Connect with us

Stock Markets

Haunted by Christmas past, Britain’s M&S tackles food waste By Reuters

Published

on


2/2
© Reuters. A M&S store is pictured at Oxford Street in London

2/2

By James Davey

LONDON (Reuters) – British retailer Marks & Spencer, seeking to avoid a repeat of last Christmas when its performance was ruined by excessive food waste, is rolling out a supply chain programme it says will crack the problem.

Reporting on festive trading in January, two months before the COVID-19 pandemic brought much of Britain to a standstill, Chief Executive Steve Rowe said that while M&S had enjoyed record food sales its profit margins were dented by high levels of waste.

M&S normally accounts for just over 3% of the UK grocery market but at Christmas it punches above its weight, selling, for example, one in four of all fresh turkeys consumed.

Nevertheless, the group has been dogged by food availability issues and waste levels that are amongst the highest in the industry.

For Rowe, attempting to boost M&S’s fortunes after a decade of failed reinventions, the antidote to waste is a supply chain initiative called Vangarde – named after the shopping park in the northern English city of York where the group frequently tests new ideas.

“It’s absolutely going to reset the foundations of our business and the platform to grow,” Ryan Lemon, M&S head of retail supply chain told Reuters.

The Vangarde programme aims to get all parts of M&S’s supply chain working better, from planning, to suppliers, to logistics and stores.

Its first phase included 92 M&S stores served by a regional distribution centre (RDC) in Barnsley, northern England. A second phase starts on Monday with a further 65 stores served by a RDC in Thatcham, southern England, with a full roll-out serving 595 stores by July 2021.

WASTE REDUCTION

“We believe that we’re going to see an improvement in sales in these stores, a reduction in waste and an improvement in availability,” said Lemon.

He explained that Vangarde lowers the total levels of stock in stores, finely tailors deliveries from depots to an individual store’s needs and increases the number of deliveries to stores out of trading hours.

Ambient foods are delivered to stores consistently seven days a week instead of four or five previously.

There are more frequent and smaller deliveries from M&S suppliers to RDCs, with delivery timings aligned more closely to store requirements.

M&S store workers’ shift patterns have also been upended so more are available to re-stock when stores are closed. That means customers aren’t bumping into staff stacking shelves – a key benefit during the COVID crisis.

The programme also embraces new technology. For example shop floor workers use handheld Honeywell (NYSE:) devices to gauge stock levels.

“The customer’s going to see a massive difference because every Vangarde store will be ready to trade from opening,” said Lemon.

COVID means Christmas 2020 is shaping up to be a unique trading period.

“Last Christmas there was some big challenges. This Christmas there’s going to be a lot of complexity in terms of customer behaviour,” said Lemon.

“We’re hugely better planned this year.”





Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Stock Markets

12 million people in Britain will struggle to pay bills, watchdog says By Reuters

Published

on

By


© Reuters. Outbreak of the coronavirus disease (COVID-19) in London

LONDON (Reuters) – Some 12 million people in Britain are likely to struggle with bills and loan repayments as the COVID-19 pandemic continues to wreak economic havoc, a Financial Conduct Authority survey tracking consumer financial resilience showed on Thursday.

The survey, conducted in July, found 12 million people in Britain had low financial resilience and also found that one-sixth of those people had become financially vulnerable since February, after lockdowns to control the virus slashed incomes and led to thousands of job cuts.

The survey, in which 7,000 people took part, showed that almost a third of adults have suffered a drop in income, while income for households has fallen by a quarter on average.

Black and Minority Ethnic respondents fared even worse, with 37% reporting a hit to their incomes.

More than a third of respondents, who already had low financial resilience and had a mortgage, said they were likely to fall behind on mortgage payments, while 42% of renters said they were worried about falling behind on their obligations.

36% of people feared falling behind on repayments linked to loans or credit cards.

“We want to remind consumers, especially those who are newly in financial difficulty that lenders are able to provide you with support,” Sheldon Mills, the FCA’s Interim Executive Director of Strategy and Competition said.

The regulator has put together a package of measures to ensure vulnerable households can access help after Oct. 31, when earlier COVID-19 relief initiatives such as loan and mortgage repayment breaks and the original Job Retention Scheme expire.

It has also encouraged borrowers to seek free advice on how to manage problem debts and urged banks and lenders to treat customers fairly, adding that firms should work with customers to provide support before they miss payments.

Options to negotiate new repayment plans, suspend, reduce, waive or cancel any further interest or charges will be open to customers, the FCA said.

However, banks needed to be transparent about how such actions could result in increased costs over the long term and how such support could impact personal credit profiles.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Continue Reading

Stock Markets

Exxon Mobil ‘very close’ to disclosing U.S., Canada job cuts, CEO says By Reuters

Published

on

By


© Reuters. FILE PHOTO: Logos of ExxonMobil are seen in its booth at Gastech, the world’s biggest expo for the gas industry, in Chiba

HOUSTON (Reuters) – Exxon Mobil Corp (N:) is “very close” to completing its workforce appraisals in the United States and Canada and expects to unveil job cuts, its chief executive told employees in an email on Wednesday.

The second-largest U.S. oil company by market value lost nearly $1.7 billion in the first six months and is expected to post another quarterly loss when results are released on Oct. 30.

The job cuts are part of a plan unveiled earlier this year to redesign how Exxon works and to increase competitiveness, CEO Darren Woods said in an email to its nearly 75,000-person workforce.

The company this year has exceeded a target of reducing operating expenses by $1 billion and capital budget spending by $10 billion, he wrote. But the COVID-19 pandemic has cut oil demand by about 20%, he said, delivering a “devastating impact” on the oil business.

He told employees that “we are very close” to completing the jobs review and that they could expect details soon.

“I wish I could say we were finished, but we are not. We still have some significant headwinds, more work to do and, unfortunately, further reductions are necessary,” he said in the email.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Continue Reading

Stock Markets

U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.35% By Investing.com

Published

on

By


© Reuters. U.S. stocks lower at close of trade; Dow Jones Industrial Average down 0.35%

Investing.com – U.S. stocks were lower after the close on Wednesday, as losses in the , and sectors led shares lower.

At the close in NYSE, the declined 0.35%, while the index lost 0.22%, and the index declined 0.28%.

The best performers of the session on the were The Travelers Companies Inc (NYSE:), which rose 5.83% or 6.89 points to trade at 125.00 at the close. Meanwhile, Walt Disney Company (NYSE:) added 1.34% or 1.68 points to end at 126.63 and Nike Inc (NYSE:) was up 0.73% or 0.94 points to 129.43 in late trade.

The worst performers of the session were Goldman Sachs Group Inc (NYSE:), which fell 2.46% or 5.12 points to trade at 202.91 at the close. Boeing Co (NYSE:) declined 2.02% or 3.38 points to end at 163.86 and International Business Machines (NYSE:) was down 1.97% or 2.31 points to 115.06.

The top performers on the S&P 500 were Twitter Inc (NYSE:) which rose 8.39% to 50.24, Chubb Ltd (NYSE:) which was up 7.48% to settle at 128.22 and Kohls Corp (NYSE:) which gained 6.73% to close at 22.04.

The worst performers were Netflix Inc (NASDAQ:) which was down 6.92% to 489.05 in late trade, Pioneer Natural Resources Co (NYSE:) which lost 6.09% to settle at 78.44 and Alliance Data Systems Corp (NYSE:) which was down 6.09% to 48.61 at the close.

The top performers on the NASDAQ Composite were Insignia Systems Inc (NASDAQ:) which rose 154.99% to 1.7500, Marin Software Inc (NASDAQ:) which was up 149.01% to settle at 3.760 and Astrotech Corp (NASDAQ:) which gained 58.58% to close at 2.680.

The worst performers were Zosano Pharma Corp (NASDAQ:) which was down 27.74% to 0.444 in late trade, TuanChe ADR (NASDAQ:) which lost 23.23% to settle at 0.760 and Anchiano Therapeutics Ltd (NASDAQ:) which was down 21.62% to 1.160 at the close.

Falling stocks outnumbered advancing ones on the New York Stock Exchange by 1947 to 1101 and 138 ended unchanged; on the Nasdaq Stock Exchange, 1776 fell and 1087 advanced, while 100 ended unchanged.

Shares in Twitter Inc (NYSE:) rose to 5-year highs; up 8.39% or 3.89 to 50.24. Shares in Insignia Systems Inc (NASDAQ:) rose to 52-week highs; rising 154.99% or 1.0637 to 1.7500. Shares in Marin Software Inc (NASDAQ:) rose to 52-week highs; up 149.01% or 2.250 to 3.760.

The , which measures the implied volatility of S&P 500 options, was down 2.38% to 28.65.

Gold Futures for December delivery was up 0.65% or 12.40 to $1927.80 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December fell 4.08% or 1.70 to hit $40.00 a barrel, while the December Brent oil contract unchanged 0.00% or 0.00 to trade at $41.72 a barrel.

EUR/USD was up 0.03% to 1.1864, while USD/JPY rose 0.01% to 104.57.

The US Dollar Index Futures was down 0.45% at 92.635.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Continue Reading

Trending

Copyright © 2017 Zox News Theme.