Nestle sales outlook brightens after strong first half July 27, 2023 Nestle improved its full-year organic sales outlook and reported better-than-expected first-half organic sales, as the world’s biggest packaged food company again raised prices to cope with higher input costs. Nestle said it is narrowing its full-year organic sales growth guidance – which does not include the impact of currency movements and acquisitions – to a [...]
Fish and chip-per: ‘Classic’ pub grub leads the way for Marston’s surging sales July 26, 2023 Marston’s thanked warmer weather in June and appetite for classic pub like fish and chips grub for a surge in like-for-like sales for the 16 weeks ended July. Unusually hot spells at the start of summer drove customers to pubs, with more people drinking and dining out hiking like-for-like sales by 10.9 per cent. Group [...]
Hunt tells banks and energy firms to use profits to support customers and avoid a ‘fiscal intervention’ July 26, 2023 Chancellor Jeremy Hunt has urged big banking and energy firms to use their profits to help customers with the cost of living crisis, and avoid intervention from the Government. In an article calling on corporations to support the public through Britain’s ongoing economic woes, he appealed to firms to be more responsible, pitching a “social [...]
Small business confidence slumps amid rising rates and stubborn inflation July 26, 2023 Confidence among small businesses slumped in the second quarter as the impact of rising rates and a stalling economy hit SMEs. The Federation of Small Business’s (FSB) Small Business Index fell to minus 14.2 points in the second quarter, down 11.4 points in the first quarter of the year. The fall in confidence reflects the [...]
Supermarket meal deals help convenience food maker Greencore deliver solid revenues July 25, 2023 Convenience food maker Greencore has said the number of sandwiches sold as part of supermarket meal deals has reached record highs as it reported solid quarterly revenues. The Irish business, which supplies sandwiches and sushi to the likes of M&S and Waitrose, said 52 per cent of supermarket sandwiches are now bought as part of [...]
Food promotions now make up 22.5 per cent of grocery sales – and it’s up a fifth from last year July 25, 2023 Promotions on food and other items now account for 22.5 per cent of grocery sales, as Brits continue to seek out bargains amid the cost of living crisis. The figure has risen from 20 per cent last year in the same period last year and is the highest over the past 12 months excluding Christmas and [...]
Utilita boss: We’ve got ‘no faith’ in Ofgem’s ability to manage the market July 25, 2023 The price cap is still "the biggest single risk to supplier profitability," warned Utilita boss Bill Bullen, as he called for more household support.
UK recession risk just got a whole lot lower after inflation undershoot July 25, 2023 From the Bank of England to recession warnings, Jack Barnett gets under the skin of Britain’s economy in his weekly column Bank of England Governor Andrew Bailey would not have been the only person in the City last week breathing a sigh of relief after the better than expected inflation numbers. It was the first [...]
The Notebook: Kokou Agbo-Bloua on fashionomics, inflation musings and our broken food system July 25, 2023 Where interesting people say interesting things. Today it’s Kokou Agbo-Bloua, global head of economics, cross-asset & quant research and UK head of research at Societe Generale Fashionomics: The Good, The Bad and The Ugly Since the dawn of time, clothing has been an important part of our human experience. We lost our fur at least [...]
UK inflation will top Bank of England two per cent target until end of 2024, EY claims July 24, 2023 Inflation will top the Bank of England’s two per cent target for over a year, hobbling UK economic growth and eroding workers’ finances, new forecasts out today claim. Prices are set to ease much slower than previously expected due to food and energy costs remaining elevated, according to consultancy the EY Item Club. UK inflation [...]