Food inflation reaches 14.5 per cent and looks set to remain high, new data reveals March 1, 2023 Food inflation reached a staggering new high of 14.5 per cent in February, according to new data, with retail groups predicting that prices will continue to rise over the coming months. While inflation more broadly has started to come down, food inflation soared to 14.5 per cent in February, up from 13.8 per cent the [...]
B&M to close four more stores but warns it has ‘nothing to do’ with diminishing high street February 28, 2023 B&M is closing more stores across Britain in the coming weeks, however the discount retailer has warned that it is “nothing to do with the diminishing highstreet”. The retailer, which sells home goods and electronics, will close four stores in total across the UK – having previously announced the closure of two sites. According to [...]
Kop of living crisis: Soaring bills hit Liverpool’s bottom line February 28, 2023 It seems that even the world’s richest football clubs are not immune to the cost of living crisis after soaring bills put a dent in Liverpool’s profits. The Premier League club achieved record revenues of £594m last season but turned a pre-tax profit of just £7.5m following a steep rise in matchday overheads. The return [...]
Cost cutting efforts working: AO World’s outlook upped for third time in three months February 28, 2023 Online electricals retailer AO World has hiked it annual earnings outlook for the third time in just over three months as it said cost-cutting efforts were paying off. The Bolton-based group said its profitability has seen a better-than-expected improvement as it drives cost savings thanks to a “resilient” customer base. AO World said price increases [...]
Ocado blames ‘macro economic and political headwinds’ for a drop in sales and widening losses of £500m February 28, 2023 Online grocer Ocado has reported a 3.8 per cent fall in sales, claiming its business model has been “tested” in 2022. In its results for the full year year, Ocado posted retail revenues of £2.20bn, down from £2.28bn the previous year. The firm also posted a harrowing loss before tax of £501m for 2022 up [...]
Primark owner Associated British Foods ‘dodging most economic bullets’ as outlook improves February 27, 2023 Primark owner Associated British Foods has upped its outlook for the full year after reporting a jump in sales at the budget fashion chain as consumer spending held up better than expected. The group said sales at the retailer, which has 419 stores, are set to rise by 16 per cent at actual exchange rates [...]
Getting warmer: Have heat pumps finally cracked the mainstream market? February 27, 2023 A price war for heat pumps was triggered last month, when British Gas owner Centrica unveiled a £3,000 product for households.
Growers warn leek supply will be exhausted by April as Therese Coffey tells Brits to eat turnips February 24, 2023 Growers are warning of a leek shortage that will see British-grown supplies exhausted by April. High temperatures and a lack of rain, followed by a period of cold weather, are being blamed for creating the “most difficult season ever”. Supermarkets are already limiting the sale of tomatoes and other fruit and vegetables because of a [...]
Embattled Love Hemp dragged out of weeds by ‘special purpose’ CBD investor for undisclosed sum February 23, 2023 Embattled CBD brand Love Hemp has been rescued from collapse, weeks after the cannabis firm was forced to draft in administrators amid plummeting sales. The group, which has been promoted by boxer Anthony Joshua, was acquired for an undisclosed price by Portillion SPV1 Limited. The group has been recently founded by Kamran Sattar, the chief [...]
FCA warns firms to act now or risk falling foul of incoming consumer duty regime February 22, 2023 Firms must act now to prepare for a new consumer duty, a boss at the City regulator has said. Sheldon Mills, executive director of competition and consumers at the Financial Conduct Authority (FCA), told firms: “You still have time to deliver. But you must act now.” Speaking at an online event hosted by Deloitte marking [...]