shopping

Losses mount at French Connection, supermarket shopping boosts Tesco shares and Rolls-Royce falls

French Connection shop in Covent Garden. (Credit: Dave Rushen/SOPA Images/LightRocket via Getty Images)
French Connection shop in Covent Garden. Photo: Dave Rushen/SOPA Images/LightRocket via Getty Images

Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and abroad:

Losses mount at French Connection

Fashion chain French Connection (FCCN.L) saw a loss of £12.2m ($15.69m) in the six months to 31 July 2020, compared with a loss of £3.6m during the same period in 2019, according to a company statement released on Tuesday.

The COVID-19 pandemic led to a “significant decline” in sales, forcing the business to shut down its stores from the end of March to mid-June, in line with UK government guidelines, it said.

This caused store sales to slump 57% to £10.1m in the six months to the end of July, compared to £23.8m in the same period last year.

“The timing of the COVID-19 outbreak has had a material impact on our

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shopping

People are shopping for groceries less often but buying more items, Tesco said, as it reported rising pre-tax profits of $709 million



a man standing in a room: New Tesco CEO Ken Murphy. Ben Stevens/Parsons Media/Handout via REUTERS


© Provided by Business Insider
New Tesco CEO Ken Murphy. Ben Stevens/Parsons Media/Handout via REUTERS

  • Tesco’s total revenues grew 8.6% in the six months to August, it said on Wednesday, thanks to a surge in online shopping during the pandemic.
  • In the UK, online sales at the grocery giant nearly doubled in the quarter to August.
  • Customers favored Tesco’s smaller, local stores over its larger supermarkets, it said. People are shopping less often — but buying more.
  • Tesco’s operating profit fell 4.5% in the first half of the year, reflecting the £533 million ($686 million) it spent on its COVID-19 response, but it posted a 28.7% jump in pre-tax profit to £551 million ($709 million).
  • Visit Business Insider’s homepage for more stories.

British supermarket giant Tesco has reported rising sales and pre-tax profit, largely thanks to the boom in online grocery shopping during lockdown.

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People are shopping less

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beauty

Ex beauty queen terrified after bumping into her stalker in Tesco when she thought he was still in jail

AN EX beauty queen said she was terrified after bumping into her stalker in Tesco when she thought he was still in jail.

Chloe Hopkins, 28, felt “physically sick” and was shaking and crying when she bumped into the man who had hounded her.

Chloe Hopkins has shared the horrific moment she ran into her stalker in a supermarket

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Chloe Hopkins has shared the horrific moment she ran into her stalker in a supermarketCredit: Chloe Hopkins/Daily Post Wales
Anthony James Mantova stalked her from the age of 18

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Anthony James Mantova stalked her from the age of 18Credit: Cavendish

The singer was harassed and stalked from the age of 18 by Anthony James Mantova – and she had no idea he’d been released from prison when she saw him in a supermarket.

Now in his 40s, Mantova was jailed three times for obsessing over the former beauty queen.

He had her name tattooed on his chest and even wore a T-shirt with her face embellished across it.

The stalker also bombarded

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