France: Carrefour has warned its half-year profits will drop 23% to 760m because of weak sales in its domestic market. The retail giant, due to report first-half figures next month, said sales were down 3.3% in the first six months of the year in its French hypermarkets, but growth in its smaller format stores meant sales were down 1% overall. Group sales rose 2.5%, boosted by a strong performance in emerging markets.
USA: Dean Foods has reached an out of court settlement with a group of dairy farmers in South Eastern states over milk prices. Under the proposed settlement agreement, Dean Foods will pay $140m over a five-year period into a fund for the affected farmers. "We continue to be confident that we have operated lawfully and fairly at all times in the South East," said chairman and CEO Gregg Engles.
Campbell Soup Company is to unveil a new "strategic direction" next month following the appointment of new CEO Denise Morrison. The company will focus on simple meals, baked snacks and healthy beverages, as well as NPD and international expansion. "During the past nine months, Campbell's new leadership team has worked on a comprehensive strategic review in which we have examined our business with fresh eyes and charted a new course for our company," Morrison said.
South Africa: Massmart, which was acquired by Walmart last month, is eyeing local fresh produce supplier Fruitspot. "We have submitted an application to the Competition Commission in relation to a 100% acquisition of Fruitspot," a spokesman told Reuters. "The acquisition is consistent with our strategy to grow Massmart's fresh fruit and vegetables proposition to customers."
China: Nestlé is to acquire a 60% stake in Chinese confectionery company Hsu Fu Chi for $1.7bn. Hsu Fu Chi's portfolio includes sugar confectionery, cereal-based snacks, packaged cakes and the traditional Chinese snack sachima. The Hsu family will own the remaining 40% stake and Hsu Fu Chi's current CEO and chairman Hsu Chen will continue to lead the company.
No comments yet