Rolling coverage of business as UK regulator says branded products have contributed to food inflationThe share price of Halfords Group has fallen by 18% after the motoring and cycling retailer warned it was seeing signs of a UK consumer slowdown with a “challenging” market for new bikes.The London-listed company said it had seen volatile trading patterns and “some market softening in our discretionary big-ticket categories, which has been reflected in slower LFL [like-for-like] sales growth.”Despite the challenging and volatile trading environment and slower than expected recovery in some of our markets, we have made a good start to the year, with substantial sales and profit growth, and increased market share across the business. At the same time, we supported our customers through the ongoing cost of living crisis by delivering great value – when they need it most.In the face of continuing economic uncertainty, we remain fully focused on optimising every element of the business, and I’m particularly pleased with the very strong performance of Autocentres, where we are delivering significantly improved returns. In light of this, we are accelerating capital investment in the garage services operating model and customer experience in 10 towns in the balance of this financial year.EUROPE’S STOXX 600 FLATGERMANY’S DAX UP 0.1%BRITAIN’S FTSE 100 DOWN 0.3%FRANCE’S CAC 40 DOWN 0.1%SPAIN’S IBEX UP 0.5%EURO STOXX INDEX AND EURO ZONE BLUE CHIPS FLAT Continue reading…
Source link : https://www.theguardian.com/business/live/2023/nov/29/food-brands-price-rises-greedflation-saudi-arabia-pif-fund-heathrow-airport-bank-of-england-inflation-business-live
Author : Jasper Jolly
Publish date : 2023-11-29 10:39:14
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