Women were shortchanged by the abolition of the “tampon tax” in 2021 as the saving was not passed on in full by retailers in the form of lower prices, according to a report (The Guardian).
At most, the price of sanitary products fell 1% after the removal of a 5% VAT on these items in January 2021, according to an analysis of Office for National Statistics data by the Tax Policy Associates think-tank (The Financial Times £).
Discounter B&M said it expected to win market share from more expensive rivals in the coming year and maintained its profit guidance, but its shares were among the day’s biggest fallers after it reported a drop in sales and profits (The Financial Times £).
Shoppers seeking early Christmas bargains have lifted sales at discount retailer B&M as it hailed ‘good’ trading at the start of the key ‘golden quarter’ (The Mail).
The discount chain B&M European Value Retail has backed annual guidance but reported a first-half revenue fall at its UK business (The Times £).
WH Smith will pay a dividend for the first time in three years as it expects a strong Christmas after a return to foreign holidays helped the books-to-stationery retailer return to the black (The Guardian).
WH Smith has reinstated dividends after its annual profit slightly beat market forecasts amid a rebound in travel demand from pandemic lows (The Mail).
WH Smith has reinstated dividend payments after reporting that the rebound in global travel had propelled it to the highest sales figures in 15 years (The Times £).
Haleon has lifted its revenue outlook for the second time since the GSK demerger as higher prices and demand lifted sales in its third quarter (The Mail).
Price increases and renewed demand for cold and flu treatments helped Haleon offset inflationary costs and raise its full-year sales forecast for a second time since it listed on the London stock market in the summer (The Times £).
US inflation dipped to the lowest level since the start of the year in October, spurring a rally in stocks and government bonds in anticipation of slower Federal Reserve interest rate rises (The Times £).
The UK economy contracted in the third quarter paving the way for a recession by the end of the year (The Times £).
Amazon is conducting a review of its lossmaking business units as part of a sweeping effort to cut costs at the ecommerce and cloud group, two people familiar with its plans confirmed (The Financial Times £).
Amazon, the world’s largest retailer, is looking to reduce costs following its rapid expansion during the pandemic as it faces inflationary pressures and an uncertain economic outlook (The Times £).
Amazon has debuted a new warehouse robot that can pick up and sort millions of individual unpackaged products, in a move that will automate more jobs as the US ecommerce giant faces pressure to significantly cut logistics costs (The Financial Times £).
Juul Labs has secured a cash bailout from two of its earliest investors and announced plans to cut jobs as part of a reorganisation aimed at bringing the Altria-backed e-cigarette group back from the brink of bankruptcy (The Financial Times £).
Domino’s Pizza Group suffered a decline in orders in the third quarter as a sharp fall in deliveries was only partially offset by growth in collections (The Times £).
Pub group Young’s has posted revenue and profits growth for the six months ending 26 September, compared to weaker trading last year (The Mail).
One of the leading pub companies has reported a bounceback in trading in central London and the City after the return of office workers and tourists (The Times £).
Pubs and takeaways are pinning their hopes on the upcoming World Cup to boost sales (The Mail). Pub chain Young’s and Domino’s Pizza are both eyeing a step-up in business when the tournament kicks off next weekend.
The price of a meal at the UK’s best restaurants has more than doubled since Brexit from £100 a head to more than £200, according to two new guide books (The Guardian).
KFC has apologised for a push notification sent out via its app inviting German customers to celebrate the anniversary of the Nazi Kristallnacht pogrom against Jews by ordering fried chicken and cheese (The Guardian).
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