Ocado appoints CEO to head up new technology division to focus on robotics handling July 28, 2022 Online grocer and tech firm has appointed its current chief operating officer to a new role as top boss of a new Ocado division. Mark Richardson will step into the newly-created role of CEO as a new business which will extend Ocado’s “product offering into new market sectors alongside grocery.” The upcoming launch of products [...]
Meta: Instagram owner has first ever fall in sales revenue but monthly Facebook usage grows July 28, 2022 Facebook and Instagram owner Meta had its first ever drop in sales revenue in the first time in its history. The social media giant’s revenue stood at $28.2bn in the first three months up to June this year, down from $29bn in the same period last year, marking a one per cent fall. The Mark [...]
Shopping centre owner Hammerson sees profits surge as footfall recovers pre-Covid levels July 28, 2022 Property developer Hammerson today said its adjusted earnings had more than doubled on last year, as higher rents as a result of the UK and Europe’s economic from Covid bolstered the shopping centre owner’s business. The London headquartered property investor said its adjusted earnings had increased 154 per cent year on year, after its like-for-like [...]
Sales overflow for drink giants Diageo and AB InBev as consumers still opt for pricey tipples July 28, 2022 Global drinks titans Diageo and AB InBev have reported overflowing sales after the easing of Covid lockdowns has driven punters back into bars. Johnnie Walker maker Diageo posted net sales of £15.5bn, an increase of 21.4 per cent, which it accredited to the pub and bar sector recovering from the side effects of Covid 19 [...]
Nestlé sees resilient demand from shoppers despite Kit-Kat maker boosting prices July 28, 2022 Kit-Kat maker Nestlé was the latest household name to declare that price increases for consumers had failed to offset demand, with sales surging. The London-listed firm admitted it had put up prices 6.5 per cent this year but saw profits soar in six months regardless. In half-year results, the consumer goods giant said total reported [...]
Frasers Group acquires fast fashion website I Saw It First after rescuing Missguided July 28, 2022 Mike Ashley’s retail emporium Frasers has inked a deal to acquire fast fashion firm I Saw It First. In an announcement on the London Stock Exchange on Thursday morning, the Sports Direct owner confirmed The Telegraph’s reports that it was to poach the website. I Saw It First was created by Jalal Kamani in 2017, [...]
Heritage campaigners and M&S roll up sleeves for public inquiry over Oxford St flagship store July 27, 2022 Heritage campaigners have started crowdfunding to battle Marks and Spencer’s plans to demolish its 1929 flagship Oxford St store this autumn. M&S hopes to demolish the Marble Arch building, which it says has “asbestos throughout,” to create a new 10-storey building, with office space and a gym. A two-week public inquiry in October will assess [...]
Food delivery share prices could ‘meaningfully recover’ next year as firms approach profitability July 27, 2022 While food delivery stocks have experienced turbulence lately, the Royal Bank of Canada said there was potential for shares to “meaningfully recover” as start-ups approach profitability. Former City darlings Deliveroo and Just Eat Takeaway have seen their share prices plummet by some 72 per cent and 77 per cent in the past year, despite blockbuster [...]
Visa hails return of travel as revenues fly to £6bn July 27, 2022 Bosses at payments giant Visa hailed the return of travel yesterday as a rebound in summer holidays helped push revenues up 19 per cent in the third quarter of the year.
McDonald’s hikes price of cheeseburger for first time in over 14 years July 27, 2022 McDonald’s has announced it is raising the price of its signature cheeseburger for the first time in 14 years, as cost increases continue to bite consumers and businesses. In a note to fast-food fans, the US titan said that “today’s pressures mean, like many, we’re having to make some tough choices about our prices.” It [...]