UK’s biggest retailer reports better figures than expected by City analysts and is cheered by strong online sales

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Tesco’s UK sales growth has more than halved as it said the conflict in the Middle East had created “ongoing uncertainty for many households”.

The UK’s biggest retailer said comparable sales rose 1.8% to £13.4bn in the three months to the end of May, below both the 4.2% reported in the previous quarter and the 2.3% growth City analysts had expected.

About 150 jobs have already been lost in Bolton as company reports 145% rise in profits and hands £20m to shareholders

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The online electrical goods seller AO World has revealed it is outsourcing up to 200 UK call centre roles to South Africa blaming rising labour costs, as it handed £20m to shareholders.

As the retailer reported a jump in profits, it said it was shifting the majority of call centre jobs overseas “in response to ongoing inflationary cost pressures, and particularly rising employment costs”. It expects to save about £4m a year as a result of the change.

Upgrade to Buchanan Galleries part of £50m spend this year and £800m by 2029 to revive appeal of department stores

John Lewis is to spend £20m on a revamp of its Glasgow store in the city centre’s Buchanan Galleries in a vote of confidence in the shopping mall not long ago scheduled for demolition.

It is the largest cash injection within a wider plan to spend £50m this financial year on refreshing its shops, with department stores in Reading, Cambridge, Leicester and Liverpool all earmarked for an upgrade.