A return of tourists and commuters to stores in Britain’s city centres has boosted annual profits at Superdrug by more than 70% (The Times £). Pre-tax profit at the health and beauty chain, which has more than 750 shops in the UK and the Republic of Ireland, jumped by 71.7% to £77.8m in the year to the end of December, ahead of pre-pandemic levels.
A former boss of the outsourcing group Interserve, who became involved in the government’s response to the COVID-19 pandemic, is the frontrunner to become the next chair of the Co-op Group, according to Sky News. Debbie White is the leading candidate to replace Allan Leighton at the helm of Britain’s biggest mutual, the report added.
The UK economy contracted less than expected in May with growth slowing as businesses stopped work for the extra bank holiday to celebrate the coronation of King Charles (The Times £).
Inflation has moderated to its slowest pace in more than two years in the United States, as the Federal Reserve weighs the next steps of its battle to bring down price growth across the world’s largest economy (The Times £).
US inflation dropped to 3% in June, lower than expected, in the latest sign that the Federal Reserve’s interest rate rises are having an effect on price pressures (Financial Times £)
Molson Coors, the brewer behind Carling and Cobra, has scrapped the need for CVs for some roles and the plan is for the entire business to follow suit, after an initial trial (The Times £).
JD Wetherspoon boss Tim Martin said fewer listings in pubs would be the ‘inevitable consequence’ of brands’ lower alcohol contents (The Telegraph). Drinkers will switch to alternative beers if brewers choose to make their drinks weaker in order to cut costs, Martin said.
The founder of the Wetherspoon pub chain launched an attack on the “urban myth” that the company’s clientele come mainly from among the less well-off (The Times £).
The pub chain JD Wetherspoon has reported soaring sales in recent weeks, as cash-strapped consumers look for cheaper food and drinks amid high inflation and the cost of living crisis (The Guardian).
JD Wetherspoon has said 22 of its pubs remain up for sale or under offer, after shutting 28 sites in the past year (Mail).
Financial Times (£) features a special report on sustainable food and agriculture, with one article headlined: ‘Food campaigners push for clearer labelling on nutrition risks’.
Financial Times (£) also writes that restaurant and grocery businesses face growing pressure to disclose where their products originate.
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