Our relationship with China has been overhauled, but it’s still a crucial one for the City April 27, 2023 Next Monday, Virgin Atlantic planes between London Heathrow and Shanghai will resume. This reopens many symbolic and actual possibilities for our relationship with China, writes Juha Jarvinen
Nestlé: Nespresso and Kit-Kat maker hikes prices and sweetens sales growth April 25, 2023 Share price in Kit-Kat maker Nestlé were up as the food giant beat profit expectations while hiking the price of its goods. The Swedish packager, which owns brands such as Nespresso, Smarties Nesquik and Maggi stock cubes, reported a sales growth of 5.6 per cent to CHF23.5bn (£21.2bn) in the first leg of the year [...]
Grocery inflation dips by just 0.2 per cent as Aldi now has a tenth of the market April 25, 2023 Grocery price inflation dipped slightly in April – but consumers are still paying 17.3 per cent more than this time last year, figures show. Kantar warned that the fall from last month’s 17.5 per cent only meant that prices were not increasing as quickly after 10 months of double-digit growth. As consumers continued to find [...]
Primark owner claims fast fashion still a draw as cost of living crisis boosts sales April 25, 2023 Primark owner Associated British Foods (ABF) has reported a slight dip in its adjusted operating profit as the retail and grocery giant felt the pain of soaring inflation and a tough economic climate. For the 24 weeks to 4 March, the group’s adjusted operating profit came in three per cent lower at £684m, compared to [...]
LVMH becomes first European company to reach $500bn in market value April 24, 2023 LVMH became the first European company to reach $500bn (£401bn) in market capitalisation on Monday morning as the luxury retailer was strengthened by a renewed demand from Chinese consumers. According to reports published in The Financial Times, shares in the Paris-listed company rose 0.3 per cent against last week’s close to €903.7 (£799) shortly after [...]
Only five UK retailers issued profit warnings in first leg of 2023, but experts warn of challenges April 24, 2023 Only five UK retailers raised concerns about their profits in the first leg of 2023. However, the sector has warned that challenges remain for shops and the high street. According to data by accountancy firm EY, the number of profit warnings issued by retailers fell by 44 per cent in quarter one compared to the [...]
Week Ahead: Aldi and Lidl tightening the screw on Sainsbury’s as retailers fight to retain price-wary customers April 23, 2023 The supermarket giant is set to report a fall in annual pre-tax profits this week, posting up to £690 million, down from £730 million last year. According to the latest Kantar survey, Sainsbury’s reported a strong 12-week sales growth of 12 per cent at the end of March, but fell short of rivals Aldi and [...]
Bed Bath & Beyond files for bankruptcy protection, begins liquidation sale April 23, 2023 Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday after the home goods retailer failed to secure funds to stay afloat, and has begun a liquidation sale. The home goods retailer, which shot to popularity in the 1990s as a go-to shopping destination for couples making wedding registries and planning for new babies, [...]
YSL splashes out record rent on Bond Street as luxury sector shrugs off cost of living concerns April 23, 2023 Luxury goods company Kering is set to pay a record rent for the UK, after agreeing a lease for Bond Street’s Yves Saint Laurent store. Market sources told The Sunday Times that Kering will cough up £13m a year for the six-storey West London store, beating Ralph Lauren’s previous record of £11m. The luxury group [...]
Asos hit by “dark destroyer” short seller April 23, 2023 Struggling online retailer Asos has been hit by a big short attack from the hedge fund Shadowfall as it attempts to recapture its pandemic-era lustre. Matthew Earl, head of investment firm Shadowfall, nicknamed the “dark destroyer”, has built a short position in Asos worth about £4m, the Sunday Times reported. Asos is the second most [...]