US: Dollar Tree trims profit forecast on price cuts at Family Dollar
Dollar Tree Inc trimmed its full-year profit forecast, blaming price cuts at its Family Dollar stores in an effort to spur demand among lower-income shoppers and compete with other retailers that have been ramping up discounts. Dollar Tree cut its fiscal 2022 profit forecast to between $7.10 and $7.40 per share, from $7.80 to $8.20.
US: For Colorado's organic farmers, a Denver startup provides an opportunity to reach more shoppers
A new start-up called Pinemelon, launched in April of this year, offers a chance for participating farmers to extend their reach to customers by cutting out the middlemen. Pinemelon is the sister company to the online grocery store Arbuz, based in Kazakhstan. Currently, the only location in the United States is in Denver. Its 30,000-square-foot warehouse contains pantry staples and local produce and meat that it can deliver to anyone in a half-an-hour radius.
Should “best before” dates be removed on grocery products? Majority of Canadians say no: Study
As several prominent U.K. grocery chains plan a total or partial elimination of “best before” dates on perishable items, instead urging shoppers to use their best judgement, a new study suggests Canadian shoppers would be reluctant to see them phased out. Conducted by the Agri-Food Analytics Lab at Dalhousie University in partnership with Angus Reid, the study of 1,508 Canadians found that only about one-quarter of respondents (27%) support eliminating best before dates from grocery items. “There is no appetite for the elimination of best before dates in Canada”, Agri-Food Analytics Lab director Sylvain Charlesbois tells Canadian Grocer. “I think we’re addicted to best before dates”.
US: Dollar General posts strong Q2, upbeat guidance
Dollar General Corp. reported a strong second quarter with top- and bottom-line growth, and also raised its full-year sales outlook, as it withstood inflation challenges and economic uncertainty. Dollar General reported net income of $678mln, with earnings per share of $2.98, for the quarter ended July 29, compared to $637mln, and $2.69 a share, in the year-ago quarter. Analysts had expected earnings per share of $2.94.
Walmart offers to buy South African retailer Massmart in $377mln deal
U.S. retail giant Walmart Inc has launched a 6.4bln rand ($377.6mln) offer for the 47% of Massmart shares it does not already own, a deal Massmart said would support the overhaul of the loss-making South African retailer. Massmart's announcement of the offer sent its shares up 46%. If approved by shareholders, the retailer would be delisted from the Johannesburg Stock Exchange.
India: Zomato integrates grocery delivery via Blinkit on main app in pilot test
Zomato has kicked off a pilot test of delivering groceries via Blinkit on its main app in Delhi-NCR, as the online food aggregator aims to "accelerate" the 10-minute delivery platform's Blinkit journey to profitability. The pilot test is currently being organised at select circles in Delhi-NCR, and after analysing the response, it will be expanded to other cities as well, according to company sources.
Maxima Latvia opens Maxima X store in Bauska
Lithuanian retailer Maxima Latvia has opened a new concept 'Maxima X' store in Bauska, Pionieru iela 2, following months of renovation. Maxima X format stores offer a wide range of Meister Mark's ready-to-eat takeaways and a wide assortment of fresh vegetables and fruit.
UK: Iceland plunges to full-year loss
Iceland fell into the red last year, which has led to its debt rating being downgraded by Moody’s. Companies House accounts for the year to 25 March revealed Iceland plunged to a pre-tax loss of £4.1mln compared with a profit of £73.1mln in the prior year, which was boosted by exceptional Covid demand. Iceland’s sales dropped 4.3% to £3.55bln, while its market share reduced slightly to 2.3% from 2.4%.
Croatia: Studenac invests in operations ahead of Euro transition
Croatian retailer Studenac Market has invested in employee training, an IT systems upgrade and customer communications initiatives ahead of the country's transition to the euro currency, which commences on 1 January 2023. From September 5, all prices in Croatia must be displayed in both the local kuna currency and the euro, however euro notes and coins will not be accepted until 1 January. For the first two weeks of the year, customers will be able to use either currency, and those paying in kuna will receive their change in euros, while kuna pricing will continue to be displayed until the end of the year.
SPAR Scotland strengthens its fleet with four new additions
CJ Lang & Son Ltd, SPAR wholesaler in Scotland, has recently taken delivery of the four latest additions to their vehicle fleet, ready to be deployed for deliveries to SPAR stores and communities the length and breadth of Scotland. The bespoke-built Gray and Adams refrigerated boxes are combined with brand new Scania P320 vehicles and new Dhollandia underslung tail-lifts. Combined with these vehicles, CJ Lang is the first company in the UK to incorporate the very latest Thermo-King V-1000 engineless refrigeration units as part of their continued drive to reduce their impact on the environment.
South Korea: BGF Retail joins hands with Hyundai’s in-house startup to launch robot delivery pilot service
BGF Retail Co., the operator of CU convenience stores, said it had formed a business agreement with MOBINN, an in-house startup of Hyundai Motor Co., to launch a robot delivery pilot service. After establishing a last-mile business consultative body, the two companies are expected to launch the convenience store robot delivery pilot service in September using an obstacle-overcoming self-driving robot developed by MOBINN.
Belgium: Ter Beke buys vegan dumplings after profits drop
Belgian food processor Ter Beke is treating itself to vegetable dumplings after a semester marked by inflation. Investing half a million euros in Davai Dumplings should give the latter the opportunity to expand to Germany and the United Kingdom. Ter Beke takes a minority stake of 520,000 euros in Belgian start-up Davai Dumplings, which develops and produces vegetable dumplings for the frozen food section.
UK: Co-op to sell petrol forecourts arm for £450mln in bid to fortify balance sheet
The Co-op Group is in talks to sell its petrol forecourts division for £450mln as it seeks to reduce its debt pile and strengthen its balance sheet. Sky News has learnt that Britain's biggest mutual is in advanced negotiations to offload roughly 130 fuel retailing sites across the country.
Singapore-based e-commerce firm Qoo10 to acquire TMON: sources
Singapore-based e-commerce firm Qoo10 plans to acquire TMON Inc. through a stock swap deal, industry sources said. TMON's two major shareholders - Anchor Equity Partners and Kohlberg Kravis Roberts & Co. - have agreed on the stock swap deal with Qoo10, according to the sources. Under the deal, the two shareholders will trade their 81.74% stake in TMON with new shares issued by Qoo10's logistics affiliate, Qxpress. The remaining amount will be paid in cash, sources said.