Today’s news in brief- 22/1/24

John Lewis, as part of its turnaround strategy, has reportedly alerted employees to the possibility of smaller pay rises. The retailer is considering changes in salary policies, aiming for more flexibility and sustainability. Dame Sharon White's management team would gain control over performance-linked pay rises, potentially leading to fewer staff qualifying for higher increases. This move follows John Lewis' plan to centralise its turnaround program, focusing on pillars like "Distinctively Us" and "Fix the Basics." With over 76,000 employees, the partnership emphasises transparency, stating that changes aim to create a level playing field while setting clear expectations for additional performance-related pay. Virgin Wines has announced a 2% year-on-year revenue increase, reaching £34.3m in the first half of the fiscal year. Despite a subdued consumer economic landscape, the direct-to-consumer wine retailer attributes this growth to improved profitability. Factors included increased revenues, reduced production costs, and the implementation of a new warehouse system. Sales from repeat customers rose by 5%, and commercial revenues saw a 6.5% increase during the same period. The company, on track to meet full-year expectations, noted a significant improvement in EBITDA, which more than doubled year-on-year, rising from £800,000 to £1.75m. Simon Roberts, CEO of Sainsbury’s, supported calls for tougher laws to protect retail workers from abuse and physical attacks. The supermarket, in response to escalating attacks on its staff, has invested millions in body-worn cameras for its 150,000 employees. These cameras signal a support team that can review footage and, if necessary, contact the police. Roberts emphasised the need for legal backing in situations where employees feel threatened. The move comes as Sainsbury’s engaged with the government and other retail leaders, with the company wanting to lead the industry in addressing retail crime and emphasising that stealing is a crime. Revolve has reappointed Jenny Baxter Moser to its board effective immediately. Having previously served on the board from December 2012 to July, 2020, Baxter Moser brings experience from a period of significant growth and value creation. She will also serve on the audit committee and compensation committee. In 2012, Baxter Moser led a strategic investment in Revolve by TSG Consumer Partners, where she served as a partner from 2013 to 2023. Her extensive industry knowledge and insights are expected to contribute significantly to board discussions. Revolve's co-founders express excitement about her return, highlighting her past contributions to the company's success. Tesco customers experienced disruptions in deliveries due to a technical fault in the supermarket’s IT system. Reports of problems peak at 09:00, with customers expressing frustration on social media over the lack of communication and the perceived disarray. Tesco resolved the technical issue by mid-afternoon and reached out directly to affected customers. Some customers were advised to rebook deliveries in the coming days. The supermarket acknowledges the inconvenience caused and emphasises that orders were back up and running swiftly.

Today’s news in brief- 22/1/24

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