Sales Increase, but Losses Mount
Despite a significant increase in sales, Lidl has reported a shock loss of £75.9 million. The discount supermarket has gained 1.4 million new customers in the past year as families look to save money on groceries amidst the cost-of-living crisis. Lidl's sales rose by 18.8% to £9.3 billion, but the cost of keeping food prices low in the face of soaring inflation contributed to the loss. Lidl remains committed to offering the best value to its customers, according to CEO Ryan McDonnell.
Long-Term Strategy Pays Off
Experts suggest that Lidl's strong performance is due, in part, to the support it receives from its long-term owner, the Schwarz Group. Unlike other supermarkets, Lidl is willing to take a long-term approach and prioritize market share over short-term profits. With its market share now at 7.1%, Lidl has set its sights on further expansion in the UK. The supermarket giant also expressed interest in e-commerce, hinting at the possibility of future online sales.
John Lewis Faces Challenging Times
John Lewis has announced that its turnaround plan will take longer than expected, causing uncertainty for staff bonuses. The retailer aims to generate 40% of profits outside of retail by 2030 but now faces delays due to additional expenses. John Lewis previously enjoyed a reputation for generous staff bonuses but now plans to prioritize making sustainable profits before rewarding employees.
BPs' Board Under Fire
BPs' board faced backlash after it was revealed that they had conducted an internal investigation into CEO Bernard Looney's romantic relationships during the height of the energy crisis. Critics argue that the board should have been focusing on the energy crisis rather than personal matters. Looney has subsequently resigned and BP is waiting for the outcome of an investigation into his actions before deciding whether to recover his bonus.
Arm's Successful Listing
British chip-maker Arm saw shares rise by 10% in its New York stock market listing, valuing the company at $57.5 billion. The listing, which surpassed expectations, is the largest of the year. Arm, known for making chips for smartphones, has positioned itself as a major player in the tech industry.
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