Aldi, Lidl and Sainsbury’s have kicked off the annual price battle on Christmas vegetables, offering bags of sprouts, carrots, parsnips and potatoes for just 19p (The Guardian). The price deals, which include swedes and cabbages at 19p each, come despite concerns about rising costs for farmers in the UK amid inflation on labour, fertiliser and fuel for tractors and other vehicles.
The owner of the Toby Carvery and All Bar One brands shrugged off the “highly challenging” trading environment as it swung back into the black for the full year and reported strong recent sales (The Times £).
M&B’s operating profit came in at £124m for the year, against £81m a year ago (The Mail).
The All Bar One owner, Mitchells & Butlers, has lauded recent encouraging sales at the pub and restaurant group but warned that risks from rising food and energy costs lie ahead (The Guardian).
Shares in drug firms GlaxoSmithKline and Sanofi surged after a US judge dismissed thousands of lawsuits claiming that the heartburn drug Zantac caused cancer (The Guardian).
Billions of pounds were added to the value of drug companies including GSK after shares rallied strongly on signs that Zantac litigation in the US could collapse (The Times £).
Moonpig’s share price fell 15% after the company lowered its annual revenue guidance, blaming it on disruption from Royal Mail strikes and consumers opting for cheaper gifts (The Financial Times £).
In its half-year results, the FTSE 250 group said revenue for the year would be about £320m, down from its previous forecast of £350m, because of challenging trading conditions and “the continued macroeconomic uncertainty” (The Times £).
In its half-year results announcement, the card, flowers and gifts retailer said sales had been pushed down in part by “disruption to the UK regulated postal service because of industrial action at Royal Mail during September and October” (The Guardian).
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