Morrisons, which recently lost its place as Britain’s fourth biggest supermarket chain, reported a near halving of profits in the third quarter as “unprecedented inflationary pressures” hit its food manufacturing operations (The Financial Times £).
Morrisons said adjusted profit had fallen to £177m in the 13 weeks to the end of July from £356m in the same quarter last year (The Times £).
Sales for the period rose by 4.5% to almost £4.8bn but were down by just over 3% once new store openings were excluded (The Guardian).
Boss David Potts said it was ‘clear’ the cost of living was starting to change habits as shoppers choose cheaper brands and bargains (The Mail).
Food prices in the UK have soared by a record 10.6% this month, as the war in Ukraine continues to drive the cost of staples such as margarine, pasta and tinned tomatoes to new highs (The Guardian).
The Financial Times (£) runs an interview with outgoing Mars boss Grant Reid on succession, family businesses and eating his own dog food.
The challenges of two years of Covid and its associated restrictions finally ended for Shepherd Neame yesterday as Britain’s oldest brewer raised a glass to a return to profit and revenue growth (The Times £).
Shepherd Neame has bounced back to profit but warned that a full recovery would take ‘longer than originally anticipated’ due to major inflationary pressures (The Mail).
Britons get less sleep, do less sport and are fatter than people in other countries, according to a new study comparing international health and lifestyles (The Times £). The research found that Britons also eat less fruit and veg than most other nationalities, although they are much less likely to smoke.
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