Media Bites October 25: Tesco, Beyond Meat, Sainsbury’s | New
Tesco has been hit by hackers, preventing thousands of frustrated shoppers from shopping online at Britain’s largest supermarket (The Guardian). Tesco’s online store has been hit by a hack attempt, preventing thousands of frustrated customers from accessing the website and app of Britain’s largest supermarket (The Financial Times Â£). Tesco has been the target of hackers, crashing its website and app and causing frustration for thousands of customers (The Telegraph). Tesco’s website and app are functioning normally again after an alleged hack (Sky News, The BBC).
Beyond Meat warned of a larger-than-expected drop in third-quarter revenue due to the variant of the Delta coronavirus in the United States and labor shortages in the retail industry (The Financial Times Â£). Beyond Meat slashed its revenue forecast for the third quarter, blaming factors such as lower demand from grocery stores and a staff shortage that resulted in delays in restocking shelves and sending its stocks on high. decline (The Times Â£).
Sainsbury’s bank sale talks ended after the supermarket group failed to attract a high enough price tag (The Times Â£). Sainsbury’s has stopped selling its banking arm after concluding that a deal would be of no benefit to shareholders (The Financial Times Â£). Sainsbury’s canceled the potential sale of its banking business after concluding discussions with suitors had not resulted in an offer that would be good value for shareholders (The Guardian). Almost 12 months after first confirming that it had received interest in a possible takeover, Sainsbury’s said it would not sell its banking arm (The Daily Mail)
Retail sales fell unexpectedly last month, yet another sign of the slowing economic recovery (The Times Â£). Retail sales volumes took a surprise dip last month to their longest losing streak on record, official figures show as a measure of consumer confidence showed slump to last seen levels in February (Sky News). Retail sales fell for the fifth consecutive month in September as spending habits continued to normalize and the rising cost of living put pressure on people’s finances, new official figures show (The Daily Mail ).
Retailers fear the ghosts of past lockdowns will ruin Christmas sales. Rising profit warnings and the end of government support threaten to shine the industry’s âgolden quarterâ for the second year in a row. (The Telegraph)
It might not be a white Christmas, but it’s already on ice as more shoppers fill their freezers with party foods, turkey and other festive delicacies amid fears of another troubled end of the year. (The Guardian)
Retailers have warned the Treasury not to impose a “double whammy” on the industry by introducing an online sales tax without reducing the burden of trade tariffs on Main Street. (Time Â£)
There are growing concerns that Philip Morris International is using its Â£ 1bn buyout of Vectura to legitimize the tobacco industry’s involvement in public health after its chief executive was accused of pressuring the government about the deal. (Time Â£)
Marks & Spencer draws shoppers away from nearly all of its major supermarket rivals. The retail giant has reportedly taken market share from most other major grocers except its delivery partner Ocado and German chain Lidl, according to closely watched industry data. (The daily mail)
Is it time for Unilever to go their separate ways, asks the Times? Britain’s second-largest company makes everything from Domestos ice cream to Magnum ice cream, but its share price is languishing. The City asks if boss Alan Jope should split the business in two. (Time Â£)
UK could run out of warehouse space within a year as supply chain disruption and online shopping boom push demand to record highs, real estate agent Cushman & Wakefield. (The Financial Times Â£)
Fall in Deliveroo stock sparks search for new broker – after its stock price fell, investigation quickly began to determine which of its army of banks, including Goldman Sachs and JP Morgan, was to blame for the awful IPO. (Time Â£)
Shopping and tech giant THG has been the subject of reviews by its staff, giving it a worse workplace rating than any of its peers. (The daily mail)
Giggling Squid laughs all the way to the bank after a move to take out and delivery kept the Thai restaurant chain profitable throughout the pandemic. (Time Â£)