Sales of Prosecco are fizzing across the major retailers in the run-up to Christmas, with Tesco predicting one in three bottles of sparkling wine sold this year will be the Italian favourite.
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Moody's Investor Services, an international credit rating agency, says Tesco's profit warning "will further increase negative pressure on Tesco's current rating" and that Tesco would remain under review for another possible downgrade.
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Tesco has issued a warning flagging full-year trading profit will not exceed £1.4 billion - 20% lower than analysts' expectations.
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In case you missed some of the headlines this week on harpers.co.uk, we have done a review of the top online news, financial news for the drinks trade, Q&As, and opinion stories.
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Tesco has shaken up its management team with chief executive Dave Lewis taking a hands-on role leading the day-to-day running of the UK supermarkets.
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Marks and Spencer's own brand wines cleared the decks at the first phase of the International Wine Challenge 2015, taking home 69 medals and outpacing nearest rival Tesco by 37 medals.
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In case you missed some of the headlines this week on harpers.co.uk, we have done a review of the top online news, financial news for the drinks trade, Q&As, and opinion stories.
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Kevin Grace, group commercial director, Carl Rogberg, UK finance director, and John Scouler, UK food commercial director, three of the executives that were suspended from Tesco following its accounting crisis have left the company, according to a Financial Times report. Other suspended executives, including head of beers, wines and spirits, Dan Jago,could be dismissed next week, according to media reports.
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Wine Australia has confirmed to Harpers.co.uk that it has appointed Tesco's Laura Jewell MW to be its new regional director for the UK and Europe.
Read more...A UK law firm is preparing legal action on behalf of Tesco shareholders that will allege directors and senior managers "knew or were reckless" over the retailer's "untrue of misleading" accounts, which overstated profits by £263 million.
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Relationships between major supermakets and their suppliers are now at a "crossroads" according to Denis O'Flynn, managing director of Pernod Ricard UK, and we should expect tighter regulations to bring more control over the sector.
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The ongoing price wars in the British grocery market have led sales to decline by 0.2% - the first decrease since market research firm Kantar World Panel began keeping records.
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In case you missed some of the headlines this week on harpers.co.uk, we have done a review of the top online news, financial news for the drinks trade, Q&As, and opinion stories.
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Tesco has boosted its wine team with the addition of an assistant buyer and quality manager.
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Oddbins boss Ayo Akintola has ended 25 years of cordial relations with rival retailer Majestic in a hard-hitting comment for Harpers.co.uk in which he accuses the firm of "morally repugnant" and "shabby" behaviour after it called on suppliers to fund a new warehouse.
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The cat is still well and truly among the pigeons at Tesco. Following its £263 million profits overstatement, suspension of head wine honcho Dan Jago, along with seven other senior executives, and the current investigation by the Serious Fraud Office, every little has not helped.
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Tesco UK and European investors could join US shareholders in taking legal action against the beleaguered retail chain in the wake of its £263 million overstatement of profits.
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Lidl is the UK's best supermarket for wine when it comes to value - according to an 18-month study tasting over 4,000 wines carried out by the Wotwine app.
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The head of the government's business select committee has written to the Groceries Code Adjudicator about how Tesco practices may have infringed the "spirit" of the Code and what action is being taken.
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In case you missed some of the headlines this week on harpers.co.uk, we have done a review of the top online news, financial news for the drinks trade, Q&As, and opinion stories.
Read more...
