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Lidl finance chief steps down following £76m loss

Retail Gazette

Lidl UK finance boss Marco Di Costanzo has stepped down from his role, following a £76m loss from the discounter. “I assume the projected profitability targets for this year are not being reached so someone has to be kept accountable. The retail giant also has nearly £3bn worth of debt. .

Finance 102
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Morrisons kicks off £1bn debt buyback plan

Retail Gazette

The deal gave the supermarket chain a 20% minority stake in MFG and established commercial and supply agreements with the fuel group. The debt-financing bill was 23% higher than the £593m incurred in 2022.

Planning 117
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Morrisons plunges further into the red as debt interest payments surge

Retail Gazette

Accounts for the grocery giant’s parent company, Market Topco, revealed it fell to a pre-tax loss of £1.1bn for the year ended October, as its interest costs surged to £735m. These were related to external debt and inter-company loans, with its debt-financing bill 23% above the £593m incurred the year prior.

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Asda private equity owners to face grilling by MPs

Retail Gazette

GMB national officer Nadine Houghton said: “It’s right that MPs will finally get the chance to hold TDR Capital to account on their co-ownership of Asda. The £500m in borrowings are part of the debts taken on by the supermarket to finance the acquisition of the business back in 2021.

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Zuber Issa to acquire EG’s UK arm as group returns to profit

Retail Gazette

.” The deal marks the latest move in the gradual separation of billionaire brothers Mohsin and Zuber Issa, who have spent the past two decades building their retail and petrol forecourt empire from a series of debt-financed acquisitions.

Returns 104
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Morrisons posts strongest like-for-like sales growth in three years

Retail Gazette

The supermarket saw like-for-like sales, excluding fuel, soar 4.6% Earlier this month, accounts for the grocery giant’s parent company, Market Topco, revealed it fell to a pre-tax loss of £1.1bn for the year ended October, as its interest costs surged to £735m. rise the year before. Total sales excluding fuel were up by 3.9%

Grocer 113
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What Metcash’s results reveal about the state of food retail

Inside Retail

Food for thought At IGA, supermarket sales rose 2.1 Both supermarket giants will release their full-year results in late August. Paying the price While supermarkets have been raising prices to cover additional costs in their supply chain, questions have been raised about the ethics of profiting off of charging people more to eat.