The third quarter has brought with it a raft of results stories and so just-food has brought to you a selection of those in its top ten for the week.
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A particularly disappointing Q3 was had by Icelandic group Bakkavor as it witnessed a downward trend in its earnings due to restructuring costs, falling margins and the tough economic environment. The downturn is also having an impact at Wal-Mart, which has been forced to cut US capital spending and slow the pace of its store openings.
Kraft Foods’ profits, however, were boosted by the recent sale of its Post cereals business and Russian retailer Magnit managed to secure a state loan to support it through the current financial crisis.
Here are the top ten stories on just-food this week.
US: Food giants sign up to nutrition labels
US food manufacturers including ConAgra Foods and General Mills are introducing front-of-pack labelling in a bid to give consumers more nutritional information about what they eat.
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By GlobalDataDENMARK: Arla shakes up global strategy
Dairy giant Arla Foods has today (30 October) set out what it describes as an “ambitious and challenging” global strategy for the business.
RUSSIA: Magnit secures first state ‘support’ loan
Russian grocer Magnit Group has secured a RUB300m (US$11m) loan from state bank VTB as part of a government-backed programme to support the country’s retailers.
Retail expansion to underpin packaged food growth in China
The recent food scandal in China raised justifiable concerns but the fundamental attraction of the country as an investment opportunity for international food companies and retailers appears undiminished, according to a new report from just-food.
UK: Tesco budgets for slowing sales growth – analysts
Tesco is budgeting for only 2% like-for-like (LFL) sales growth in the UK rather than its long-standing 3-4% guidance, according to retail analysts at Shore Capital.
US: Post cereals sale boosts Kraft profits
Kraft Foods said today (29 October) that third-quarter profits more than doubled on the back of the recent sale of its Post cereals business.
ICELAND: Bakkavor earnings decline continues
Bakkavor has witnessed the downward trend in its earnings continue into the third quarter as restructuring costs, falling margins and a tough economic environment continued to impact the business.
US: Wal-Mart to cut US capital spending
Wal-Mart, the world’s largest retailer, said it will cut capital spending on its US stores by a third this year as it slows the pace of store openings.
For news of Wal-Mart’s investment plans for emerging markets, click here.
UK/NETHERLANDS: Euro weighs on Unilever Q3
The strength of the euro weighed on third-quarter sales and earnings at Anglo-Dutch consumer goods giant Unilever, the company reported today (30 October).
US: ACH, ADM create packaged oil company
ACH Food, a subsidiary of Associated British Foods, and Archer Daniels Midland (ADM) have formed a venture to produce packaged oil products for the North American market.
