Retail gloom darkens Stobart figures

Stobart Group, which operates 2,250 lorries from 40 sites across the UK and Europe, said its chilled fleet was expected to record a loss in the six months to August 31 as sales volumes have been hit by shoppers tightening their purse strings and restructuring charges.

The group, whose lorries are a common sight on Britain’s motorways, is understood to have been hit by weaker trading at its biggest customer – Tesco – while other grocers and household goods firms are also under pressure.

The group said full-year profits at the division would disappoint City hopes and its property division made slower progress than had been hoped, prompting analysts to downgrade their forecasts.

But Stobart said long-term prospects remained robust.

The group, which handles distribution for blue-chips such as Coca-Cola, Mercedes and Unilever, said it was also hit by the economic malaise hitting overall high street sales.