More than 100 MPs have signed a letter criticising changes to Sainsbury’s staff pay that threaten to leave as many as 13,000 employees worse off, with some facing a £3,000 pay cut. (The Times £, The Independent) The new deal has been designed to equalise pay among its 130,000-strong workforce and to make Sainsbury’s the best in the retail sector.
Ocado’s share price has soared again (up another 9.2% to 873p) after a broker upgrade, making CEO Tim Steiner another £18m richer (Daily Mail). Based on this valuation, the online grocer will enter the FTSE-100 at its next review
The Daily Mail says the “promotion” of Alison Horner as CEO of Tesco’s Asia business is “a reward for failure to the pay chief who dished out huge bonuses to Carillion bosses”
Several papers reported that M&S has appointed two new non-execs ahead of its results this week: Katie Bickerstaff, the former boss of electricals retailer Dixons Carphone; and Pip McCrostie, who led EY’s corporate finance business for several years. Several papers report on the appointment, with The Times (£) pointing out that the move will life the number of women directors at the retailer from two to four.
Tesco is to axe ‘confusing’ best before dates on its fruit and vegetables (The Guardian) in a drive to reduce food waste. Last month it revealed that it had failed in its bid to eliminate food waste from its stores.
A fall in the number of its pharmacies led to a drop in revenues and profits at Boots UK last year (The Times £), with sales sliding by 0.6% to £6.84bn and operating profits down 2.5% to £503m.
Starbucks is to allow non-paying guests to sit in cafes and use its restrooms after the coffee chains was accused of bias when two black men were arrested for sitting without buying anything as they waited for a meeting (The Guardian)
Macallan brand Erdington is getting a new high-tech single malt distillery as part of a £500m investment (Financial Times £)
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