Annual sales at Greggs grew by nearly a quarter as its sausage rolls, sandwiches and vegan snacks continued to attract cost-conscious customers despite higher prices, although profits were held back by cost inflation (The Times £).
UK bakery chain Greggs has warned that cost inflation will remain stubbornly high at between 9-10% this year, as the food-on-the-go retailer shrugged off cost pressures to announce more store openings (The Financial Times £).
Greggs has said higher wage and energy bills are weighing on profits, but Britain’s biggest bakery chain is pushing ahead with 150 new store openings this year (The Guardian).
The bakery chain said it would trial 24-hour drive-thru locations, relocate 40 shops to larger sites and also refurbish a further 150 stores this year, as demand for its low-priced meals remained robust amid the cost-of-living crisis (The Mail).
The maker of Bisto gravy and Mr Kipling cakes has raised its annual profit outlook as it pointed to a strong performance in this financial year. Premier Foods, which also owns Oxo cubes, Angel Delight and Ambrosia rice pudding, is on track for sales in its fourth quarter to be at least 10% higher than a year ago (The Times £).
Premier Foods shares jumped on Tuesday after the Mr Kipling owner raised its earnings guidance, thanks to continued strong trading since the start of the year (The Mail).
Supermarket own-label baked beans from Asda and Aldi have beaten famous – and substantially pricier – brands such as Heinz in a Which? taste test (The Guardian).
A group of Scottish lawmakers has called for a halt to any expansion of salmon farms due to environmental and animal welfare concerns after official figures showed that fish mortality had doubled in 2022 (The Financial Times £).
HelloFresh grew revenues by 27% to €7.6bn as it shipped more than one billion meals around the world (The Times £).
Investors in Wincanton headed for the exit yesterday after the logistics group warned of materially lower profits in 2024 as it lost a big British government contract (The Times £).
John Lewis is running into resistance over its first build-to-rent project, with the leader of the local council accusing the retailer of “bullying” and raising concerns about the height of its planned tower blocks and the lack of affordable housing (The Times £).
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