Retail

  Bloomberg Britain’s surging inflation is squeezing profit margins at Marks & Spencer Group Plc’s (M&S) food division as the premium supermarket chain absorbs some cost increases to maintain sales. The business, which has been the company’s growth driver in recent years, was faced with 11% inflation in its cost of goods in the first half, while its online joint …

Adidas AG slashed its profitability forecast for the fourth time this year after ending its partnership with rapper Ye and discontinuing the lucrative Yeezy line of sneakers. The German company said it now expects an operating margin of 2.5% this year, down from a previous 4% target. The lower forecast reflects the company’s decision last month to end its collaboration …

Inflation on the weekly supermarket shop has struck a record high in the UK, making it harder for families to put food on the table. Grocery price inflation hit 14.7% in the past four weeks, the highest level since Kantar started tracking the data in 2008. The jump in prices means the average annual shop is set to rise by …

The operator of McDonald’s restaurants in China has raised about $2 billion in bank loans to free up liquidity that will help operate the business, according to people familiar with the matter, as the country maintains its zero-tolerance approach to fighting Covid-19. Chinese state-backed Citic Ltd., Citic Capital and US private equity firm Carlyle Group Inc. acquired control of the …

Amazon.com Inc. is freezing staffing levels in its profitable advertising business, according to a person familiar with the matter, showing that the world’s largest e-commerce company is taking more drastic measures to align expenses with slowing sales. The headcount freeze was announced internally, said the person, who asked not to be identified because the plans are private. Amazon will continue …

Tesla Inc is sending engineers and production staff from its recently upgraded Shanghai factory to its plant in Fremont, California, in a bid to boost production at the US facility. The Elon Musk-led carmaker will dispatch staff — in particular automation and control engineers — to assist efforts to increase output in Fremont, where Tesla produces the Model S, X, …

Apple Inc.’s Taiwanese contract manufacturer Pegatron Corp. has begun assembling the company’s latest iPhone 14 model in India. That move makes Pegatron the second Apple supplier to produce the iPhone 14 in the country. It comes at a time when Apple’s key iPhone Pro manufacturing hub in the Chinese city of Zhengzhou — operated by Foxconn Technology Group — was …

Nestlé, one of the top consumer goods suppliers in Indonesia, will avoid raising prices further after a 5% hike this year began to hurt demand. Faltering sales volume amid higher product prices is happening throughout the consumer goods industry, said PT Nestlé Indonesia President Director Ganesan Ampalavanar. He expects commodity costs to fall in the second half of 2023, which …

Hugo Boss AG raised its sales and profit outlook for the year after a strategy shift kindled demand, but analysts called the upgrade disappointing after a bumper quarter. The stock falls as much as 2.3% in Frankfurt trading as the new forecast matched what many were already estimating. Chief Executive Officer Daniel Grieder is leading efforts to target younger shoppers. …

Johnson & Johnson (J&J), one of the world’s biggest makers of medical devices, said it will purchase Abiomed Inc. for about $17.3 billion, building on its portfolio of technology to assist heart function. J&J will pay $380 a share in cash, according to a statement. That represents a premium of about 50% over Abiomed’s closing price, and is close to …