Busines headlines: Tesco and M&S report higher than expected Christmas sales

Yorkshire Post

Yorkshire business headlines with reporter Michael Crossland. Tesco and M&S report strong Christmas trading period while Boohoo found to have mislabelled clothing items.

Transcript

00:00 Hello I'm Michael Crosland, Business Reporter with the Yorkshire Post and we have a few of

00:04 today's top business headlines. So first up M&S has said that more than 9,000 of its shop workers

00:12 are set to receive bumper payouts under its share scheme after the company announced a jump in

00:17 festive sales. The company said that its employees, mostly customer service assistants, who put in a

00:23 typical £150 a month into its 2020 share and save scheme will gain more than £10,000 when the scheme

00:32 pays out on the 1st of February. The news comes after M&S said that it had started 2024 with what

00:39 it described as a spring in its step after sales jumped over Christmas and its food halls saw

00:44 record numbers of customers. Also big news from Tesco today which has announced that it's on

00:51 track for bigger than expected profits this year after record sales in the Christmas period. Bosses

00:57 at the supermarket said the growth was fuelled by its investment in keeping prices low. The company

01:03 said its like-for-like retail sales were up 6% for the six weeks ending at the start of this month.

01:10 Another big story in the business world today from Boohoo the fashion retailer which has been found

01:16 to have mislabeled items of clothing which were made in South Asia instead labelling them with

01:22 'Made in the UK' and that's according to a BBC Panorama investigation. The investigation found

01:28 that the company had removed the original labels on t-shirts and hoodies at its Leicester factory

01:34 between January and October of last year. A spokesperson for Boohoo said this was an

01:40 isolated incident which impacted less than 1% of the group's global garment intake adding that the

01:47 errors were found to be the result of human error and that it's taken steps to ensure this does not

01:51 happen again. But Boohoo is now said to be considering closing its Leicester factory

01:57 and relocating operations following the report. That's all we have for the time being plenty more

02:04 stories to come on the Yorkshire Post website throughout the day. I'm Michael Crossland

02:10 reporting for the Yorkshire Post.

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