Britain’s retailers have recorded the longest period of falling sales for almost eight years, fuelling mounting concern for the economy ahead of Brexit (The Guardian). Retailers are suffering the longest period of declining sales for almost eight years. A survey by the CBI employers’ group found that retail sales fell for the third month running in July, the first time they have done so since 2011 (The Times £). Retail sales have suffered their longest period of decline since 2011 – piling pressure on Boris Johnson to support the struggling High Street (The Daily Mail). Retail sales in the UK have suffered their longest period of decline in eight years, according to a Confederation of British Industry survey (Sky News).
One of the world’s biggest tobacco companies has made its biggest foray yet into the emerging cannabis market (The Times £). Imperial Brands, maker of Davidoff and Gauloises cigarettes, has made its biggest investment yet in the cannabis sector with a £75m deal to take a stake in Canadian company Auxly Cannabis Group (The Financial Times £).
Amazon’s move to one-day shipping reinvigorated revenue growth in the second quarter but cost more than the ecommerce company anticipated, causing it to miss Wall Street’s earnings estimates and end a run of record quarterly profits (The Financial Times £). Amazon’s year-long run of record quarterly profits came to an end last night as it missed Wall Street’s earnings forecast but reported sales that beat expectations (The Times £). Amazon shares plunged last night as the online retail giant’s second quarter profits disappointed investors (The Daily Mail).
Creditors to Patisserie Valerie have appointed a new administrator to succeed KPMG, raising the prospect of legal claims against the failed UK bakery chain’s auditor Grant Thornton. Luke Johnson, the former chairman of Patisserie Valerie, and HM Revenue & Customs, are among the creditors to have picked FRP Advisory, a restructuring firm that will investigate whether it can pursue legal claims against Grant Thornton. (The Financial Times £)
Some of Unilever’s best-known brands, including Marmite, Pot Noodle and Bovril, could be sold if they fail to “have a purpose” and meet the company’s sustainability goals, the consumer group’s boss warned yesterday (The Times £). Unilever has warned it will sell off brands that do not contribute positively to society, with British favourite Marmite and Magnum ice-cream among the big names thought to be vulnerable to a cull linked to the company’s sustainable business agenda (The Guardian).
Unilever blamed poor weather in early summer for a drop in ice-cream sales as it revealed it had missed profit estimates for the first half of the year (The Financial Times £). Consumer goods giant Unilever suffered a slowdown in sales as the Magnum-maker said poor weather in Europe and North America had hurt sales of its ice creams (The Telegraph). Unilever missed its profit forecast for the first half of the year, blaming poor weather across Europe and North America which hit its ice cream sales (The Daily Mail).
Whisky with a theme based on Game of Thrones and a growing global thirst for gin have helped to lift Diageo’s profits (The Times £). The boss of the world’s biggest spirits company has challenged Boris Johnson to better support Britain’s exporters (The Telegraph). Drinks group Diageo enjoyed double-digit sales growth across its Gordon’s and Tanqueray gin ranges across Britain in the last year (The Daily Mail).
Diageo, the drinks firm behind Guinness and Johnnie Walker whisky, said it was keeping one eye on the North American cannabis industry, as soaring gin and tequila sales helped boost profits. (The Guardian)
Is Diageo’s £4.5bn capital return to investors a short measure, asks The FT’s Lombard column, noting that investors seemed unimpressed despite soaring sales of gin and tequila. “Despite reporting soaring sales of its smoother-tasting tequilas and gins, when the company came up short against earnings and free cash flow estimates — and served up a smaller return of capital — its shares fell 2%.” (The Financial Times £)
As Tesco celebrates its 100th anniversary, boss Dave Lewis declares in The Mail: The spirit of Jack Cohen still reigns supreme. “Lewis is in a chipper mood, despite the difficulties facing the supermarkets in a hyper-competitive environment overshadowed by Brexit instability and the running sore of business rates.” (The Daily Mail)
Anheuser-Busch InBev’s chief executive said the heavily indebted brewer had “no need” to sell additional assets after last week’s decision to sell its Australian business to Japan’s Asahi for $11.3bn. (The Financial Times £)
Starbucks on Thursday lifted its outlook for annual revenues and profits after the US coffee chain boosted quarterly sales by the most in three years, sending shares up 6 per cent in after-hours trading. (The Financial Times £)
Casino said on Thursday that it will scrap its dividend for 2020 and accelerate a reduction in its debt pile, as the French retailer seeks to shore up its financial position amid a wider restructuring of the group controlled by its chief executive Jean-Charles Naouri. (The Financial Times £)
Carrefour said on Thursday after the market close that accelerating momentum in the second quarter helped it to beat analysts’ sales estimates, early signs that a transformation plan at the world’s second-largest retailer by revenues is starting to take hold. (The Financial Times £)
The UK could face a turkey shortage this Christmas as a heatwave in France has resulted in dwindling supplies of eggs for farmers. (The Guardian)
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