Today’s news in brief-26/9/24
Morrisons has finalised a £370m deal with Song Capital, retaining ownership of 75 supermarket properties’ freehold while receiving income over 45 years. This move aims to reduce debt accumulated since its 2021 acquisition by CD&R.
H&M expects to miss its 10% profit margin target for 2024 due to stagnant Q3 net sales at SEK59bn. Despite challenges, it plans store expansions in Brazil and digital ventures in China’s e-commerce markets.
Pepco Group’s like-for-like revenues dropped 3.1% in Q4 due to ongoing supply chain disruptions. However, overall revenues rose 10% with 64 new stores opened. Steps are being taken to improve supply chain efficiency.
L’Occitane Group CEO Laurent Marteau resigned, focusing on personal pursuits. The board established an interim office of the CEO amid plans to delist from the Hong Kong Stock Exchange by October 16, 2024.
Co-op is deploying AI technology to address a sharp increase in crime, with theft and fraud costs rising 19% to £40m in the first half of 2024. The retailer has invested £18m in security measures, including body-worn cameras, fortified kiosks, and AI systems in 14 stores to detect shoplifting, concealed weapons, and staff assaults.
