BARCELONA—Europe’s cost of living crisis has benefited discount retailers but mid-market names are being squeezed as shoppers watch their spending, executives and analysts at an industry conference said on Tuesday. Luxury is also continuing to perform well, with hopes that China’s reopening will give fresh impetus as a months-long post-pandemic splurge by Americans starts to…
Global Retailers Seek New Ways to Lure in Shoppers as Spending Slows
April 25, 2023
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Government Borrowing Jumps by £18 Billion Owing to Interest Payments and Energy Bills Support
April 25, 2023
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Government borrowing jumped by £18 billion in the year to March 2023, with the figure blamed on rising interest rates and the cost of supporting energy bills. The Office for National Statistics (ONS) said public sector borrowing reached £139.2 billion in 2022/23, the fourth-highest figure since records began and £18.1 billion more than in 2021/22,…
Nestle Beats Quarterly Sales Estimates With Price Hikes
LONDON—Nestle reported slightly better-than-expected first-quarter sales on Tuesday, as the world’s biggest packaged food company increased prices to offset weak sales volumes. The Swiss company, which makes KitKat chocolate bars, Nescafe coffee, and Maggi stock cubes, said sales rose 5.6 percent to 23.5 billion Swiss francs ($26.48 billion) in the quarter ended March 31, beating…
McDonald’s 1st-Quarter Results Beat on Price Hikes, More Visits
McDonald’s Corp. beat Wall Street expectations for quarterly global comparable sales and profit on Tuesday, boosted by higher menu prices and more customer visits. The burger chain’s shares rose about 1 percent in premarket trading, as comparable sales jumped by 12.6 percent for all of McDonald’s geographical segments. Global comparable sales also climbed 12.6 percent,…
PepsiCo’s Price Hikes, Steady Demand Add Sparkle to Annual Forecast
PepsiCo Inc. raised its annual forecasts on Tuesday after price hikes undertaken to offset higher costs and steady demand helped the soda and snack giant beat first-quarter results. The results pointed to a resilient consumer and followed similar quarterly performances by rival Coca-Cola and Nestle. PepsiCo’s shares rose 2 percent in early trading. Average prices…
UK Grocery Inflation Dips but Prices Still Over 17 Percent Higher Than a Year Ago
The inflation rate of Britain’s grocery prices dipped slightly in April, but new data show that consumers are still paying 17.3 percent more than this time last year. According to new figures from research firm Kantar, grocery inflation fell only slightly from last month’s 17.5 percent. The firm warned that the drop only means that…
Retirement Plans Derailed: Quarter of Americans Slash Savings Due to Inflation, Study Shows
A quarter of American workers had to slash their retirement savings as inflation hit a 40-year high in 2022 and took its toll on their hard-earned dollars, according to new study findings published on April 20. The findings were reported in an annual study conducted jointly by the Global Financial Literacy Excellence Center (GFLEC) at…
Wall Street Opens Lower on Mixed Earnings, First Republic Shares Plunge
Wall Street’s main indexes opened lower on Tuesday following a mixed batch of earnings reports, while a plunge in deposits of regional lender First Republic Bank stoked concerns about the banking sector. The Dow Jones Industrial Average fell 47.06 points, or 0.14 percent, at the open to 33,828.34. The S&P 500 opened lower by 10.61…
3M to Cut 6,000 Positions Globally to Improve Cash Flow
3M Co said on Tuesday it would cut about 6,000 positions globally as the U.S. industrial conglomerate looks to focus on high-growth businesses, including automotive electrification and home improvement. The move comes as an uncertain economy along with rising interest rates and stubbornly high inflation forces corporate America to get leaner in recent months. 3M,…
Dollar Higher on Earnings, Economy Worries; Euro Slips
LONDON—The dollar rose on Tuesday as worries about earnings and the outlook for the global economy deepened, which knocked the euro back from close to a 10-month high. The U.S. dollar index was last up around 0.2 percent at 101.37, having dropped over 3.3 percent since the beginning of March. News on Monday of plunging…
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