Today’s news in brief-23/5/25
Tesco UK CEO Matthew Barnes has stepped down after just one year in the role to pursue other opportunities. He will be replaced by Ashwin Prasad, Tesco’s current chief commercial officer, from 30 June. Prasad brings extensive retail experience, having been part of Tesco’s executive team since 2020. Meanwhile, Natasha Adams, CEO of Tesco Ireland and Northern Ireland, will take on a newly created role as chief strategy and transformation officer. Geoff Byrne, current chief operating officer in Ireland, will succeed Adams. Group CEO Ken Murphy praised Barnes’ leadership, while Barnes expressed pride in Tesco’s achievements and confidence in his successor.
The Very Group reported a 3.8% drop in total revenues to £1.60bn amid a challenging UK retail climate. UK revenues fell 2.5%, though its Home and Sports categories saw growth of 8.9% and 24.6%, respectively. Electrical sales, its largest category, declined 4.4%, while Toys and Beauty remained resilient. Despite lower sales, adjusted EBITDA rose 11.4% to £215.4m, reflecting improved margins and cost control. The group expects profitability to strengthen further as it focuses on higher-margin sales.
UK retail sales outperformed expectations in April, rising 1.2%—the fourth consecutive month of growth. Food sales rebounded by 3.9%, boosted by good weather, while non-food sales dipped 0.7%, with declines in clothing offset by growth in department and household stores. The three-month sales volume increase of 1.8% was the strongest in nearly four years. Analysts attributed the uplift to warm weather and Easter spending, though concerns remain over rising business costs and potential tax impacts on retailers.
Co-op has partnered with VusionGroup to replace paper shelf labels with electronic versions across its 2,400 stores. The smart labels will display real-time product information, including allergens, nutritional details, and promotions, while reducing paper waste. The rollout will reach 1,500 stores by year-end, with full completion expected by 2026. Co-op’s Steven Logue said the technology will enhance transparency and efficiency, while VusionGroup’s Roy Horgan highlighted its sustainability benefits and improved customer experience.