The end of a retail career

The CEO of Morrisons, David Potts, has announced his departure one year after the supermarket's £7.1 billion takeover. Potts, who began his retail career at Tesco at the age of 16, has been praised as one of the retail industry's greats. He saved Morrisons from a freefall nine years ago and played a crucial role in feeding the nation during the pandemic. However, the supermarket has faced challenges following the ownership change, including struggling to cut prices and losing its position as the UK's fourth-largest grocer to Aldi.

A tough couple of years

After the takeover by private equity firm Clayton Dubilier & Rice, Morrisons faced difficulties due to the change in ownership and expensive debt. The supermarket has been working to correct sliding sales. Despite these challenges, recent figures show that total sales have risen by 3.1% to £3.8 billion. Previous CEO David Potts acknowledged that last year was a tough one, but expressed confidence in the company's ability to bounce back.

New leadership

Rami Baitiéh, former executive at French supermarket chain Carrefour, will replace David Potts as the CEO of Morrisons. There are questions about Baitiéh's focus on the supermarket's vertical model of owning food factories, farms, and fisheries. However, Potts has assured that he will be available to his successor to provide guidance and support. Analysts have praised Potts as the guiding light for Morrisons.

Looking ahead

After spending five decades in the retail industry, earning over £27 million during his time at Morrisons, Potts plans to spend more time with his family and explore further opportunities to contribute to the business.

Britain's oldest brewer toasts return of after-work pint as sales increase

Increased sales for Shepherd Neame

Shepherd Neame, the UK's oldest brewer and owner of 269 pubs, has reported a 22% increase in drink sales over the past year. While overall sales have been rising by 5.6%, the volume of its own beer sales has decreased by 15.9%. The company credits the return of after-work pints for the rise in sales and the trend of more people working four days a week in the office.

Housing market shows signs of recovery with increased buyer enquiries

Reversal of market demand

Zoopla's figures indicate a 12% rise in buyer enquiries to estate agents, suggesting a reversal of the recent slump in demand in the housing market. Experts predict that mortgage rates will fall below 5% after the Bank of England's decision to halt interest rate rises.

House prices and buyer interest

Although house prices have fallen by 0.5% over the past year, they remain 17% above pre-pandemic levels. Experts also expect prices to further decrease by up to 3%. The increase in buyer enquiries indicates a potential rebound in the housing market.

Pendragon profits rise amidst takeover battle

Rise in first-half profits

Car dealership Pendragon has reported a 10% rise in first-half profits to £36.4 million. This news comes as the company engages in a three-way takeover battle. US-based company Autonation made a £447 million offer, surpassing a rival offer from Pendragon's biggest shareholder Hedin Mobility. Pendragon had previously agreed to sell its UK showrooms for £280 million to US dealership LithiaI, while retaining its software business.

H&M expects sales slump due to September heatwave

Weather impacts autumn sales

Swedish fashion retailer H&M expects a 10% slump in sales this month as warm weather delays the sale of autumn coats and jumpers. H&M's CEO, Helena Helmersson, attributed the delay to shoppers being reluctant to purchase warm clothes while the early September heatwave persists. On the other hand, Zara's parent company, Inditex, reported a 14% rise in sales over the past month.

Profit margins improving

Despite the expected sales slump, H&M's shares experienced a slight lift as the retailer announced improved profit margins due to a cost-cutting program. The company remains focused on customer satisfaction and inventory efficiency.

Saga's cruise travel business set to return to profit

Strong sales and challenges

Over-50s specialist Saga has reported a 15% growth in overall sales to £355.3 million. This positive performance is attributed to the booming travel section of the business, which offset challenges faced by the motor insurance arm. Rising costs related to vehicle repairs and claims have affected the insurance division.

Delay in underwriting arm disposal

Saga has decided to postpone the planned disposal of its underwriting arm until market conditions improve. The company aims to strengthen its cruise travel business and continue navigating the challenges in the insurance industry.