Premier Foods provided much for the City to discuss this week with the announcement of a drop in full-year profits. CEO Mike Clarke has been very candid about what went wrong in 2011, but analysts believe the firm now needs to juggle the need to invest with reducing debt. Elsewhere, UK Chancellor George Osborne hit almost every headline this week with a budget that hit hot takeaway food on high streets – an area he believes has escaped tax for 20 years.
“We don’t recognise the conversation that is taking place about how badly big shops are doing. Ours are doing well” – Sainsbury’s chief executive Justin King insisted its larger stores were performing “well”
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“When you get taken off the shelf you are replaced by a competitor brand. To get re-listed you have to prove you will get better sales. We will regain availability and distribution in the market place” – Premier Foods plc CEO Mike Clarke said a key focus for the company will be to rebuild its relationships with retailers
“In 2011, we were confronted with a hostile scenario in the export market with the deceleration in several of the world economies and the continual appreciation of the Real” – Brasil Foods looks back on 2011 on the release of its Q4 and full-year results
“Hot takeaway food on high streets has been charged VAT for more than 20 years but some new hot takeaway products in supermarkets are not” – Chancellor George Osborne said he wanted to look at “some of the loopholes and anomalies” in the tax system
“The reason why organic sales have been having tougher times over the last few years is not about any reining back of the commitment from retailers. It’s simply about customers experiencing enormous pressure on their budgets and re-examining their priorities. Retailers are as committed to organics as they always have been” – Richard Dodd of the British Retail Consortium
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By GlobalData“Although easier comparables in the US cereals category are ahead, it remains to be seen whether new product launches and brand support can reinvigorate growth in the category given pressure from Greek yogurt, breakfast food items at quick service restaurants and frozen protein breakfast products” – Sanford Bernstein analyst Alexia Howard remains “concerned” with General Mills’ “soft volumes” in the US cereal category
“‘Monde’ derives from the Latin word for world, and ‘delez’ is a fanciful expression of delicious. In addition, ‘international’ captures the global nature of the business” – Kraft Foods explains the meaning behind the name chosen for its snacks company
“This is an exciting opportunity to deliver the real benefits that can be generated through the combination of Glencore’s and Viterra’s respective assets, people and know-how to both farmers and customers in Canada, Australia and further afield” – Glencore director of agricultural products Chris Mahoney on the firm’s acquisition of Viterra
“The arrogance of this company and its representatives is unbelievable. They have taken workers’ jobs, locked them out, and disgracefully taken 50% of their redundancy pay by not agreeing to the enhanced redundancy terms” – Unite regional officer, Franny Joyce comments on its ongoing pay dispute with UK meat firm Tulip
“We know that the world is full of brilliant people with brilliant ideas, and we are constantly looking for new ways to tap into this potential by working with partners who have a fresh, serious approach to developing exciting new technology” – Unilever open innovation scouting director Roger Leech on the firm’s new “ideas” website
