FIRST AIRED: January 12, 2017

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

×

Transcript

00:00:00
>> The Christmas lights have mostly gone out by now, but some of the sparkle lingers on, the latest UK sales numbers certainly catching the eye. Christmas may have come twice for Marks and Spencer's new boss, Steve Rowe, sales unexpectedly strong in both food and clothing. Shoppers apparently responding to his bid to replace tired, old lines with simpler and new.
00:00:23
>> What Steve Rowe, the CEO, has done is, he's improved the pricing of M and S, they're a lot cheaper year on year. He's simplified the product ranges. He's beefed up the ranges which concentrate on the basic essentials. It's gone down well with consumers. He's also improved product availability, so that the popular lines that people like are available in-store.
00:00:45
And he's also improved the quality. So, it's a recipe that appears to be working, though it's still very much early days.>> Britain's biggest retailer, Tesco, enjoyed its best quarter of UK sales growth for five years. It's now confident of a jump in operating profits for this year as a whole.
00:01:03
Internally, it's been battling with a turnaround, externally, against low cost rivals.>> The statement today really kind of underlined the progress that chief executive Dave Lewis has made since he joined in 2014. Remember, shortly after he joined, big accountancy scandal at Tesco, and he's been recovering ever since.
00:01:21
So he's looking pretty good. The share has increased last year 28%. They're down a little bit today because, unlike some of the other grocers that reported, Morrison's and Sainsbury's earlier this week, Tesco merely reaffirmed their guidance for the year.>> Inflation spurred by a Brexit-damaged Pound likely to hurt shoppers, too.
00:01:42
But John Lewis did also report sales growth, with online trading up 12% to 40% of revenues, one sign of where hard-pressed retailers must look for the dazzling performances of the future.