Marks and Spencer is on track to re-enter the FTSE 100 after the UK retailer upgraded its annual profit outlook thanks to robust sales, sending shares up more than 7% (Financial Times £). Marks & Spencer is on track to re-enter the FTSE 100 after shares jumped to a 19-month high as it revealed turnaround efforts were paying off (Telegraph £). Marks & Spencer shares soared on Tuesday after the retailer said a better-than-expected first half should lead to profit growth this year (Daily Mail).
Marks & Spencer is on course to rejoin the ranks of the UK’s top 100 listed companies after its tie-in with England’s Lionesses – and surging demand for holiday kit and summer food – helped profits shoot ahead of expectations. (The Guardian)
Archie Norman, the chairman of Marks & Spencer, admitted last month that he woke up every morning and wondered “what the hell have I been doing?” when he considered how slow progress had been in transforming the 139-year-old retailer. However, the company’s latest unscheduled trading update offered evidence that its efforts were bearing fruit. M&S said that a better-than-expected first half should lead to profit growth this year, compared with last year’s decline. (The Times £)
Asda reported a near double-figure increase in like-for-like sales during the second quarter, claiming its investment in lower prices amid the cost of living crisis had paid off. (The Times £)
The billionaire owners of Asda and petrol station giant EG Group are selling off a swathe of convenience stores in the US as they race to pay down billions of pounds of debt. (Telegraph £)
Supermarket inflation has slowed for the fifth month in a row, boosting hopes that the spate of surging prices in the aisles may be coming to an end (Telegraph £). Food price inflation in the UK eased to 12.7% last month, the second sharp drop in a row, as the price of milk fell back but eggs, sweets and oven chips continued to increase (The Guardian). Grocery price inflation has eased for the fifth month in a row – as the cost of some staples come down (Sky News).
Supermarket prices for some branded snack foods have more than doubled in the last year, as the rising cost of living has squeezed household budgets, a leading consumer group has said. (Sky News)
B&M shares rose as analysts said the group was in a good position to strengthen its grip over the discount retail industry following the collapse of Wilko. (Daily Mail)
Wilko could disappear from the High Street as potential bidders look to hoover up its shops for their own brands in the wake of its collapse. Potential buyers are thought to include rivals B&M European Value Retail, Poundland, The Range and Home Bargains. (Daily Mail)
Carlsberg has raised its 2023 profit forecast following a “solid” performance, bucking the trend for disappointing sales in the brewing sector in the first half. (Financial Times £)
The boss of Harvey Nichols has unexpectedly quit after 25 years at the luxury fashion retailer (The Times £). The boss of Harvey Nichols has quit the retailer she first joined 25 years ago after tensions over its strategy and a member of the owning family will take the reins (The Guardian).
Harrods profits surpassed pre-pandemic levels last year as the department store bounced back. (Daily Mail)
The UK recorded an overall decline in corporate insolvencies last month but the financial distress wrought by rising interest rates continued to spread to larger businesses. (The Times £)
Oxford Street’s decline risks becoming the blueprint for Britain’s high streets if ministers fail to support regeneration efforts, retail chiefs have warned. (Telegraph £)
Britain’s ‘house of food’ sits on shaky foundations. To fix it, curb the big supermarkets, writes Andrew Simms, author of Tescopoly, in The Guardian. As major retailers rake in huge profits, they are slashing jobs, squeezing suppliers and hollowing out our food industry. (The Guardian)
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