

Marks & Spencer has attributed unseasonal weather to a fall in sales across its clothing and home division over the third quarter.

White House says 'no contradiction' in Trump's tweets on FISA law
The president appeared to both criticize and back the legislation, which the House reauthorized by a vote of 256-164 Thursday. Sanders did not elaborate when asked what border security might look like, nor whether it would entail a physical wall.

He said that but for October's unseasonable mild weather, M&S would have had a positive sales performance for clothing.

Online sales also suffered, with growth slowing to 3 percent, from 6 percent in its second quarter.

Mr Rowe said he was pushing on with his turnaround after speeding up plans in November to close under-performing clothing stores and slow expansion of its Simply Food chain. Their signature luxury products are being undercut by bargain supermarkets at a fraction of the price.

The group reiterated its confidence of hitting its full year and medium term targets.

US Energy Regulator Rejects Plan To Aid Coal, Nuclear
They said it was a politically motivated idea meant to benefit well-connected companies and industries. Trump committed to the measure in private conversations last summer with top coal executives.

Before the update, analysts were on average forecasting a pretax profit before one-off items of 578 million pounds, down from 614 million pounds in 2016-17.

Recommended News

  • Nicole Kidman is glowing in pink as she wins Critics' Choice Award

    Nicole Kidman is glowing in pink as she wins Critics' Choice Award

    Call Me by Your Name and Get Out claimed film screenplay honours, the latter winning best sci-fi/horror film as well. Host Olivia Munn , left, and Niecy Nash toasted the "good guys" at the Critics' Choice Awards .
    5 women accuse actor James Franco of sexual misconduct

    5 women accuse actor James Franco of sexual misconduct

    Franco told Colbert that while the allegations against him were not true, he does not want to shut them down in any way. After the Harvey Weinstein scandal, Paley emailed Franco about the way he treated her, and he called her to apologize.
    Beardsley back at St James' Park as probe into bullying claims continues

    Beardsley back at St James' Park as probe into bullying claims continues

    A talented forward, the 56-year-old Beardsley played 59 times for England including at the World Cup in 1986 and 1990. Beardsley, who as a player represented clubs such as Liverpool, Newcastle and Everton, denies the allegations.
  • Macron to Trump: All Parties Must Honor Iran Nuclear Deal

    Macron to Trump: All Parties Must Honor Iran Nuclear Deal

    Trump allowed the deal to remain in place a year ago while Congress considered legislation to strengthen the 2015 agreement. What made the sanctions effective is that it wasn't just the USA that it was doing it. "It is deeply uncharted territory".
    Actress Bella Thorne Says She Was Sexually Abused Until Age 14

    Actress Bella Thorne Says She Was Sexually Abused Until Age 14

    The actress was moved by the warm reception and made a YouTube video were she tearfully thanked everyone for their kind words. 'Over and over I waited for it to stop and finally it did. 'Please today stand up for every soul Mistreated.
    Saved by a snore': 'Dead' man rescued in morgue as autopsy begins

    Saved by a snore': 'Dead' man rescued in morgue as autopsy begins

    Doctors said his brain was deprived of oxygen for a while, but he is able to speak and remember things, which are both good signs. He was taken to the Institute of Legal Medicine in Oviedo for an autopsy .
  • I Canceled London Visit Over Obama Administration Decision

    I Canceled London Visit Over Obama Administration Decision

    The new USA embassy is in Nine Elms near the former site of the iconic Battersea Power Station in South West London . "The U.S. Several protests groups had planned gatherings in London during Trump's visit to protest against him for his remarks.
    How Seth Meyers Made Lemonade Out of Lemons at the Golden Globes

    How Seth Meyers Made Lemonade Out of Lemons at the Golden Globes

    The Golden Globes blackout is a powerful statement of unity in Hollywood, and we can't wait to see it unfold tonight. Then Meyers threw this setup to comedian Billy Eichner: " Call Me by Your Name is nominated for Best Motion Picture.
    SC makes national anthem optional in cinema halls

    SC makes national anthem optional in cinema halls

    The November 2016 order had reignited a debate if assertive brand of nationalistic pride was stifling civil liberties. The petitioner had said the 1971 act did not define what constituted disrespecting the national flag.
  • Censor Board rebuffs rumours of 300 cuts in Padmavat

    Censor Board rebuffs rumours of 300 cuts in Padmavat

    On the other hand, the Rajput Karni Sena has also threatened to protest with batons and petrol against the release of the movie. The film in question has been in the eye of storm since its inception and was slated to release on December 1 previous year .
    TCL Announces Its 2018 UHD TV Lineup at CES

    TCL Announces Its 2018 UHD TV Lineup at CES

    In addition, if users pair the sound bar with a TCL Roku TV, voice control can then be extended to the display. Assuming everything goes according to schedule, that will be happening closer to the end of this year.
    Robert De Niro Blasts President Trump Again

    Robert De Niro Blasts President Trump Again

    He went on to lament that today's media is under siege by the Trump administration, nicknaming the president "our baby-in-chief". Streep, accepting best actress, started her speech with an ode to men. "Today the world is suffering from real Donald Trump ".

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.