Asda revival continues as sales rise again, writes The BBC, as Asda’s sales jumped 2% in the three months to September. A sixth consecutive quarter of sales growth at Asda was a conspicuous bright spot in Walmart’s struggling international division yesterday (The Times £). Supermarket Asda has boosted sales, welcoming 115,000 new customers through its doors (The Daily Mail).
Walmart has joined a growing list of its US retail peers and increased sales guidance for the full year, in the latest sign of tentative confidence from the sector as stores ready for the crucial festive shopping season (The Financial Times £)
US regulators have set the stage for the biggest restrictions on big tobacco since the 1990s as they follow through on a threat to limit sales of menthol-flavoured cigarettes and new ecigarettes that have been seen as the future of the industry. Sales of most flavours of ecigarettes would be confined to specialist stores and online vendors that will be required to comply with new age verification rules, while the FDA is also proposing an outright ban on menthol in cigarettes and cigars. (The Financial Times £)
Patisserie Valerie chief executive Paul May has quit with immediate effect as the company struggles to get to the bottom of its shock accounting problems (The Telegraph). The chief executive of Patisserie Valerie has resigned weeks after shareholders approved a £15m rescue of the café chain (The Financial Times £). The chief executive of Patisserie Valerie has quit and been replaced by turnaround specialist Stephen Francis, weeks after shareholders backed a rescue deal for the company (The Guardian). The chief executive of Patisserie Holdings has resigned after 12 years at the company, becoming the second boardroom casualty since the discovery of a £40 million black hole in its finances (The Times £). The boss of scandal-hit Patisserie Valerie has quit just weeks after a probe into alleged fraud was launched (The Daily Mail).
Luke Johnson, the executive chairman of café chain Patisserie Valerie, has hired a former top investigator at the UK’s Serious Fraud Office as his lawyer. (The Financial Times £)
The pound has fallen sharply while banking and housebuilding stocks have been hammered after the draft Brexit deal sparked political turmoil (Sky News). The pound and shares in housebuilders and banks have fallen sharply after cabinet ministers Dominic Raab and Esther McVey quit over Prime Minister Theresa May’s draft Brexit deal (The BBC).
Tesco and WWF have announced they are to collaborate on a long-running sustainable food effort, pledging to halve the environmental impact of the average UK shopping basket within 12 months. (The Guardian)
UK retail sales fell for the second consecutive month in October as consumers tightened their belts after splashing out during a hot summer, fuelling fears that he economy is running out of steam (The Financial Times £). Households tightened their belts last month, unexpectedly saving up their pay rises instead of spending more, raising risks of a winter slowdown for the economy (The Telegraph). Retail sales fell in October, adding to the gloom on the British high street as official figures showed that shoppers kept a tight rein on spending amid growing Brexit uncertainty (The Guardian).
Amazon has fired the starting gun on Black Friday, the US tradition that has become a near-fortnight long £10bn shopping extravaganza in the UK. (The Guardian)
The ghost of Christmas past haunts the high street, writes The FT as real estate investment trusts have been forced to write down the value of their retail assets. (The Financial Times £)
Young’s & Co toasted a sizzlingly good summer of profits, buoyed by customers basking in its pub gardens during the UK’s heatwave. (The Telegraph)
A Mexican entrepreneur has filed a criminal complaint against Coca-Cola and is seeking almost $345m in damages from the world’s largest beverage maker following a dispute over a new drink that aims to boost brain performance. (The Financial Times £)