Top stories in the papers this week 7 – 14 October 2011
Tesco fined €600 for overcharging; Musgrave 'stabilises' Superquinn sales; Profits fall £1m at UK wing of BWG
Print14 October 2011
1. Tesco fined €600 for overcharging
Tesco has been found guilty of misleading shoppers on eight separate occasions by charging more for goods at the tills than the price displayed on shelves. The Irish Times reports that the supermarket has been fined €600 at Dublin District Court for breaches of the Consumer Protection Act 2007 after an action was taken by the NCA. Costs of €1,500 as well as expenses of €1,596 have been awarded to the agency.
2. Musgrave ‘stabilises’ Superquinn sales
The Musgrave Group has begun to “stabilise” its new Superquinn business by creating a new unit to manage the troubled supermarket firm. The Musgrave Operating Partners Ireland division has been set up to run Superquinn. The Irish Independent reports that Musgrave has appointed the group’s former director of group finance and business development, Tim Kenny, as managing director of the new arm.
3. Profits fall £1m at UK wing of BWG
Profits at the UK arm of Irish grocery wholesaler BWG declined last year by just over £1 million as the company invested in a new distribution facility for chilled and frozen food products. The Irish Times reports its operating profit declined to £1.85 million in the 12 months to the end of December 2010 compared with £2.87 million in the previous year. However turnover remained flat at just under £136 million.
4. Business booming for discount store Poundland
Discount retailer Poundland has said it is serving an additional half a million customers a week, reports the Evening Echo. The company, which has 327 stores in the UK and Ireland, posted a 34% surge in profits as cash-strapped shoppers came to the chain looking for cheaper deals in a tough economic climate. Poundland saw sales in the year to March 27 lift 26% to £642 million.
5. Moy Park profits up over 50% to €32m
Pretax profits at poultry group Moy Park rose by over 50% last year to £27.8 million (€32 million). The Irish Times reports turnover at Moy Park, which is based in Northern Ireland and owned by Brazilian giant Marfig, increased by 18% to £921.1 million. Despite an increase in raw material costs, the company said “strong sales growth” and the acquisition of its rival O’Kane Poultry, had helped deliver the uplift in sales and profits.
Also:
Below-cost alcohol sales ‘irresponsible’ (Irish Times)
The Interview: Gerry Concannon, founder of software firm CBE (Irish Independent)
Tesco Wexford fined over misleading prices (Wexford People)
EU farm policy – A chance to grow or moan (Irish Examiner)
Shopping centre on the Border to be expanded in £35m project (Irish Independent)
Londis award for Malahide store (Fingal Independent)
Supermarkets tussling but no sign of war (Irish Times)
Dundrum’s five-year rent review is mixed bag (Irish Times)
Retail levy would deter investment, warns CBI (Belfast Telegraph)
50 town traders told to remove boards (Gorey Guardian)
It’s oat so simple for cereal firm (Belfast Telegraph)
Sainsbury’s joins price cuts battle (Newsletter)
Tesco puts pressure on phone rivals (Irish Independent)
Confident companies hiring staff (Belfast Telegraph)
New laws to slash rents for inviable businesses (Irish Independent)
China crisis will rip up our green shoots (Irish Independent)
Drink companies’ sport sponsorship ‘requires scrutiny’ (Irish Examiner)
Burton rejects SF claim that work experience scheme exploits interns (Irish Times)
Planet Business (Irish Times)
Shaws retail chain’s messy divorce (Irish Times)
WH Smith profits rise 4.5% (Irish Times)
Talks on sale of Donegal Creameries end (Irish Times)
Co-ordination is key to food sector – Ibec (Irish Times)
Irish beef firms aim to double exports to German market (Irish Times)
English edition of ‘Daily Star’ may seek to compete with ‘Irish Daily Star’ (Irish Times)
Carrefour, Europe’s biggest retailer, sounds the alarm over the economy (Guardian)
Sainsbury’s launches sustainability plan (Guardian)
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