Food inflation hits Christmas dinner as fresh turkey prices up by 45 per cent December 14, 2022 Brits shopping for the key groceries for their Christmas dinner are facing eye-watering price increases, as the price of fresh turkey has rocketed by as much to 45 per cent. Shortages arising from an outbreak of bird flu now mean that fresh turkey prices have soared in recent weeks, while choices for consumers are also [...]
Watches of Switzerland backs full-year guidance as luxury demand still buoyant December 14, 2022 Watches of Switzerland has said it is sticking to its full-year guidance for 2023 as there continues to be strong demand for luxury watches. In half-year results, the London-listed retailer said revenue from luxury watches made up 87 per cent of group revenue, with sales growth of 31 per cent versus the previous year. Group [...]
Profit surge for Zara owner Inditex despite shoppers’ fears of inflation December 14, 2022 Zara owner Inditex has seen sales and profit boosted, against a backdrop of a torrid consumer environment for fashion firms. The Spanish fashion giant posted a 24 per cent jump in net profit in the first nine months of its financial year, despite what CEO Óscar García Maceiras described as a “challenging context.” Sales online [...]
Odeon leaks losses two years after pandemic as UK-wide admissions below 2019 levels December 13, 2022 The UK’s biggest cinema chain Odeon is still spooked by COVID-19 with the industry suffering a £5bn loss. The company saw losses of £37,199,000179 with only 74 million people coming to cinemas, compared to 2019’s 179 million people Recent monthly admission numbers from the UK Cinema Association show that attendance in 2022 continues to be low. [...]
Cooking up a storm: Recipe biz Mob will be ‘smart about revenue’ amid recessionary hit on digital ads December 13, 2022 Recipe social media firm Mob has said it will move away from third-party revenue streams this year as digital advertisers’ budgets shrink. Ben Lebus, founder of the food-focused platform and recipe book business, told CityA.M. the firm needed “to be really smart about where we’re getting revenue from” amid the economic crunch. Mob, which has [...]
Nairobi expat community puzzled by missing Brit found four days later drinking ‘keg’ in local slum bar December 13, 2022 There is widespread disbelief and somewhat bemusement among expats and locals in the Kenyan capital of Nairobi, after a British national went missing but was found four days later drinking in a slum bar on the city’s outskirts. Last Tuesday, friends of 22-year old Nelson Newbery, originally from London, sounded the alarm after the young [...]
In a world first: New Zealand imposes lifetime tobacco ban on anybody born after 1 January 2009 December 13, 2022 New Zealand today passed into law a unique plan to phase out tobacco smoking by imposing a lifetime ban on young people buying cigarettes. The law says that tobacco cannot ever be sold to anybody born on or after January 1, 2009. It means the minimum age for buying cigarettes will keep going up and [...]
Poundland owner Pepco to accelerate plan for new stores as profit booms December 13, 2022 Poundland owner Pepco will accelerate its store rollout strategy as it looks to entice cash-strapped shoppers, after posting elevated profit. The discount retailer said it was taking an increased focus on new stores in Western Europe and a refit programme in Central and Eastern Europe. Pepco was upping its annual capex spend to between €350m [...]
Silverwood snags stake in shower gel maker Lush for £217m December 12, 2022 Silverwood has acquired a 19.8 per cent stake in shower gel seller Lush as the investment firm says it is well placed for “generating new ideas to invigorate and strengthen” the retailer. Silverwood said the total consideration for the purchase of Lush sale shares sat at around £216.8m. This would be satisfied via an issue [...]
Fever-Tree names new chair to head tonic water titan December 12, 2022 Fever-Tree has appointed Domenic De Lorenzo to chair the tonic water giant. De Lorenzo, will step into the role after the London-listed beverage maker’s annual general meeting in May 2023. He is set to take up the reins from Bill Ronald, who was appointed as chair in 2013 and oversaw the company’s stock market listing [...]