FTSE LIVE: Tesco sales nudge up in ‘subdued’ grocery market; Majestic Wines plunges to a sobering £8.5m loss; Amazon tightens binds with Morrisons
- Supermarket giant Tesco said UK like-for-like sales grew 0.4% in its first quarter
- Majestic Wines was hit by a large impairment charge on its store estate
- Amazon revealed plans to expand its Morrisons delivery tie-up across the UK
As Philip Green’s Arcadia group lives to see another day, it’s another busy day of retail news.
Tesco said it has ‘outperformed a subdued’ grocery market in the last 13 weeks, chalking up a modest sales rise thanks to a wider choice of its ‘Exclusively at Tesco’ products.
Majestic Wines has plunged to an £8.5million full-year loss as it closes in on the sale of its retail store business in order to focus on its online Naked Wines business.
And Amazon and Morrisons have decided to take their relationship up a gear, expanding their ‘ultra-fast’ delivery service to many other cities across the UK.
In the red: FTSE 100 shed a handful of points at the open to hit 7,358.55