As the downturn continues to hit consumer spending, so the race to provide value hots up across the food industry. This week, discount retailer Aldi looked to gain ground in the US with plans to further expand across the pond. Back in the UK, Premier Foods again hit the headlines with news of rising sales – and fresh speculation of cash injection from private equity groups. Elsewhere, the mood was mixed: Tesco and Morrisons announced plans to create thousands of jobs, while Findus, the frozen food business, saw its UK partner collapse.
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These are the top stories on just-food this week.
US: Aldi plans US expansion
German discount retailer Aldi is planning to expand its US footprint with the opening of an additional 75 stores in 2009.
(For analysis of Aldi’s assault on the US market, click here).
UK: Premier eyeing cash injection
The heavily indebted UK food group Premier Foods is eyeing an injection of cash – possibly from private equity investment coupled with a rights issue – with a view to reducing its debts of GBP1.8bn (US$2.7bn).
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By GlobalData(For an in-depth look at the situation at Premier, click here).
UPDATE: UK: Tesco to create 10,000 jobs
Tesco, the UK’s largest retailer, has announced plans to create 10,000 jobs by the end of the year despite recording the smallest rise in Christmas sales since 1993.
UK: Morrisons to create 5,000 jobs
Morrisons has unveiled plans to create 5,000 new jobs this year as part of its programme to expand store space.
UK: Findus maker enters administration
The holder of the manufacturing licence for Findus frozen foods in the UK has entered administration.
US: Whole Foods seeks rivals help in FTC battle
US natural and organic retailer Whole Foods Market is seeking sensitive competitive information from rivals as part of its bid to defend its 2007 merger with smaller rival Wild Oats Markets.
FRANCE: Carrefour revenue growth slows
Carrefour, the world’s second largest retailer, today (16 January) posted its slowest quarterly sales growth for five years, undershooting its revised full-year guidance.
NETHERLANDS: Ahold posts 3.3% rise in FY sales
Ahold, the Dutch retail giant, today (16 January) announced a 3.3% rise in full-year net sales after a “solid” fourth quarter.
GERMANY: Metro misses profit forecast as sales slow
Metro Group, the Germany-based retail giant, said today (13 January) that annual earnings will miss an earlier forecast amid slowing sales in the fourth quarter of 2008.
UK: Weak sterling helps ABF sales
Associated British Foods today (15 January) reported strong first-quarter sales with sugar and grocery revenues boosted by the low value of the sterling.
