Two of the UK’s largest retailers, Tesco and Sainsbury’s, gave an update on their trading this week and the former’s new promotional campaign remained a talking point. Another subject of fierce debate was Denmark’s new fat tax, which the country’s food manufacturers have described as a “bureaucratic nightmare”. Click on the links for more.
“Where we feel their margins have got unnecessarily high, there could be some negotiation.” – Tesco CEO Phillip Clarke admits suppliers may be asked to help fund the company’s latest promotional strategy.
“There’s nothing new in what they’ve announced that would cause us to do something different” – Sainsbury’s chief executive Justin King is less than impressed with Tesco’s “Big Price Drop” and plans to reduce Clubcard points.
“The critical question facing Premier and its shareholders this morning is whether the company can survive and whether there is any value left in the equity at all” – Investec analyst Martin Deboo does not mince his words following a profit warning from Premier Foods plc.
“I doubt this will change the habit of the consumer” – Ole Linnet Juul, director of Fodevarer, Denmark’s food and drinks federation, has slim regard for the Danish government’s ‘fat tax’.
“The fact of the matter is we’re always going to be competitive with or without this” – Costco CFO Richard Galanti brushes aside concerns over the 10% hike in membership fees.
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“A silly price” – What Irish food company Greencore paid for Uniq, according to Samworth Brothers CEO Brian Stein, a rival bidder.
“With a continually challenged consumer environment, we have long written that, in order to succeed, the most forward-thinking of minds must play a part, and we are encouraged to see Hershey’s and Ferrero’s management teams’ openness to this forward thinking” – Andrew Lazar, an analyst at Barclays Capital thinks more strange bedfellows will follow in the wake of Ferrero and Hershey’s alliance.
“A level playing field” – a spokesperson outlines the goal of Tate & Lyle Sugars’ lawsuit over the European Commission’s sugar tariff “discrepancy”.
“The new tax the Northern Ireland Executive plans to impose on the retail sector is flawed from start to finish” – Northern Ireland Retail Consortium director Jane Bevis on a new levy for Northern Irish retailers.
“Our consumers remain cost-conscious and continue to select promoted products” – Thorntons chief executive Jonathan Hart reacts to sales slide for UK chocolate firm.