Finance news – Page 208
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NewsSupermarket price inflation falls back as deals return and price war looms
Offers and promotions have started to rematerialise, damping grocery price inflation
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NewsPoor potato harvest hits McCain profits
Profits more than halved at frozen foods specialist McCain last year as “one of the worst potato harvests in 40 years” hit its bottom line.
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NewsBrakes records £25m loss and warns over coronavirus impact
The loss came in the wake of £39.3m pre-tax profit from the previous year
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NewsConsumer confidence rising as lockdown is eased, says IGD
IGD’s Shopper Confidence Index shows a combination of the easing, warm weather and low inflation has driven up confidence levels
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NewsCity snapshot: Supermarket inflation falls back in June to 0.9%
Supermarket inflation fell back in June as the return of promotions and the threat of a price war took the sting out of pandemic-driven price hikes.
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NewsMedia Bites 10 July: Retail job losses, John Lewis, Boots, Brexit tariffs
“Help us stem tidal wave of job losses, beg shops”, writes The Times as John Lewis, Boots and Burger King cut nearly 7,000 jobs.
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NewsJohn Lewis to close eight stores as Boots axes 4,000 jobs
The John Lewis shops identified for closure include two full-size department stores in Birmingham and Watford
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NewsAlex Russo to take over as B&M chief financial officer in November
Russo will become CFO and executive director of the company on 16 November following a handover from Paul McDonald
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NewsFrozen food sales remain high as freezer filling trend sticks
Value sales of frozen food in the 12 weeks to 14 June surged 19.4%, on volumes up 17.5% – a whopping £285m increase
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NewsTesco responds to ‘speculation’ around Aldi ‘price war’
Despite concerns about the short time frame for the ‘tough negotiations’, Groceries Code Adjudicator Christine Tacon says she’s received no complaints
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NewsPoundland revenues flat as rivals open in former Poundworld sites
Like-for-like growth had been driven by Pep&Co, while the positive impact of Poundworld’s demise had been offset by competitors opening in the chain’s former sites, according to newly filed accounts
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NewsMedia Bites 9 July: Mini budget, Uber Eats/Asda, Kbox
Sunak unveils £30bn economic package in the Summer “Mini Budget”, Uber Eats teams up with Adsa for grocery deliveries and Deliveroo backer Hoxton Venutures invests in Kbox
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NewsCity snapshot: C&C Group names Heineken UK boss David Forde as CEO
C&C Group has appointed Heineken UK MD David Forde as group CEO, joining in 2021.
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NewsPlant-based meat startup This readies £2m crowdfunding push
The startup will use the funds to open a plant-based innovation centre in London
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NewsAsda partners with Uber Eats for 30-minute grocery delivery
The trial, which launches this week, gives customers a choice of more than 300 Asda own-brand products
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NewsOcado relaunches shopping app after pulling it in March due to soaring demand
Ocado had been forced to turn away new customers and pull the mobile app due to “performance issues”
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NewsCity snapshot: Distil revenues rise 21% since April on strong retail sales
The premium drinks brands owner now expects revenues for the first half up by 75% to 85%
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NewsMedia Bites 8 July: Mini budget, Government loans, Retail footfall
Rishi Sunak will deliver his mini budget today in what the Treasury is calling the Summer Economic Update, with a focus on jobs, youth unemployment and a possible temporary cut to VAT.
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NewsJoanna Allen steps in as new CEO of Graze
Allen has taken over from Anthony Fletcher, who spent nine years leading the business
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NewsUK footfall recovery remains sluggish despite lockdown easing
UK footfall recovered slightly in the third week of shops reopening in England and Northern Ireland, but were still down almost 50% year on year