As usual, the performance of Primark dominates this morning’s write-ups of Associated British Foods’ Monday trading update. The Times (£) writes “The Primark phenomenon is showing no signs of slowing down in Britain”, while The Daily Mail and The Telegraph concentrate on the chain’s first half sales dip amid “unseasonably warm October weather”.
Primark needs sales on fronts away from the UK before the “novelty wears off”, writes the FT. ABF’s fast-fashion brand is looking for love in California and Paris. (The Financial Times £).
Away from Primark, the conglomerate expects its sugar arm to do worse this year than last after the European Union abolished its sugar production regime that kept prices artificially high. Mr Bason said that would heighten price volatility in the sector but that ABF was well placed to cope after cutting costs. (The Telegraph)
Shopping centre landlord Hammerson managed to push up rents in 2017 despite pressure on retailers from the rise of online shopping. Hammerson, whose shopping malls include the Bullring in Birmingham and Brent Cross in London, has faced pessimism from investors as they fret about the future of “bricks and mortar” retail amid shrinking sales. (The Financial Times £)
Britain may have passed “peak cash”, with the volume of card transactions outpacing cash for the first time, driven by the contactless payment revolution. (The Times £)
Dean Foods shares have sunk in pre-market trading after the largest US dairy milk supplier flagged lower earnings in the current quarter as it continues to grapple with a strategic turnround amid falling domestic milk consumption. (The Financial Times £)
Alibaba is in talks to acquire Ele.me in a deal that could value the online food delivery start-up at as much as $9.5bn as China’s tech titans battle it out for dominance of the sector. (The Financial Times £)
Bunzl, a supplier of consumable goods to the food services and retail sector, are celebrating a jump in pre tax profits to £409.3m for last year ending on December 31. A spending spree by the company contributed to the rise in profits, Bunzl has been experiencing pressure on its share price for some time due to the arrival of Amazon. (The Times £)
In her maiden speech as head of the National Farmers Union, Minette Batters has criticised bars, hotels and restaurants in not providing enough information over the provenance of the food they serve, accusing them of “hoodwinking” their customers. (The Times)
The three young children of Coca-Cola HBC board member Christo Leventis made almost £2million after their father sold a chunk of his shares in the bottling firm. (The Daily Mail)
Deliveroo is to create 250 high skilled jobs in London throughout this year, the food delivery company is looking to hire data scientists, software engineers and product designers. Technology advancement should ensure that riders are enabled to work more efficiently, so that restaurants can maximise their revenues. (The Independent)