Below is a selection of the morning's key market news, earning reports & trending stories - see more here.
-
Tesco (TSCO) is planning to launch its new discount shop range next week, according to media reports.
The new stores, called Jack’s, are designed to compete with Aldi and Lidl, which continue to increase their market share.
Named after the founder of Tesco, Jack Cohen, the stores are expected to be announced at a press conference scheduled for 19th September.
Tesco said chief executive Dave Lewis will be “sharing some exciting news” at the press event.
-
Energy provider SSE (SSE) said “dry, still and warm weather” has continued to dampen its financial performance for the full year.
In an unscheduled trading update, the company said that first half profits are likely to be half that of last year - a £190m hit.
SSE said: “The net impact of higher than expected gas prices and other commodity price changes has accounted for just under half of this; with the impact of the weather accounting for most of the remainder.”
-
Although full-year estimates are still below last year’s total, British home furnishings retailer Dunelm (DNLM) released surprisingly good sales with its interims today.
Group revenue rose 9.9% and like-for-like sales were up 4.2%.
This was driven by a strong growth in like-for-like online sales - online home delivery sales up 37.9%.
Pre-tax profits were up 0.8% to £102m, which were held back by its acquisition of Worldstores - something the company had warned about back in May.
CEO Nick Wilkinson said: "Following healthy sales growth over the past year, we are now taking steps to simplify the business under the core Dunelm brand, with one web platform and an integrated supply chain.
“This will allow us to respond more quickly to the changing consumer environment and drive future profitable growth.”
