Marks & Spencer has reported a better than expected jump in profits but warned that measures in last week’s budget could cost the company more than £60m next year (Guardian). The retailer reported a strong first half as growth in its food division helped increase profit before tax by 20.4% to £391.9m in the six months to 28 September (Times). M&S was boosted by a better sales performance in its Ocado Retail joint venture (Daily Mail).
The immediate aftermath of Donald Trump’s presidential win yesterday gave an insight into what his trade policies could mean for the food and farming industry: Chicago’s soya bean futures fell by almost 2% while wheat and corn prices also dropped, largely due to fears over a new trade war with China (Guardian). Markets believe the policies of a second Trump term will be inflationary (Daily Mail). Chancellor Rachel Reeves has said she is “confident” trade flows with the US will continue under Trump despite his proposal to put up tariffs (Sky News).
Advertisers are set to spend a record £10.5bn in the UK over the Christmas season, according to the Advertising Association and data provider WARC, with campaigns already launched by supermarket chains such as Marks and Spencer, Aldi and Waitrose. The record spending to attract shoppers represents a 7.8% increase from the £9.7bn spent last year (Financial Times).
The government has been told by Don Foster, chairman of the House of Lords justice & home affairs committee, to stop using the term “shoplifting” to describe theft from the high street because it trivialises a serious offence involving organised criminal gangs (Telegraph).
Boots’s links to the transatlantic slave trade have been revealed in new research that shows how the proceeds of enslavement became entangled with British capitalism (Guardian).
The families behind the historic London wine merchant Berry Bros & Rudd fear that the government’s changes to the inheritance tax regime threatens their continuing ownership of the 376-year-old business (Times).
Nigella Lawson has issued an impassioned paean to the Greggs sausage roll amid reports of a row that threatened to cast a shadow over her appearance in the bakery chain’s first ever Christmas advert (Guardian).
Budget tax measures and the prospect of Donald Trump raising tariffs after his presidential election victory will “drive publicans to drink”, the boss of JD Wetherspoon, Tim Martin, has said (Telegraph). As a result of the substantial rise in costs “all hospitality businesses, we believe, plan to increase prices”, he said (Times). However, he was still confident of achieving a “reasonable outcome” this financial year (Daily Mail).
Carrefour CEO Alexandre Bompard is examining a range of strategic options including disposals as the retailer’s share price lags (Financial Times).
Beyond Meat cut the top end of its annual revenue forecast on Wednesday, as cost-conscious consumers reined in spending on its expensive faux meat products and switched to cheaper alternatives (Reuters).
Coty on Wednesday said it expects annual profit to come in at the low end of its forecast, as weak demand for beauty products in major markets offset gains in the fragrance segment (Reuters).
Elf Beauty raised its forecasts for annual sales and profit on Wednesday, betting on its efforts to sell cosmetics such as lip oil and liquid blush at affordable price points (Reuters).
No comments yet