It’s a particularly quiet day in the papers for grocery – and general retail news. The Mail carries news that Morrisons is the first ‘big four’ supermarket to commit to selling only British fresh meat throughout the year as part of a strategy to offer more locally sourced products. The supermarket chain will stop selling Australian and New Zealand lamb, which it previously stocked during the winter and early spring months, along with European pork. It says that more than two thirds of its food is already British sourced compared to a national average of 52%.
Cargill, the world’s largest agricultural commodities supplier, has raked in its highest annual profit in six years, with sales bolstered by growing global appetite for beef, chicken and other forms of protein, The Financial Times writes. The paper adds that net profit at the business was $2.84bn in the fiscal year ended 31 May, a year-on-year increase of 19%.
US retail giant – and Walmart rival – Target has become one of the few US retailers to raise — rather than cut — its guidance to investors (The Financial Times). Shares surged at the group as a result.
A Highlands distillery company is looking to raise £5.5m to help fund a new distillery and visitor centre in the grounds of 700-year-old Dunrobin castle (The Times). The venture, led by Elizabeth Costin Sutherland, the granddaughter of the Countess of Sutherland, will also incorporate a bottling plant and will create at least eight jobs.
Philip Morris, the multinational company behind Marlboro cigarettes, has developed a corporate strategy to undermine a global treaty and fight tobacco regulation around the world, leaked documents reveal (The Guardian).
Lex in The Financial Times takes a look at the Metro Group demerger, in particular the consumer electronics side of the business Ceconomy.
Elsewhere in general retail, Mike Ashley’s Sports Direct has taken a 26% stake in Game Digital two weeks after the ailing video game retailer announced a profit warning (The Financial Times).
Brexit will cement our status as a great trading nation, according to international trade secretary Liam Fox. He said in an opinion column in The Telegraph: “Until last year, the world’s fifth largest economy had no dedicated department for international trade, but I am delighted to celebrate my department’s first anniversary on Thursday as we promote the strengths of the UK, make a success out of global Britain and champion free trade.”
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