Last week saw the great and the good of the food industry converge on Paris for this year’s SIAL exhibition. just-food was there to bring you up-to-the-minute coverage from the event, which was marked by a mood of determined optimism in the face of the mounting financial crisis. Indeed, with food manufacturers – the likes of Nestlé and Danone – and retailers – Ahold and Carrefour – all posting a strong set of results this week perhaps this optimism seems justified.
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However, elsewhere our pages were littered with evidence that the credit crunch is deepening. US group Hormel Foods cut its full-year outlook, we investigated the particular difficulties facing companies with high levels of debt and Tesco revealed plans to make suppliers chip in to cover the cost of price cuts. Read on for the top ten most-read stories on just-food this week.
SIAL: Comment – Optimism in the air at SIAL
The leading lights of the food industry have spent the last few days in Paris at this year’s SIAL exhibition and the mood of those who convened in the French capital was one of determined optimism. Dean Best was there to read the smoke signals.
SWITZ: Nestle ups forecasts after sales jump
Nestlé today (23 October) upped its forecast for full-year revenue and profits after seeing sales climb almost 9% during the first nine months of the year.
FRANCE: Dairy price hikes boost Danone Q3
Groupe Danone today (22 October) booked an 8.3% rise in third-quarter sales due to higher prices for the French firm’s dairy products and continued growth from its baby nutrition division.
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By GlobalDataNETHERLANDS: Ahold sales rise on discounting schemes
Ahold posted a 3.9% increase in third-quarter net sales today (24 October) as the Dutch retail group successfully wooed customers with discounting and value initiatives.
FRANCE: Carrefour sales rise on global presence
French retail giant Carrefour has seen third-quarter sales rise by 7%, driven by demand in the emerging markets of South America, Eastern Europe and Asia and an improved performance in the company’s home market.
US: Hormel Foods cuts full-year outlook
Austin-based Hormel Foods has lowered its fiscal 2008 profit outlook due to weaknesses in the
Crunching the numbers – Pressure mounts on Premier
The slump in the share price of Premier Foods last week serves to underline the threat that unstable credit markets represent to major food companies, particularly those with high debts. Ben Cooper reports on Premier’s plight and compares its situation with that of major food companies in the US.
UK: Tesco looks to suppliers to fund price cuts
Tesco, the UK’s largest retailer, told just-food today (20 October) that it is pushing its suppliers to reduce prices so that it can deliver value to UK customers.
US: Mars replaces Wrigley boss
Mars has replaced Wm Wrigley Jr president and CEO William Perez just two weeks after completing its US$23bn acquisition of the Chicago-based gum giant.
US/CHINA: Wal-Mart sends strong message to suppliers
Wal-Mart, the world’s largest retailer, has launched a stinging attack on the quality of its supply chain in China and called for improvements in the quality of goods and the way they are produced.
UK: Co-op’s Somerfield buy given green light
The Co-operative Group’s GBP1.6bn (US$2.74bn) takeover of Somerfield has received approval from the UK’s competition.
