Media Bites September 16: John Lewis Partnership, THG, Hilton Food Group | New

John Lewis needs a Christmas miracle to pay the annual staff bonus after the department store racked up a nearly £100m half-year loss as shoppers spend less (The daily mail). John Lewis has warned his staff that he may not receive any more bonuses this year, citing a “particularly uncertain” economic outlook (The Financial Times £). The John Lewis Partnership has warned its annual staff bonus is at risk this year after plummeting to a loss of £99million in the first half and said the outlook ahead of Christmas was “particularly uncertain” (The Guardian).

The John Lewis Partnership says it is “forgoing profit” to help customers, partners and suppliers meet the challenges of the cost of living crisis. (Sky News)

The Guardian’s Nils Pratley writes: “It’s hard to pinpoint why Christmas would be significantly better than normal. In these circumstances, an immediate one-time cost of living payment of £500 for staff is the right approach for a worker-owned business. (The Guardian)

The government’s plan to freeze consumers’ energy bills for two years is a potential “game changer” for consumer sentiment, the chair of the John Lewis Partnership has said. (The time £)

The Telegraph suggests Waitrose’s claim of keeping prices low does not match, with prices for everyday staples rising by more than 30% in some cases. (The Telegraph)

THG’s operating losses quintupled in the first half of this year as it warned its full-year results would be worse than expected due to cost-of-living pressures on customers and rising material costs raw (The time £). THG cut its full-year sales and earnings forecast as rising interest rates and energy costs put pressure on consumer spending (The Financial Times £). Shares of The Hut Group slumped to record lows as it sounded the alarm on sales and saw the shock exit of two major directors (The daily mail).

The FT’s Lex column writes: “Beauty is in the eye of the beholder. A few valuable investors share THG’s positive opinion of itself in the beauty business…THG blamed Thursday’s drop in sales and earnings expectations on consumer spending pressures. But confidence had already been undermined by concerns about corporate governance and its business model. (The Financial Times £)

Hilton Food Group issued an earnings warning due to cost pressures on consumers and rising interest rates, sending its shares tumbling sharply lower (The time £). Hilton Food Group had its darkest day on the stock market yesterday after warning that its full-year profit would fall short of expectations (The daily mail).

Goldman Sachs has warned investors to expect five years of zero growth in the global infant formula market as China approaches a critical demographic inflection point and the world’s largest market runs out of new babies. (The Financial Times £)

UK brewers are facing tenfold price hikes for the carbon dioxide they use to carbonate and package beers, as well as warnings of supply disruptions that could threaten brewing ahead of the crucial Christmas season. (The Financial Times £)

Service stations at major UK supermarkets will be closed for most of the day of the Queen’s funeral, before some reopen in the evening. (The BBC)

About Deborah Wilson

Check Also

LiveScore Group to Accelerate Global Expansion Following Strategic £50 Million Investment from Ringier AG

Investment values ​​of Ringier AG LiveScore Groupof the games and media activity of at £500 …