Price and cost-cutting measures at Ocado Group Plc helped its joint venture with Marks & Spencer Group Plc lure back customers, with the average shopping basket up 4% in the third quarter. The company reiterated guidance that it should return to marginal profit this year.
(Bloomberg) — Price and cost-cutting measures at Ocado Group Plc helped its joint venture with Marks & Spencer Group Plc lure back customers, with the average shopping basket up 4% in the third quarter. The company reiterated guidance that it should return to marginal profit this year.
Key Business News
Kingfisher Plc: The owner of B&Q and Screwfix forecast adjusted pretax profit that fell short of analysts’ expectations. On the flipside, the company’s new £300 million share buyback programme came in higher than some analysts had expected.
Hargreaves Lansdown Plc: The investment platform said investor confidence is likely to hit by the economic backdrop, which will likely to stay the same throughout the company’s current financial year which runs through the end of June.
- This should continue to provide a tailwind for flows into savings accounts, although it may put a constraint on net new investment flows and trading volumes
Naked Wines Plc: The booze retailer, which experienced a boom during the pandemic, swung to a full-year loss of £15 million and said it’s “marginally” behind its plan to get rid of excess stock.
Fresh inflation data will take centre stage at 7 a.m. tomorrow. The August print will likely show the first month-on-month acceleration in price gains since February. That would make for a complicated backdrop when Bank of England policymakers meet on Thursday to decide whether to raise rates for what could be the last time of the cycle.
Also on Wednesday, furniture retailer Dunelm Group Plc and fund manager M&G Plc are scheduled to update the market.
The UK will increase power sales to the continent this winter as a slump in carbon prices makes it cheaper to produce electricity at gas and coal plants.
- Santander Revamps Corporate Structure to Simplify Operations
- Rio Tinto CEO Says Chinese Steel Demand Is Close to Peaking
- Linklaters Cuts 30 Lawyer Roles Across China as Economy Dives
For a more considered take on the UK’s economic and financial news, sign up to Money Distilled with John Stepek.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.