Rising energy bills from keeping its store inventory of rabbits, guinea pigs, hamsters and tropical fish warm overnight is eating into Pets at Home’s profits (The Times £).
Tempus’s share column in The Times (£) says the pet chain is in the pound as sales slow, with new boss Lyssa McGowan’s first task to convince the market that profit growth it will speed up again next year. The column gives its shares a ‘buy’ rating. “A weaker valuation looks too harsh in light of medium-term growth opportunities.”
Animal lovers are ignoring the rising cost of living to buy premium food and treats for their pets (The Mail). Pets at Home said owners are increasingly treating cats and dogs “like members of the family,” spending on Christmas gifts and turning to more expensive treats and food.
Lyssa McGowan, the new head of Pets at Home, told The Mail the business has a “very strong balance sheet” and is “uniquely positioned” to weather the cost of living crisis and turmoil within the economy. .
The weather may now have turned cold, but Britvic reported an increase in annual revenue and profit due to the hot summer and the easing of Covid restrictions (The Times £). The soft drink group behind Robinsons and J2O increased revenue by 15.5% to £1.62bn in the year to 30 September.
About a third of single parents have resorted to skipping meals to make ends meet due to rising food costs, according to research revealing the types of households hit hardest by the cost-of-living crisis (The Guardian ).
UK economic activity has contracted for the fourth month running as new orders fell at the fastest pace in almost two years, pointing to a deepening recession forecast to last more than a year (The Financial Times £).
Ocado shoppers are up in arms after a high-end white sourdough bread revised its recipe to include whole wheat flour, prompting the bakery behind it to deny cost-cutting brought on by the war in Ukraine (The Telegraph). Customers have bombarded the online supermarket with one-star reviews for Bertinet Bakery White Sourdough following sweeping changes last month, calling the new bread “ruined”, “disgusting” and “cardboard-like”.
Waitrose has changed a part of its Christmas ad showing two farmers comparing suntan lotions after skin cancer patients criticized it (BBC News).
Tampax is facing a possible boycott after it was accused of “sexualizing women” in a controversial tweet that went viral (Sky News).
An article in The Times (£) takes a look at how This found its way into the alternative meat space.
A dyslexic worker who spent more than 20 years at Marks and Spencer was awarded £50,000 after being fired for making email mistakes (The Times £).
Rishi Sunak is under pressure from a broad alliance of British business, legal, labor and environmental groups to drop controversial plans to automatically remove swathes of EU-derived law from the British law code by the end of next year (The Financial Times £ ).
A great read in The Financial Times (£) looks at how retailers are reshaping the advertising industry.