Today’s news in brief-27/10/23

Tesco has appointed Matthew Barnes as the new UK CEO, effective March 2024, succeeding Jason Tarry, who will step down after 33 years with the company. Barnes, with extensive experience at Aldi, previously served as UK&I CEO and co-head of Aldi Sud’s executive board. Under Tarry's leadership, Tesco underwent a successful turnaround, solidifying its competitiveness and refocusing on customer-centric practices. Tarry expressed gratitude for his time at Tesco, and Barnes looks forward to building on the company's progress. Standalone Wilko stores are making a comeback to high streets and retail parks across the UK, including Northern Ireland, as The Range, the new owner, prepares to reintroduce the brand. Five concept stores will open before Christmas 2023, starting with Plymouth and Exeter, followed by locations in the South-East and the North. This move follows the relaunch of wilko.com and the announcement of Wilko products being available in The Range's 200 stores. The CEO, Alexander Simpkin, expressed the decision as a response to public demand for the return of Wilko to communities. Hermes has seen a significant 16% increase in revenues, reaching €3.3bn in the third quarter of 2023. The growth was widespread across regions, with European sales up 20.7%. Asia, excluding Japan, saw a 21% increase due to the removal of COVID-19 limitations in China. Sales in the Americas also rose by 20%. Various product lines experienced substantial growth, with Ready-to-Wear and Accessories leading at 29%. The company is confident in its integrated model and aims for continued revenue growth. Amazon's net sales for the third quarter of 2023 totalled $143.1bn, marking a 13% increase from the same period last year. Excluding foreign exchange rate impacts, the growth was 11%. The international segment showed a 16% year-over-year increase in sales. Operating income soared from $2.5bn to $11.2bn, demonstrating strong financial performance. Amazon's CEO, Andy Jassy, highlighted improvements in cost efficiency and delivery speed, positioning the company for record-fast deliveries to Prime customers. Lakeland, a kitchenware and homeware retailer, has teamed up with the Retail Trust to enhance the wellbeing of its 1300+ employees. This partnership provides access to tailored mental health resources, including counselling and cognitive behavioural therapy. Additionally, staff will have access to discounts, rewards, and financial aid. This initiative reflects Lakeland's commitment to creating a supportive and flourishing work environment.

Today’s news in brief-27/10/23

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