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Sainsbury’s share price is up around 4% this morning after the supermarket posted a ‘record year in grocery’.
Its sales excluding fuel grew 4.2% to £26.7 bn in the year to 1 March, while profits were up 7.2% to £1bn.
The supermarket warned, however, that profits would fall this year as it spent to “maintain its competitive position”.
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Morning update
Pernod Ricard has reported a larger than expected decline in sales for its fiscal third quarter.
Sales in the three months ended 31 March fell organically by 3% to €2.3bn. Analysts had predicted a 2% decline.
The Jameson and Absolut maker said performance had been affected by “new customs clearance procedures” and a temporary halt to production in India, as well as the impact of a later Easter and weakness on cognac, driven by the suspension of duty-free sales in China.
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Deliveroo’s revenue was up 8% in the first quarter as order numbers accelerated from the end of last year, it said in a brief update on Thursday.
Across both the UK and international markets, gross transaction value (GTV) was up 9% while orders grew 7%.
Deliveroo said there was ongoing strength in UAE and Italy, which was partially offset by continued softness in France.
Its shares sunk in March after it pushed back a target of 4% earnings before interest, taxes, depreciation, and amortisation from 2026 to the “medium term”.
Will Shu, Deliveroo’s founder and CEO, said: “I am really pleased with our strong start to the year, marked by a 9% year-on-year increase in GTV and 7% growth in orders. This represents a further acceleration from the fourth quarter.
“We continue to have confidence in delivering our guidance for 2025 whilst, like many others, remaining mindful of the uncertain macroeconomic environment.”
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