Primark owner ABF thanks sunny spells, digital push and inflation for 13 per cent sales hike June 26, 2023 Primark owner Associated British Foods (ABF), has credited warm weather and a revamp of the affordable fashion brands website for a 13 per cent rise in sales – hiking its share price 0.61 per cent when markets opened this morning. The retail giant which also brand such as Twinings, said like for like sales grew [...]
Jeremy Hunt to meet CMA, Ofgem, Ofwat and Ofcom over ‘profiteering’ concerns June 26, 2023 Jeremy Hunt will ask industry regulators what they are doing about any companies exploiting rampant inflation by raising prices. The Chancellor is set to meet the Competition and Markets Authority (CMA), and the watchdogs for energy, water and communications on Wednesday. He will press them on whether there is a profiteering problem in their sectors [...]
Whole Foods: Inflation takes bite out of Amazon owned grocery store June 25, 2023 The Amazon-owned UK division of Whole Foods has seen a rapid decline in earnings for the year as soaring inflation makes Brits hesitant to fork out on its pricey goods. Whole Foods UK reported operating losses of £26.9m up from £17.2m the prior year and its sales also fell to £91.6m down from £94.3m. Amazon [...]
Bank of England and others may have to keep rates ‘higher for longer’ to crush inflation June 25, 2023 The Bank of England and the rest of the world’s top monetary authorities’ fight against roaring inflation “is not yet done,” one of the globe’s leading economic institutions has warned. In its annual analysis on the state of the world economy released today, the Bank for International Settlements (BIS), often referred to as the “central [...]
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 [...]
FTSE 100: London markets dip as investors fret over interest rate pain June 23, 2023 London’s premier FTSE 100 index has tumbled at the open this morning as investors grapple with the Bank of England’s move to hike rates to their highest level in 15 years yesterday.
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 [...]
Soaring inflation forces Brits to tighten belts on groceries as summer clothes, DIY and fuel sales pick up June 23, 2023 Brits are still splashing the cash amid soaring inflation, with retail sales estimated to have increased by 0.3 per cent last month off the back of non-food splurging. The main driver of sales was online, with non-store selling volumes up by 2.3 per cent, while food store sales were down by half of one per [...]
Bank of England hikes interest rates by 50 points to five per cent after inflation shock June 22, 2023 The Bank of England today reverted to steeper interest rate rises in a sign that embattled Governor Andrew Bailey and co have been spooked by much tougher than feared inflation. Bailey and the rest of the monetary policy committee (MPC) – the nine-strong group who set official interest rates in Britain – backed a 50 [...]