Aldi Attracts 1 Million New Customers Amid Cost-of-Living Crisis
Aldi, the budget supermarket, has reported attracting 1 million new customers in the past year as the cost-of-living crisis in the UK prompted more Brits to turn to cheaper own-brand groceries. CEO Giles Hurley stated that two-thirds of the nation's shoppers now use Aldi.
Aldi Releases Financial Accounts for 2022, Recording Record Sales
Aldi's financial accounts for 2022 revealed sales of £15.5 billion, up nearly £2 billion from the previous year. The supermarket's operating profits tripled to £178.7 million, while pre-tax profits quadrupled to £152.6 million. Aldi plans to commit £1.4 billion to expand its presence in the UK with the goal of opening another 500 stores by 2050.
Owning the Own-Brand Trend: Aldi's Success Story
Around 90% of the products sold at Aldi are own-brand, offering customers significant savings compared to branded alternatives. For example, a 400g jar of Nutoka chocolate spread costs 99p at Aldi, while a 350g jar of Nutella at Asda costs £3.20. The growing trend for own-brand groceries has led competitors such as Asda, Sainsbury's, and Morrisons to relaunch their budget ranges in the hopes of attracting value-hunting shoppers.
LEGO Scraps Efforts to Replace Plastic Bricks with Recycled Material
After two years of testing, LEGO has abandoned its efforts to replace plastic in its bricks with a recycled "magic material." The Danish toy giant found that using the recycled material would actually lead to higher carbon emissions due to the new equipment required. However, the company is still committed to making LEGO bricks from sustainable materials by 2032 and plans to eliminate single-use plastic bags in its packaging by 2025.
Punters Get the Upper Hand: Ladbrokes' Owner Blames "Adverse Sporting Results" for Revenue Dip
Entain, the owner of Ladbrokes, has warned that its revenues will be lower than expectations due to "adverse sporting results." The company's online gaming revenue has been impacted, and it expects new limits on online stakes as part of the crack down on problem gambling to further limit its profits. Entain plans to conduct a comprehensive market review to address these challenges.
Brewer Blasted for Beer Cans Resembling Popular Energy Drink
Brewer Tiny Rebel faced criticism for selling beer in cans that resembled the popular energy drink Prime. The Portman Group, an industry regulator, accused the brewing company of being socially irresponsible. Tiny Rebel has since stopped producing the beers.
Nissan Commits to All-Electric Vehicles in Europe by 2030
Nissan has announced plans to go all-electric across Europe by 2030, despite the British Government postponing the petrol-diesel ban. The carmaker aims to produce 19 fully-electric and eight hybrid models within that timeframe. Nissan, which employs 7,000 people in the UK, also plans to build an affordable electric version of the Micra at its Sunderland factory.
UK Economy Slump Leaves Families £1,400 Worse Off Annually
A report by the Resolution Foundation reveals that families in the UK are £1,400 worse off per year due to the country's slowing economy. The report states that the economy is currently 4% smaller than before the 2008 financial crisis.
Financial Watchdog and Regulator to Strengthen Monitoring of Misconduct in the City
The Financial Conduct Authority and Prudential Regulation Authority are consulting on new rules and guidance to address misconduct, including bullying and sexual harassment, in the City. The regulators emphasize that such misconduct poses a risk to healthy firm culture. The move comes after hedge fund tycoon Crispin Odey resigned from his firm over sexual misconduct allegations.
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