Nestlé is to launch a plant-based “tuna salad” this year as the world’s largest food company looks to meat-free products to lift sales after missing its organic growth target (The Financial Times £).
Nestle has been forced to discontinue a range of low-sugar chocolate less than two years after it was launched, while backing plant-based foods to grow in popularity (The Telegraph).
Pregnant women, breastfeeding mothers and people taking medication should not eat foods containing CBD, an ingredient derived from the cannabis plant, a regulator has warned (The Guardian). Oils, snacks and drinks containing the cannabis extract cannabidiol (CBD) will be “taken off the shelves” next year if they do not gain regulatory approval (The BBC).
Domino’s UK, the pizza delivery chain, has agreed to dispose of its Norwegian arm as part of an effort to refocus on flagging growth in its core UK business (The Financial Times £). Pizza delivery giant Domino’s has said it will sell its 71 per cent stake in its Norwegian division to its minority shareholders in a deal worth £7m (The Daily Mail).
Marks & Spencer is closing two of its clothing distribution centres in a move that puts almost 700 jobs at risk. (The Guardian)
Takeaway.com, the Dutch food delivery giant, has swung into the black as it prepares to take full control of Britain’s Just Eat (The Times £). Takeaway.com processed 159.2m orders last year, before merging with Just Eat, marking a 70% increase on a year earlier (The Daily Mail).
Expansion in key markets including Russia and Nigeria helped one of the world’s biggest bottlers of soft drinks, Coca-Cola HBC, to boost profits by 12% last year (The Times £).
For a company that makes its living selling offbeat products such as Jacked Ranch Dipped Hot Wing Doritos and vanilla-flavoured coffee-infused cola, PepsiCo’s earnings reports can be a surprisingly dry and dull affair. Fortunately for shareholders, the stock itself has been anything but. (The Financial Times £)
Kraft Heinz has resisted a further cut to its dividend even as the food company grapples with a $28bn debt burden and falling sales, raising the prospect of further asset sales to avoid a junk credit rating. (The Financial Times £)
Pernod Ricard cut its annual profit target on fears of a big hit from the coronavirus outbreak in China, the spirits maker’s third-largest market. (The Financial Times £)
Intu bosses stood firm as retail tycoon Sir Philip Green tried to negotiate a rescue plan involving the closure of 50 stores from Arcadia Group and cut rents. (The Telegraph)
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