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 £9.98m 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 £1.6m, with sales up 6.7% to £318.7m. 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 £126m despite record revenues of £5bn. The decline was attributed to acquisition-related costs and varied regional performance, with strong growth in Europe and North America.
