Source: Premier Foods

Promotional price cuts to kitchen cupboard staples and the suspension of pension deficit contributions have helped to drive a double-digit rise in annual profits at Premier Foods (The Times £). Premier Foods’ profits surpassed expectations last year on the back of price cuts and a surge in customers buying porridge, noodles, and ice cream (The Daily Mail).

Walmart raised its full-year outlook after a forecast-beating quarterly report, helping propel its shares to a record high, as stubborn inflation continues to draw in US consumers seeking to stretch their dollar further. (The Financial Times £)

A jump in online sales has helped Walmart to beat Wall Street’s profit and sales expectations and to increase its forecasts for the year. (The Times £)

Morrisons has received a backlash from angry farmers as it trials the sale of New Zealand lamb instead of 100% British lamb in 39 of its stores. (The BBC)

The price of British lamb has hit an all-time high as cold weather and disease in the UK and difficulties with imports have combined with a surge in demand. (The Guardian)

Superdrug has announced plans to open 25 new stores around Britain this year, vowing to create 500 jobs in the process. (The Daily Mail)

Minutes before the market closed, GSK announced its intention to sell its remaining shareholding in Haleon, about 4.2% of the company, in what will be its fourth and final transaction since the July 2022 demerger. (The Times £)

Marks & Spencer is teaming up with a recycling technology group to enable the retailer to trace what happens to its drinks bottles, cartons and other plastic packaging. (The Guardian). Read the story on The Grocer.

How Britain fell in love with bubble tea – alongside the specialists, high-street stalwarts are also turning their attention to the drink. After dipping its toe in the water last year, Costa Coffee has put three bubble tea frappés on its summer menu, while supermarkets have added DIY kits to their shelves. (The Guardian)

Is China’s bubble tea bubble about to burst? Bubble tea has certainly hit a sweet spot with its many fans but it has left some investors with a bitter taste. Stock market debuts of two China-based chains have already flopped. And there are at least two more share sales in the pipeline. (The BBC)