Today’s news in brief-2/10/24
Shop prices fell by 0.6% in September, marking the lowest annual growth since August 2021. Non-food items saw deflation deepen to -2.1%, while food inflation slightly rose to 2.3%, influenced by higher prices in cooking oils and sugary products.
Nike’s first-quarter revenue dropped 10% to $11.6bn, prompting the company to withdraw its full-year guidance. Net income fell 28% to $1.1bn, reflecting declines across all geographies and product categories.
AO World plans to acquire MusicMagpie for ยฃ9.98m to bolster its consumer tech offerings. The deal, supported by MusicMagpie’s board, aims to enhance AO’s reverse supply chain capabilities and expand its market presence.
LVMH sold Off-White to Bluestar Alliance, highlighting Virgil Abloh’s impact on fashion. The acquisition aims to continue Off-White’s legacy of merging street culture with high fashion under new management.
Booths reported a reduced pre-tax loss of ยฃ1.6m, with sales up 6.7% to ยฃ318.7m. Despite challenges from inflation, the supermarket chain saw increased footfall and basket spend, driving improved financial performance.
JD Sports’ profits before tax fell 64.3% to ยฃ126m despite record revenues of ยฃ5bn. The decline was attributed to acquisition-related costs and varied regional performance, with strong growth in Europe and North America.
