John Lewis, Morrisons, Cadburys, scallop wars: your commercial news round-up
updated on 13 September 2018
Things aren’t looking so good for John Lewis at the moment, even if it has launched the most fantastic Queen-inspired advert for its new rebrand, as the retailer reports a profit slump of 99% for the first half of 2018. Meanwhile Morrisons is showing off its sales growth, Cadburys is stockpiling key ingredients for the possibility of a dystopian no-deal Brexit world, and there are failed talks in the Channel sea’s scallop wars. Who said that business is boring?
- John Lewis has reported a profit slump of 99% for the first half of the year, blaming the ‘never knowingly undersold’ pledge which has caused the department store to cut prices to match its competitors. The retailer has recently rebranded its stores to John Lewis & Partners.
- Meanwhile Morrisons boasted its highest quarterly sales growth in nearly a decade, crediting this summer’s heatwave and the World Cup. The supermarket, which is the fourth biggest in the UK, also credited a 30% jump in sales of local foods, including Yorkshire Squeaky Cheese and ‘wonky’ fruit and vegetables.
- Former Prime Minister Gordon Brown has warned that the world is not ready for another financial crisis. Speaking to the BBC on the 10th anniversary of the previous crisis, Brown said he feels as if the world is “sleepwalking into the next crisis” and spoke of the lack of “international co-operation necessary to get us out of a worldwide crisis”.
- Now infamous on land and sea, the ‘scallop wars’ between the UK and France show no sign of abating as negotiations between the two country’s fishermen collapse. Some 35 French boats confronted five British craft at the beginning of the month, exacerbating tensions over who is allowed to legally forage in the scallop-rich Baie de Seine, north of Normandy. Talks last week failed to reach an agreement between the two sides.
- And if the idea of a no-deal Brexit couldn’t get any worse, Cadburys says it will have to stockpile key ingredients to meet supply in case of a no-deal or hard Brexit. The confectionary owner Mondelez says the UK is not self-sufficient in its food ingredients and it is working on a contingency plan. Customers may face higher prices and fewer chocolate choices post-Brexit.
Be sure to check the News every Thursday for this weekly commercial news round-up. Follow @LawCareersNetUK on Twitter and like us on Facebook for instant business news updates.
