Economy

Sales rise at Booker Group amid Tesco takeover

Sales rise at Booker Group amid Tesco takeover”

The cash-and-carry group Booker said tobacco sales had fallen almost 10% in its second quarter.

Booker will announce its results for the first half ended September 8 on October 12. Stripping out tobacco, sales were up nearly 6% over the period. The group was boosted by Booker Group's non-tobacco products, with sales in this division up by 5.8 per cent. Tobacco sales fell 9.7 per cent for the period. The competition review of the planned merger with Tesco PLC is progressing.

In its initial findings, the watchdog highlighted the problems associated with Tesco-Booker acting as both a supermarket and supplier.

"Booker Group continues to make good progress with like-for-like non tobacco sales up 6.0%", said Booker's chief executive Charles Wilson.

As of 14:43 BST, Tesco's share price had added 0.33 percent to 182.25p, outperforming the broader United Kingdom market, with the benchmark FTSE 100 index having fallen deep into the red as the Bank of England signalled rate hikes going forward.

Shares in Booker were up 0.2% at 198.40 pence Thursday.

The CMA said that there are "concerns" that, following the merger, Booker may reduce the wholesale services and terms that it offers to symbol stores around the country, in order to push customers towards their local Tesco.



Like this

Latest


15 September 2017
Magic Leap To Cost Between $1500 And $2000, Limited Shipping Soon
Bloomberg said that the latest investment round hasn't closed, and that Magic Leap hopes to ship a device in the next six months. It added that those devices will likely cost between $1,500 and $2,000, but the prices could change.

15 September 2017
What Are Analysts Report About Chesapeake Energy Corporation (CHK)
A company that manages their assets well will have a high return, while if manages their assets poorly will have a low return. Chesapeake Energy Corporation produces natural gas, oil and natural gas liquids (NGL) in the United States.

15 September 2017
(MCD) With Shares Trading up at $157.06 McDonald's Increases Hurricane Relief…
The stock of McDonald's Corporation (NYSE:MCD) earned "Outperform" rating by Telsey Advisory Group on Thursday, June 1. The stock of McDonald's Corporation (NYSE: MCD ) has "Market Perform" rating given on Thursday, May 26 by Bernstein.

15 September 2017
Which Analysts Are Watching Mobile TeleSystems OJSC (NYSE:MBT)?
The forecast of 5 surveyed investment analysts covering the stock advises investors to Buy stake in the company. Financial Counselors Inc. increased its position in Mobile TeleSystems OJSC by 0.5% during the 1st quarter.

15 September 2017
Earnings Clues on Weyerhaeuser Co. (WY), Exxon Mobil Corporation (XOM) Analyst's Predictions
Moreover, Pine River Mgmt Limited Partnership has 0.24% invested in Exxon Mobil Corporation (NYSE: XOM ) for 61,402 shares. AAPL's distance from 20 day simple moving average is -0.72% and distance from 50-Day simple moving average is 2.95%.

15 September 2017
Strs Ohio Raises Position in Build-A-Bear Workshop, Inc. (BBW)
It turned negative, as 58 investors sold XOM shares while 851 reduced holdings. 15 funds opened positions while 27 raised stakes. Finally, Tahithromos L.L.C. bought a new position in shares of Build-A-Bear Workshop in the first quarter valued at $729,000.

15 September 2017
Amtrust Financial Services Incorporated (NASDAQ:AFSI) Shorted Shares Increased By 0.54%
At the end of 6/30/2017 reporting period, 102 institutional holders increased their position in AmTrust Financial Services, Inc. The Ontario - Canada-based Royal Financial Bank Of Canada has invested 0.06% in AmTrust Financial Services Inc (NASDAQ:AFSI).

15 September 2017
Viral photo of Florida "hot cops" leads to calendar fundraiser for Irma
On Wednesday night, Tennessee's Knoxville Police Department shared a photo of four police officers and a police dog. In a matter of a few hours, the post went viral , receiving over 24,000 shares and 17,000 comments.

14 September 2017
Out of the Way, We Now Have Robot Conducting Orchestra
The world's first truly collaborative dual-arm robot, made its conducting debut in front of almost 1000 guests. Although the robot performed well Tuesday evening, using a robot conductor has some drawbacks.

14 September 2017
Akhilesh Yadav defends Rahul's remark over dynast politics
This statement of the SP Chief comes after Rahul Gandhi spoke about the dynast politics followed in India. He further asserted that the Samajwadi Party would keep its friendship with the Congress.



Recommended