Brits cutting spending sends profit warnings soaring October 24, 2022 Brits cutting spending in response to the cost of living crunch has driven a sharp uptick in the number of businesses warning profits will fall short of expectations, a new report out today shows. Some 86 listed companies issued a profit warning in the three months to September, up from 51 over the same period [...]
Tesco raises price of meal deal due to soaring cost of food October 21, 2022 Tesco has raised the price of its well-liked lunchtime meal deal for the first time in a decade as the cost of food soars. The supermarket giant said its meal deal “continues to represent excellent value” but soaring food prices has forced it to up the cost. Inflation is currently at 10.1 per cent while [...]
Retail sales volume fall to 1.3 per cent lower than pre-covid levels as cost of living bites October 21, 2022 Retail sales volumes have plummeted to 1.3 per cent lower than pre-coronavirus levels as rising prices and the cost of living continues to bite. Latest figures from the Office for National Statistics show sales volume on the high street were down by 1.4 per cent in September, though data was impacted by a bank holiday [...]
Deliveroo posts growth in Q3 despite tough consumer environment October 21, 2022 Deliveroo continued to benefit from stable growth in the third quarter of the year, as it looked to expanding its offering across the UK and Middle East. The fast-food delivery giant had year-in-year growth in Q3 with gross transaction value (GTV) per order up six per cent, despite orders being down one per cent, driven [...]
Letters: Dealing with the price of milk October 21, 2022 [Re: Food price hikes will become baked in if we can’t choose a fiscal policy and stick with it, yesterday] Can our food prices really become more expensive? I’m not asking, technically if they can – that I’m sure they can do, but can we afford for them to go any higher without Britain becoming [...]
Food price hikes will become baked in if we can’t choose a fiscal policy and stick with it October 20, 2022 Yesterday marked a grim milestone. Food and drink price inflation hit its highest recorded level since the 1980s. In the year to September, it has jumped to 14.6 per cent and the rise in food prices has helped push overall inflation over 10 per cent. What’s more, it hasn’t peaked yet – prices will certainly [...]
Bank of England to launch record rate rise to step up fight against 40-year high inflation October 19, 2022 The Bank of England will have to hike interest rates by a record whole percentage point at its meeting on 3 November, City economists are betting today after inflation returned to a 40 year high of 10.1 per cent last month. Prices are still rising sharply despite the Bank already lifting borrowing costs seven times [...]
Nestlé has strongest sales growth since 2008 after inflation leads to 7.5 per cent price rises October 19, 2022 Inflation forced Swiss food giant Nestlé into 7.5 per cent price rises, leading to the highest sales growth in 14 years. The chocolate maker announced organic growth of 8.5 per cent for the nine months of 2022, saying “significant cost inflation” was the driver of its price increase. Its sales were up 9.2 per cent [...]
Dealmaker’s Spotlight: Evercore October 17, 2022 Datasite recently spoke with Alexander Asher, Vice President, Consumer-Retail Team at Evercore, to hear his thoughts and insights on market conditions, trends, and technology. Evercore is a premier global independent investment advisory firm. Founded in 1995, the firm has advised on over US$4.7 trn M&A and restructuring transactions. Headquartered in New York, it has 17 advisory [...]
Inflation and supply chain woes take their toll on UK’s chemical sector October 17, 2022 The chemical sector has reported its first quarterly fall in sales since the height of the pandemic, according to the latest sector data.