Weaker consumer income, the stronger dollar and volatile energy costs have led the owner of Primark to curtail price rises next year, hitting its profits and share price (The Times £).
The owner of Primark warned that its profits would be lower than expected next year as a strengthening dollar raised costs at the fast-fashion retail chain (The Financial Times £).
The owner of Primark has warned it is expecting lower profits next year as it grapples with a strong dollar and soaring costs that have pushed the fast-fashion retailer’s annual energy bills up by about £100m (The Guardian).
Shares in the owner of Primark crashed to their lowest level in a decade as Associated British Foods warned that rising costs and weaker demand would hit profits (The Mail).
A profit warning from the owner of Primark sparked a sell-off in the shares of some of Britain’s biggest retail groups yesterday, including at Tesco, Sainsbury’s, Next, M&S and B&M (The Times £).
The competition regulator has said that Morrisons’ takeover of McColl’s “will not harm the vast majority of shoppers” but said that concerns in some areas could lead to higher prices (The Times £).
The Competition and Markets Authority, which said its initial investigation had found concerns in 35 local areas where the two brands competed, said the overall the deal “would not harm the vast majority of shoppers or other businesses” (The Guardian).
The competition watchdog will clear the rescue of McColl’s by Morrisons if it sells a number of stores over concerns the tie-up could push prices up (The Mail).
The world’s biggest drinks company has announced plans to sell its Archers peach schnapps brand to De Kuyper Royal, the distillers, for an undisclosed sum (The Times £).
First it was dairy-free milk, then meatless burgers. Now entrepreneurs and investors are hoping to create a market for bean-free chocolate and coffee (The Financial Times £).
The owner of the Wagamama restaurant chain is trying to limit price rises for customers and reining in home delivery services as it attempts to remain competitive in a difficult market (The Financial Times £).
Some consumers are starting to trim spending in restaurants as worries about the cost of living mount, according to the boss of the company behind the Wagamama and the Frankie & Benny’s chains (The Times £).
Wagamama owner The Restaurant Group has said the relaxation of trading restrictions helped its sales nearly double in the first half of the financial year (The Mail).
Hospitality bosses are warning that one in five businesses in the sector will not survive the current crisis and that hundreds of thousands of people will be left without jobs unless government support is received (The Times £).
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