Retail Update - powered by LebensmittelZeitung
Retail Update - powered by LebensmittelZeitung

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Numbers, numbers and more numbers. Among the big players reporting their results were Unilever, Kingfisher, Kesko, Sabmiller and McDonald's. Amazon posted a surprising profit, pushing Walmart from the top rank. Other news reveals Home Depot's big acquisition plans and mega deals in Nigeria. 

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asia & australasia
Walmart buys Chinese e-tailer   In a bid to target China's fast-growing online market, the US retail giant has acquired the remaining shares of e-commerce business Yihaodian, taking full ownership of the company. The move comes after China said last month it will allow full foreign ownership of some e-commerce businesses. ▪
Shake-ups at Jabong   German start-up Rocket Internet reshuffles the management team at its Indian company, Jabong, where CEO, Arun Chandra Mohan, and managing director, Praveen Sinha, are being replaced. ▪
Developments Down Under   The Australian Government has introduced a new food labelling system to identify Aussie products ready to be rolled out in 2016 +++ The proposed takeover of clothing retailer Kathmandu by Auckland-based retailer Briscoe Group is gaining momentum +++ New Zealand kiwifruit marketer Zespri reports a 16% rise in sales despite a sluggish global . ▪
europe
Diageo under scrutiny   The world’s largest producer of spirits is reportedly being investigated by the US Securities and Exchange Commission over allegations it tried to artificially boost sales figures by shipping excess inventory to distributors. ▪
Britvic acquires in Brazil   The British producer of soft drinks has agreed to buy independent Brazilian squash manufacturer Ebba at a cost of GBP 114 million as it looks to counter faltering sales at home with global expansion. ▪
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Unilever profit slumps   The consumer goods giant has posted better-than-expected second-quarter figures, but pre-tax profit fell 14% in the first half +++ Finnish retailer Kesko reports lower-than-expected profit growth for the second quarter and British home improvement group Kingfisher announces a 4.8% increase in total sales for the same period. ▪
Tesco annoys staff  Employees have accused the supermarket giant of breaking its “moral responsibility” by pressing ahead with a controversial downgrading of its pension scheme. Meanwhile, Tesco has launched a new phase of a scheme to help support young farmers and is reportedly in talks with Turkish player Begendik (paywall) over the sale of some stores.  ▪
 usa & canada
Amazon climbs to top   The online behemoth beats estimates with a net sales increase of 20% to US$ 23.18 billion in the second quarter. Its market value overtook that of retail king Walmart in after-hours trading Thursday. ▪
Home Depot buys Interline   US home improvement retailer Home Depot just made its biggest acquisition in nearly a decade when it agreed to buy home repair and maintenance products seller Interline Brands for about US$ 1.63 billion in cash. ▪
Loblaw closes stores   Despite its swing from loss to profit, the Canadian retailer plans to close 52 money-losing stores over the next 12 months. Loblaw reported net income of US$ 185 million for the second quarter. ▪
More results  While McDonald's US sales are a bit of a worry, the fast food giant is doing fine in Germany, where it plans to add more than 100 new restaurants to the country’s Autobahn +++ Coca-Cola has reported results that were in line with forecasts, encouraging it to retain its full-year forecasts.  ▪
 africa
Sabmiller grows in Africa   The world’s second-largest brewer reported a rise in quarterly sales, helped by higher demand for beverages in Latin America and Africa, which were partly offset by declines in Europe. ▪
Mega deals in Nigeria   Yudala, Nigeria's first ever composite retail chain, is set to unveil its offline division with mega deals, discounts, and many freebies as it launches four stores in Lagos this weekend. ▪
Shoprite quits Uganda   East African retail giant Nakumatt has confirmed that it is in in advanced stages of negotiations to take the remaining stores of South African retailer Shoprite in Uganda. ▪

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