Asda has ousted its latest chief executive as it fights to win back sales from rival supermarkets, writes The Daily Mail. The chain is parting ways with Sean Clarke, who will leave at the end of the year – just 18 months after taking on the top post. His departure comes just weeks after Asda reported its first quarterly sales growth in three years. However, the store’s market share is still down under his leadership (The Daily Mail).
Walmart has replaced the chief executive of its struggling UK division for the second time in 18 months, tapping chief operating officer Roger Burnley to try to reinvigorate Asda as the chain cedes ground to discounters Aldi and Lidl (The Financial Times £). Retail experts expressed surprise yesterday at the timing of the succession, but not in the choice of Mr Burnley, who had been seen as the heir apparent (The Times £). Asda has parted company with its chief executive after only 18 months, despite recent signs that a trend of falling sales, amid a price war with discounters Lidl and Aldi, was being arrested (The Guardian).
Sky’s Ian King writes: “At various points, during recent years, it has been claimed that chief executive of Marks and Spencer/Tesco/Morrisons/Debenhams (delete as applicable) has the “toughest job in British retailing”. Today, though, it is hard to avoid suggesting that being chief executive of Asda is actually harder than any of those admittedly demanding jobs.” (Sky News)
Mondelez posted a better-than-expected third quarter profit, as the maker of Cadbury chocolates and Oreo cookies continues to cut costs to combat soft sales. (The Financial Times £)
Lucozade Ribena Suntory boss Peter Harding has given an interview to The Telegraph on how the group’s drinks “can be fuel for healthier living” after it changed the recipes for Lucozade and Ribena to cut their sugar content by half. (The Telegraph)
Some high street lunch meal deals contain the equivalent of up to 30 teaspoons of sugar, according to a survey by a health group which criticises retailers for including super-sized fizzy drinks and calorific snacks such as chocolate and sweets. (The Guardian)
The number of wine producers in Britain has jumped 13% over the past year to meet the booming demand for “boutique” drinks, which has also propelled the growth of craft breweries and independent distilleries across the country. (The Telegraph)
Credit card borrowing rose for the first time in five months in September as Britons continued to rack up unsecured debt. (The Times £)
A cocktail of drink and drugs is not normally to be recommended, but Constellation Brands is hoping that it can prove a recipe for success. The New York-listed beer, wine and spirits group has announced a deal to acquire a 9.9%stake in Canopy Growth Corporation, a Canadian provider of medicinal cannabis products, for C$245 million (£145m). (The Times £)
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