Food group Nestlé has reported its strongest growth in developed markets in a decade, as inflation and strong consumer demand powered double-digit rises in sales of coffee, pet food and vegan products (The Financial Times £).
Swiss conglomerate Nestlé’s profits surged in 2021, following the partial sale of its stake in beauty giant L’Oréal (The Mail).
Mark Schneider, boss of the food group, said it was “safe assumption” that prices would rise this year (BBC News).
Nestlé joins firms including Reckitt Benckiser, Unilever, McVitie’s and Kraft Heinz in warning that consumers will face higher prices as a combination of inflationary pressures, including rising ingredient, labour and transport costs, can no longer be absorbed (The Times £).
KitKat-maker Nestlé and the Dettol manufacturer Reckitt have both indicated they will pass on rising costs in the form of higher prices this year, adding to the cost of living crisis facing consumers (The Guardian).
Household goods group Reckitt Benckiser has said it faces hundreds of millions of pounds’ worth of additional costs this year but that it can nevertheless protect profit margins through a combination of price rises, productivity savings and changes in the type of products it sells (The Financial Times £).
The maker of Strepsils and Lemsip has posted end-of-year sales growth ahead of City forecasts after a “strong start” to the cold and flu season (The Times £).
Consumer goods giant Reckitt saw a boost in the sales of its Durex condoms, KY lubricants and Veet hair removal products last year, buoyed by the end of Covid-19 lockdowns (The Mail).
A business editorial in The Times (£) takes a closer look at the latest Reckitt results.
Ocado has struck a deal with its French partner, Groupe Casino, that will mean it can offer its technology to other grocers in France and pick from the supermarket’s stores (The Times £).
Ocado will also deploy its in-store fulfilment solution across the French company’s Monoprix stores, the duo said on Thursday (The Mail).
The vast majority of adults noticed an increase in their cost of living this month, according to figures published by the Office for National Statistics (The Times £).
British pubgoers have been put on notice that they face sharp increases in the price of a pint as mounting inflationary pressures in the brewing industry combine with rising staff and utility costs and the looming end of coronavirus tax relief (The Financial Times £).
The Telegraph examines why the cost of a cup of coffee is soaring. “Cost pressures on coffee shops means price increases are now ‘inevitable’.”
A ban on junk food advertising by Transport for London has contributed to a 1,000 calorie decrease in unhealthy purchases in people’s weekly shopping, a study has estimated (The Guardian).
Amazon has announced that it will continue to accept Visa credit cards in Britain after striking a new international agreement with the payments group (The Times £).
A former Post Office branch manager’s young children were bullied and told their mum was a “liar” and a “thief” during the company’s IT system scandal, an inquiry has heard (The Guardian).
Carrefour has announced a share buyback worth €750mn and raised its dividend, in a sign of confidence that the turnround at the French food retailer is gathering pace (The Financial Times £).
Walmart eked out unexpectedly better sales in its holiday quarter and delivered an upbeat outlook, as the retailer known for price “rollbacks” navigated shipping logjams and surging inflation (The Financial Times £).
Walmart beat Wall Street profit and sales expectations yesterday as America’s biggest retailer forecast strong full-year earnings, even as supply-chain issues and rising inflation pressured margins (The Times £).