Greencore, the UK’s leading sandwich producer, has once more adjusted its profit forecast upwards, citing impressive sales figures in the fourth quarter of 2024.For the quarter ending 27 September, like-for-like sales increased by 3.7%, driving total annual growth to 3.4%.The company now anticipates annual profits to range between £95 million and £97 million, with total sales hitting £1.8 billion.This adjustment follows a prior forecast increase in July, when profits were expected between £88 million and £90 million.Greencore’s strategic focus remains on providing quality food and maintaining profitability amidst rising costs due to the National Living Wage.Greencore, recognised as the UK’s…
Author: Dave Antrobus
Tesco and Sainsbury’s have gained market share this month, benefiting from Asda’s weakening position in the grocery sector.Tesco’s market share has risen to its highest since December 2017, increasing from 27.4% to 28%.Sainsbury’s also saw a rise in market share, up by 0.4 percentage points to 15.2%.Asda’s market share has decreased significantly, dropping from 13.7% to 12.6%.Challenges for Asda include heavy debt and IT separation issues from its former parent company.Britain’s leading grocery retailer, Tesco, has managed to increase its market share to 28%, the highest since December 2017. This rise is attributed to a 5.2% increase in sales over…
Business advocates propose significant tax cuts for green technology sectors.The CBI suggests reducing the corporation tax to 10% for green manufacturers.A “green innovation credit” is encouraged to promote low-carbon research and development.Further tax reliefs are proposed to support electric vehicle manufacturing.The IPPR calls for revised borrowing rules to enhance public investment.The call for a substantial reduction in corporation tax for companies producing electric cars, heat pumps, and biofuels comes amidst ongoing discussions about economic growth and environmental responsibility. There are proposals to decrease the tax rate from the prevailing 25% to 10%, a move that is seen as essential to…
September witnessed a notable increase in retail sales as consumers geared up for the autumn season and the new academic year.Retail sales saw a growth of 2% in September, surpassing the 12-month average of 1.1%.Food sales experienced a year-on-year rise of 3.1% over the three months to September.Non-food sales declined by 0.3%, though online non-food sales grew by 3.4%.Consumer spending was impacted by ongoing financial concerns, affecting demand for big-ticket items.In September, the retail sector experienced a positive uptick as consumers prepared for the autumn season and the commencement of the new academic year. The British Retail Consortium (BRC) reported…
Retail sales experienced a notable boost in September, driven by consumer preparations for the autumn season and the academic year.The British Retail Consortium reported a 2% increase in total sales compared to September last year.Food sales showed a year-on-year increase of 3.1% over the past three months, despite slowing since August.Non-food online sales climbed by 3.4%, mitigating a slight decline in in-store non-food purchases.Economic concerns persist, yet clothing and footwear sales benefitted from seasonal weather changes.Retail sales saw an upsurge in September as consumers prepared for both the new autumn season and the academic year. According to the British Retail…
Footasylum has embarked on an ambitious expansion strategy, backed by a £35 million green loan from HSBC UK.The funding will support the opening of new stores in Aberdeen, Warrington, and Doncaster, with more planned in Rotherham and Wrexham.Footasylum’s Merry Hill store will triple in size, creating over 100 new jobs across the UK.Sustainability goals are integral to the loan structure, with potential interest rate reductions linked to environmental performance.The company’s environmental initiatives include carbon net zero targets and a commitment to offsetting emissions.Footasylum has secured a significant £35 million funding package from HSBC UK, designed to accelerate its growth both…
Max Nutz has resigned as the Managing Director for Inditex UK and Ireland after a notable 25-year career.Pilar Losada, previously responsible for operations in Australia and New Zealand, will succeed Nutz.Nutz began his career with Inditex in 1999, advancing to significant international roles.Losada, joining in 2010, served in varied leadership positions including Central China and Australia.Inditex announced a 10% rise in profits, driven by robust brand performance, amidst this transition.Max Nutz has stepped down as the Managing Director for Inditex UK and Ireland, marking the end of a distinguished 25-year tenure with the company. His career at Inditex began in…
Vodafone strikes a significant deal with Google Cloud, enhancing its AI and cloud capabilities.The partnership spans a decade and involves advanced AI integration across Vodafone’s TV services.A new cloud-native cybersecurity service will be launched, leveraging Google Cloud’s technology.Google Cloud’s extensive storage options will be offered to Vodafone customers under the agreement.This deal follows Vodafone’s previous cloud-centric collaboration with Microsoft.Vodafone has entered into a substantial billion-pound agreement with Google as part of its strategic initiative to enhance its artificial intelligence and cloud offerings for customers. This forward-looking ten-year partnership is set to integrate Google Cloud’s generative AI across Vodafone’s television set-top…
Saudi Arabia’s Public Investment Fund (PIF) has acquired a 40% stake in Selfridges, previously owned by the defunct Austrian company Signa.The PIF has been involved financially with Selfridges for the past three years, taking a 10% stake after an earlier auction.Thailand’s Central Group remains the majority shareholder with a 60% holding, with both companies committing to further investment.This strategic partnership aims to bolster the financial stability and future growth of the Selfridges Group.Central Group’s executive reports confidence in PIF’s global investment track record to enhance Selfridges’ continued success.Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has significantly increased…
In a significant development, Saudi Arabia’s sovereign wealth fund has acquired a substantial 40% stake in the renowned department store, Selfridges. This move marks a pivotal partnership with Thailand’s Central Group, which retains a 60% majority share.The acquisition follows the collapse of Austrian firm Signa, previously holding the stake.Saudi’s Public Investment Fund (PIF) solidifies its growing influence in the retail sector through this strategic acquisition.Selfridges Group operates 18 luxury stores across the UK, the Netherlands, and Ireland.Central Group and Saudi PIF aim to strengthen Selfridge’s financial position and support its future growth.Saudi Arabia’s sovereign wealth fund, the Public Investment Fund…