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Sector movers: Grocery stocks tank after yet another profit warning from Tesco

Tue, 09th Dec 2014 15:20

Another profit warning from Tesco shattered already-fragile sentiment in the supermarket sector on Tuesday with grocery stocks falling sharply.Tesco's shares were down 7.4% at 173.4p in afternoon trade, having dropped as much as 16% early on, after the retail giant surprised the market with an unscheduled trading update.Tesco has now said that on the back of changes and investments made recently to improve customer service and implement new procedures, trading profit for the financial year ending February 2015 is not expected to exceed £1.4bn. This compares with a figure of £3.315bn the year before and analysts' forecasts which ranged from £1.8bn to £2.2bn.A number of profit downgrades, an accounting scandal and several senior-management changes have hammered the shares since the start of 2014, with the year-to-date fall now close to 50%."The implication of today's update, in our view, is that it is clear that Tesco's new management team is willing to take a period of significantly lower profitability, and even losses in the UK, to move Tesco to a more sustainable footing," said analysts at Shore Capital.However, they said that with a lack of visibility ahead of Tesco's 8 January update - in which the company plans to unveil its longer-term strategy - "we continue to see the mainstream grocers as largely un-investible".Shares in rival supermarket chains Wm Morrison and J Sainsbury were also lower, though the latter had almost erased earlier losses by the afternoon.Sainsbury's shares were being somewhat supported by recent speculation that the company has attracted the interest of activist investors. The Sunday Telegraph said Crystal Amber is looking to build a stake "as part of a bold plan that could see an attempt to engineer a takeover of the supermarket giant".However, speaking on Tuesday, analyst David Madden from IG said: "International bidders may hold fire on the UK supermarket market sector until the Christmas figures are released in the New Year."Online grocer Ocado was also feeling the heat on Tuesday , along with convenience store chain Conviviality Retail and high street bakery group Greggs. Top performing sectors so far todayChemicals 11,103.12 +0.69%Industrial Metals & Mining 1,410.64 +0.65%Oil & Gas Producers 7,097.46 +0.22%Industrial Transportation 2,663.61 +0.01%Bottom performing sectors so far todayFood & Drug Retailers 2,622.21 -4.90%Pharmaceuticals & Biotechnology 12,816.94 -3.01%Automobiles & Parts 8,045.28 -2.77%Mobile Telecommunications 5,052.94 -2.54%Health Care Equipment & Services 6,171.49 -2.41%
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19 Jan 2015 14:18

Off-licence chain Conviviality Retail enjoys strong Christmas sales

Off-licence and convenience chain Conviviality Retail increased its profits by 46.7% during the first half of the year and reported a strong Christmas period despite a challenging market. Last year's loss before tax of £1.1m moved to profit of £2.7m this year. As a result, the company reported earni

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12 Nov 2014 14:31

Conviviality Retail to launch Bargain Booze to Scotland amid flat UK sales

Conviviality Retail, the largest franchised off-licence chain in the UK, has reported flat sales for its first half as it announced plans to launch its Bargain Booze-branded shops in Scotland. Sales over the 26 weeks to 26 October totalled £183m, broadly in line with last year. However, revenue on a

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17 Sep 2014 15:51

Hydrogen CEO shows confidence in restructuring

The day after recruiter Hydrogen Group published interim results, chief executive Tim Smeaton dipped into the market to top up his holding with 35,000 ordinary shares at a price of 88p. The £30,800 purchase took Smeaton's beneficial interest in the company to just over 12%. Tuesday's results were n

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6 May 2014 09:03

Conviviality Retail to acquire 26 stores

Conviviality Retail, an AIM-listed franchised off-licence chain, has agreed to acquire 26 stores from a subsidiary of Bibby Retail Services. Conviviality paid a total consideration of £1.7m in cash, of which £0.2m is deferred, mostly in Yorkshire and the North East and currently operate under the R

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24 Apr 2014 14:55

Conviviality Retail confirms 'small' acquisition talks

Off-licence franchise group Conviviality Retail has confirmed it is in talks to acquire several stores from a rival. The AIM-listed company, which floated in July last year, issued a statement in response to media speculation in the trade press about a purchase of a "small number" of off-licences.

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29 Jan 2014 16:20

YouGov directors sell shares for 'financial planning purposes'

Two senior members of the YouGov board of directors have this week reduced their holdings in the company for 'personal tax and financial planning purposes', the market research firm revealed. The biggest disposal came from Doug Rivers, the company's Chief Innovations Officer, who sold 141,360 shar

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20 Jan 2014 07:34

Conviviality Retail reports profit growth despite fewer stores

Conviviality Retail, the owner of franchised off-licence convenience stores, reported a solid increase in profits despite a dip in revenue in its maiden first-half results as an AIM-listed company. Meanwhile, an update on trading showed that sales over Christmas were strong, with like-for-like (LFL

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13 Jan 2014 15:14

Sector movers: Morrison leads supermarket comeback after press speculation

Supermarkets were lifting the food and drug retail sector higher on Monday as stocks recovered following a tough week for the industry. Morrison, Tesco and Sainsbury were all making decent gains in afternoon trade after all three grocers disappointed investors with poor like-for-like (LFL) sales ov

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