Manager Sean Dyche is flattered by the speculation linking him to other clubs but insists he is happy to stay at Watford.
Dyche has been touted for the vacancies at Championship rivals Birmingham and Hull in recent weeks yet he is keen to remain at Vicarage Road following a promising debut season in charge.
"It has been very flattering to be linked with some high-profile vacancies, and I have had one or two agents sounding me out since the end of the season," he said.
"But quite honestly I am very happy at Watford. I really appreciated the chance given to me a year ago when I was made manager after Malky (Mackay) went to Cardiff, and loyalty works both ways.
"I thoroughly enjoyed my first season; it was a great learning curve for me in so many ways and I loved every minute.
"To be within touching distance of the play-offs was very encouraging and hopefully we can continue to make more progress next season.
"Obviously I'm an ambitious person, but my ambition right now is to build on what we achieved last season and make Watford competitive in a very tough league."
Source: uk.eurosport.yahoo.com
Tesco UK sales fall for more than a year - The Guardian
Tesco has reported another quarter of falling sales in the UK after money-off coupons and a blitz on customer service failed to win back disgruntled shoppers.
Like-for-like sales, excluding petrol and VAT, declined 1.5% in the 13 weeks to 26 May, which analysts said was "disappointing". It means Tesco's domestic chain has now posted six quarters of falling sales on that basis. Analysts were also alarmed by the sharp slowdown in sales at US chain Fresh & Easy, where there was growth of 3.6% compared with 12.3% in the previous quarter.
At its annual results two months ago, the Tesco chief executive, Philip Clarke, announced a £1bn makeoverof the UK chain designed to "put the heart and soul back into Tesco" after domestic profits declined for the first time in more than 20 years. With more than 2,700 stores, Tesco's domestic chain pumps out two-thirds of the group's profits and Clarke admitted it had taken "a little bit too much away from the shopper" during years of penny-pinching to boost the bottom line.
Clarke described the UK chain's performance as steady and improving "relative to the market".
The fall in first-quarter sales was only marginally better than the previous quarter when sales, on the same basis, fell 1.6%. It was early days in the turnaround, Clarke added, as he said very little of the £1bn had been spent. Customers were responding to the changes being made in store, which include more staff manning its produce and wines and spirits aisles. "Our customers are seeing the evidence of the changes we're making and they're telling us they like what they see," said Clarke.
The retailer said it had hired 4,300 – including 500 in the last three weeks – of the 8,000 new staff it pledged to recruit in April with 100 stores refurbished since the start of the new year. Tesco's stores have been described as "too industrial" and the makeovers involve a rustic look with green paint job, wooden fittings and the smell of bread baking.
Data from research firm Kantar has shown the overall grocery market slowing as hard-up shoppers cut back their spending. "Consumer confidence is not getting any worse but it is not getting any better," said Clarke, pointing to petrol prices that he said were putting an "amazing dent" in household budgets. "Real incomes are not growing so they are having to be very careful with their budgets."
To win shoppers the major supermarket chains tried to outflank each other with money-off coupons, with Clarke describing the sales climate as "very competitive". "There was an unhelpful step up in the market of this type of promotion," he said. "We played our part and planned to."
The country's jubilee celebrations provided some respite with the chain enjoying its biggest ever trading week outside of Christmas, chalking up sales of more than £1bn, although the holiday fell in its second quarter.
Panmure Dorgan analyst Philip Dorgan said investors "don't have to look very deeply into the numbers to see some disappointing sales growth (the UK, the US, the Bank), despite accelerating investment". In 2008, Tesco bought out its financial services partner Royal Bank of Scotland but it has taken several years to transfer the accounts over to its own IT systems. All credit cards have now been moved over but the delay and a competitive car insurance market led to its sales declining by 3.7%.
Analysts had feared a repeat of January's shock profit warning as Tesco concentrated its efforts on the UK turnaround. But the retailer said: "At this early stage of the year we are performing in line with market expectations for the group. The outlook for the year as a whole remains unchanged." The shares were down slightly in early morning trading.
Credit Suisse analyst Andrew Kasoulis said: "Importantly, Tesco has not warned. Although it is still very early days in the recovery process, outlook is unchanged and we do not expect consensus to change."
Clarke has already moved the break-even target for US chain Fresh & Easy from the current financial year to next year. He said the sales at the chain had been "soft" in March but had since improved. Fresh & Easy was a "challenger brand" that was having to broaden its appeal, he said with major changes to its product range in the next couple of weeks. "It would have been nice to have double digit like-for-like sales growth," said Clarke who added the US market remained "very exciting for us".
"The Tesco recovery story has got off to a slow start," said independent retail analyst Nick Bubb who added the under pressure chief executive had been "hyper-active, with his sleeves rolled up sorting out the UK, as well as addressing problems elsewhere in the group".
Source: www.guardian.co.uk
Tesco maintains guidance after in-line quarter - Life Style Extra
In the 13 weeks ending May 26th, UK sales including value added tax (VAT) and petrol grew by 2.1% and by 2.0% excluding petrol. LFL sales, excluding both VAT and petrol, reduced by 1.5% in the quarter. Tesco said the UK performance was in line with expectations.
Broker Jefferies had predicted a 1.3% decline in LFL (excluding fuel) for the UK stores, while Nomura had forecast a 1.7% decline.
Looking at the worldwide picture, group sales (including petrol) rose by 2.2%, or 3.8% at constant exchange rates, and by 2.2% excluding petrol on a LFL basis, or by 3.9% at constant exchange rates.
Broker Jefferies predicted group sales growth of 2.6%, or nearly 4% excluding foreign exchange effects.
In Asia, total sales grew by 9.1% at constant rates and 9.0% at actual exchange rates, with positive like-for-like sales growth and a good contribution from new store openings.
In Europe, total sales excluding petrol grew by 6.0% at constant exchange rates, with further weakening of the European currencies against sterling affecting growth at actual rates. Like-for-like sales increased by 0.4%, helped by improved performances in Poland, Slovakia and the Republic of Ireland, which delivered its first full quarter of positive like-for-like sales growth since 2010.
In the US, Tesco's Fresh & Easy chain saw LFL sales excluding petrol rise 3.6%.
"Internationally, like-for-like sales growth proved resilient, despite slowing economic growth in China and the emerging impact of recently introduced shopping hours legislation in South Korea. Against the backdrop of continuing uncertainty in the Eurozone, it is pleasing to see that our businesses have largely sustained their performance," said Philip Clarke, Tesco's Chief Executive Officer.
The group said that at this early stage of the financial year it is performing in line with market expectations, and the outlook for the year as a whole remains unchanged.
JH
Source: www.lse.co.uk
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