First Kingfisher now Wickes: DIY drop off dents profit for home improvement – but it’s not all bad news March 23, 2023 Wickes has seen a drop in profits for the year as consumers’ love for home improvements took a dent from rising costs, despite the company reporting ‘record’ sales. The DIY retailer posted pre-tax profits of £75.4m down from a “record” £85.0m in 2021 when Brits were engulfed in a number of circuit breaker lockdowns and [...]
Budweiser hints at future price rises as cost inflation starts to bite March 22, 2023 Budweiser has hinted that it might have to raise its prices in the UK and Ireland in the future as cost inflation continues to hit companies’ bottom lines. Brian Perkins, group president of Budweiser Brewing Group in UK and Ireland, told City PM, that “no company has been immune to cost inflation”. Explaining the dilemma [...]
The imperfect tonic: Fever-Tree to raise prices amid soaring cost inflation March 22, 2023 Up market tonic maker Fever-Tree has revealed plans to hike its prices, as it continues to navigate a surge in production costs. The company said made a loss in earnings for the year with revenues down 0.2 per cent to £116.2m from £118.3m the prior year. The London-listed adult drinks company said it felt the financial [...]
Pubs are go: Britain’s oldest brewer Shepherd Neame shrugs off strikes and inflation in eight per cent revenue rise March 22, 2023 Britain’s oldest brewer Shepherd Neame has said consumer spending in the wake of the costs of living crisis has “remained strong” as the group posts strong revenues for the 26 weeks to December 2022. The listed pubs group, which operates around London and the South East, posted revenues of £85.3m up 8.4 per cent from [...]
New Look looks to slash 70 jobs at London and Weymouth head offices in further shift to digital March 21, 2023 High street retailer New Look has put 70 job roles at its head offices in London and Weymouth at risk of redundancy. According to reports first published in Drapers, the move is understood to be part of a wider examination of the business and could impact several departments across the locations. It’s understood that employees [...]
Currys gives 10,000 staff fourth pay rise in 18 months with extra help for London workers March 21, 2023 Tech retailer Currys will increase wages for hourly paid staff for the fourth time in 18 months – with workers in the capital getting extra help. Pay for hourly paid store colleagues will rise to £10.50 across its stores in the UK and to £11.50 in London. The retailer revealed that the average store colleague [...]
B&Q owner Kingfisher’s profits slump nearly 40 per cent although Covid backlog may yet boost DIY chain’s bottom line March 21, 2023 B&Q owner Kingfisher reported a sales slowdown as the DIY giant felt the hit from Brits scaling back on home improvements. For the year ending 31 January 2023 Kingfisher, which also owns brands such as Screwfix, posted pre-tax profits of £611m, down 39.3 per cent from £1.7bn in the same period last year. As shoppers [...]
Rail strikes: Pubs and bars breathe sigh of relief – but walkouts are still planned March 21, 2023 London’s hospitality sector has welcomed RMT trade members’ vote to accept a pay offer from Network Rail, after the strikes and disruptions cost restaurant and pub business up to £3bn. Kate Nicholls, chief executive at UKHospitality, described the decision as “encouraging news” for hospitality businesses. She said: “There’s plenty still to be done, of course, [...]
Morrisons slashes prices AGAIN as supermarket attempts to woo Aldi and Lidl shoppers back to its aisles March 20, 2023 Morrisons is slashing prices for the third time in three months as it attempts to drag shoppers back from value retailers including Aldi and Lidl. The supermarket said it was cutting the prices of 460 items such as beef mince, cleaning products and fruit, in a move that followed on from a round of price [...]
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