Profiteering? Supermarkets to face Parliamentary grilling this week June 25, 2023 Supermarket bosses will be probed this week on whether or not they are profiteering from high prices. Lead figures from UK ‘Big four’ grocers, including Morrison’s boss David Potts, will face questions from MPs on Tuesday on red hot food and fuel prices, and when customers might see price falls. Sainsbury’s’ food commercial director, Tesco’s [...]
Ex Asda boss: Cutting prices for cash-strapped Brits is ‘very important’ after Sunuk plea June 23, 2023 Supermarkets regard cutting prices as “very important”, according to a former boss of Asda, after the Prime Minister warned retailers about pricing “responsibly and fairly”. Andy Clarke, who served as Asda’s chief executive officer between 2010 and 2016, said the big chains were “heavily focused” on competitive pricing as the industry hit back over suggestions [...]
Hotel Chocolat shares plummet 13 per cent after profit warning on flagging consumer sentiment June 23, 2023 Hotel Chocolat shares have plummeted by around 12 per cent as the premium brand is expected to be back in the red. The retailer, which has fallen victim to cash-strapped Brits cutting back on luxuries, said it now anticipates revenue of £201.8m and underlying profit before tax of £0.3m for the 2023 financial year. It [...]
Morrisons loyalty scheme helps hike sales to £3.7bn June 22, 2023 Morrisons has recorded a 0.9 per cent decline in group revenues, blaming a slowdown in sales across its petrol stations. During the quarter, its total sales excluding its fuel offering rose by 3.1 per cent to £3.7bn, and sales across its wholesale channel were also up 20 per cent. The former ‘Big Four’ grocery, which [...]
Explainer: Not the best time to be a university student in the UK June 22, 2023 It hasn’t been a very cheerful week in the world of economic news. Today the Bank of England raised interest rates for the thirteenth time in a row. Mortgage payments keep on going up, as rates continue to rise. Everyone is affected – families, individuals young and old, and students too. It’s not surprising then [...]
DS Smith: Inflation can’t keep profits boxed up for Amazon cardboard provider June 22, 2023 DS Smith reported soaring profits and trading in line with expectations in its full year results this morning, as the package specialist continued to show strong resistance to high inflation and rising paper costs. The London-listed group – which delivers boxes and paper products to companies including Amazon and Brewdog – saw pre-tax profits up [...]
Government accuses peers of seeking to delay controversial strike reforms June 21, 2023 The government has accused peers of trying to delay controversial strike reforms that unions fear will make it easier to sack workers. The House of Lords had made a series of amendments to the Strikes (Minimum Service Levels) Bill aimed at protecting workers and trade unions, plus requiring the government to consult further on the [...]
UK inflation smashes forecasts again raising chances of larger Bank of England interest rate hike June 21, 2023 UK inflation is still outpacing experts’ predictions and is running at a level that could lure the Bank of England into an outsized interest rate hike tomorrow, heaping more pain on families and businesses. Official figures out this morning from the Office for National Statistics (ONS) showed the rate of price hikes held steady at [...]
Gemfields unveils bumper £63.1m sales as rubies prove recession resistant June 21, 2023 Gemfields has announced a hefty hike in revenues at its latest ruby auction, with buyers embracing coloured gemstones.
Halfords profits tumble by £38.3m but expects ‘strong growth’ June 21, 2023 Halfords reported a £38.3m drop in annual profits as the group was hit by a decline in consumer demand for cycling following its lockdown boom and a tough economic climate. For the year, underlying profit before tax slumped to £51.5m compared to £89.8m the prior year and £56m during the pandemic as the retailer invested [...]