Pick n Pay Stores Ltd., South Africa’s second-biggest grocer, said full-year earnings gained as much as 45 percent after the company reduced costs through job cuts and and the revamping of its supply chain.
Richard Brasher, head of Tesco Plc’s U.K. and Ireland business, may leave the company this year after 25 years, Sky News reported, without saying where it got the information. His departure could be announced in a statement to the stock exchange as soon as tomorrow, Sky said.
Pick n Pay Stores Ltd. rallied the most in five years after South Africa’s second-biggest grocer said first-half profit climbed as it reduced costs, added new stores and its market share decline slowed.
Tesco Plc said the head of its biggest unit, Richard Brasher, will step down from the board and leave the company in July after the U.K.’s largest supermarket chain saw market share slide to seven-year low.
Tesco Plc, the U.K.’s biggest retailer, said it will cut the prices of 1,000 products for the Christmas season as it steps up a campaign to gain shoppers struggling to contend with dwindling household incomes.
Richard Brasher , who becomes Tesco Plc ’s chief executive officer of U.K. operations in March, dismissed suggestions by some analysts that the company’s loyalty-card arrangement is inflating sales, the Financial Times reported.
Tesco Plc, Britain’s largest supermarket company, promoted a senior executive and called back the head of the Thai unit to help a turnaround at home after its share of the U.K. grocery market fell to a seven-year low.