📈Next and Greggs set to hike prices as costs surge

View this email in your browser
7th January 2022

Bite-sized business news from the UK and beyond
Good morning  If you’re stuck for something to do this weekend then why not try the Wordle, the new word guessing game designed by an engineer just for him and his girlfriend to play, which is now taking social media by storm.
Today's stories
  • Next and Greggs set to hike prices as costs surge
  • British food meal company gets $100m investment
Next and Greggs set to hike prices as costs surge

What’s going on?
Your next shop at Next and Greggs will set you back more. Two of the UK’s biggest names on the high street have warned that higher wage bills and raw material costs will mean they will put up prices for consumers this year.

Why is this important?
Next had a good Christmas with sales of full-price items up 20% in the two months to 25 December compared to 2019 levels. It said strong demand for smart clothes and party wear drove performance. 

Numbers were well ahead of investor expectations and for the fifth time in 10 months Next upgraded its profit targets.

Pre-tax profits for the year to March are now forecast to be £22m higher than previously projected £822m.

But the retailer is planning to raise prices by up to 6% this year, blaming labour shortages in warehousing and technology and higher manufacturing costs.

In the run up to Christmas Greggs saw a downturn in trade as Omicron fears kept consumers off the high street. 

The spread of the new variant also led to some outlets closing due to staff shortages and supply chain problems.

The baker reported a 3.5% drop in sales in the final three months of the year compared to the previous quarter.

It said that prices would go up by 5-10p on some items to combat the rising cost of ingredients and staff.

Next and Greggs were among the first retailers to report their trading over the crucial festive period. It’s likely that it won’t be the last time we hear about retailers passing on rising costs to consumers this year, in another blow for household budgets. 
British meal prep company gets $100m investment

Softbank Vision Fund, the world’s biggest tech investor, has taken a $100m stake in British meal delivery firm Gousto. 

Gousto was founded in London 10 years ago by two investment bankers and offers subscriptions to meal kits including ingredients and recipes.

The business ballooned during the pandemic as consumers ate at home more during lockdown. Sales grew 129% in 2020 to £189m. In the first three months of 2021 it sold more than 25m meals, equivalent to three meals every second.

It’s raised several rounds of investments with backers including celebrity personal trainer Joe Wicks. Last year it became a unicorn when it reached a $1bn valuation.

The funding from Softbank is the latest in a series of investments it’s made into British tech firms. It’s backed the likes banking app Revolut and chip designer Arm.

The news raises speculation that Gousto will look to list on the stock market sometime in the future.
Stat of the day

A record 190,727 new battery electric cars were registered in the UK in 2021 - more than the previous 5 years combined
Other stories to keep you in the loop
  • Vodafone and EE delay EU roaming charges return
  • Made.com sees sales jump despite hit from supply chain troubles
  • HMRC gives Self Assessment taxpayers more time to ease Covid pressures
  • Shares in Dr. Martens fall as key shareholder steps away
  • B&M's revenues bounce as budget retailer maintains post-Covid momentum
  • Ladbrokes claimed £102m furlough despite online boost
Interesting links from around the web
Forward to Friend Forward to Friend
Not a subscriber? Join free
Sent this by a friend? Sign up here
How did you like today's email?
Get in touch with any feedback or even just to say hi

Copyright © 2022 Market Loop, All rights reserved.

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list (and break our hearts).


This email was sent to you
why did I get this?    unsubscribe from this list    update subscription preferences
Market Loop · 16 Great Chapel St · London, London W1F 8FL · United Kingdom

Email Marketing Powered by Mailchimp

Key phrases

Older messages

💥Oil producers plan supply boost

Thursday, January 6, 2022

.... and 👑Is Bitcoin the new gold? View this email in your browser 6th January 2022 Bite-sized business news from the UK and beyond Good morning It felt like we all knows someone who had Covid over the

💳Consumers saving less and spending more

Wednesday, January 5, 2022

.... and 🚫Former Silicon Valley darling found guilty of fraud View this email in your browser 5th January 2022 Bite-sized business news from the UK and beyond Good morning RIP Blackberry. After 22

📊2022’s key economic trends

Tuesday, January 4, 2022

.... and 💷Cost of living set to rise by £1200 View this email in your browser 4th January 2022 Bite-sized business news from the UK and beyond Good morning Aaand we're back! Welcome to 2022, hope

💸£1bn support for Covid hit firms

Wednesday, December 22, 2021

.... and 🔥Energy bills could rise by over 50% View this email in your browser 22nd December 2021 Bite-sized business news from the UK and beyond Good morning This is the last Market Loop of 2021! Thank

🎉Record investment year for UK tech

Tuesday, December 21, 2021

.... and 📉Turkey takes action to halt currency freefall View this email in your browser 21st December 2021 Bite-sized business news from the UK and beyond Good morning After a series of pandemic-era

How I'm Beating the Market Crash & How You Can To

Saturday, January 22, 2022

We haven't even reached the eye of the storm yet. Nearly the entire entrepreneurial world is getting tossed around like a rag doll. What am I talking about? The bloody crash. Cryptos are down a

The Latest From SaaStr: 7 Changes You Can Make Today To Grow Faster

Saturday, January 22, 2022

Since SaaS compounds, even doing just 5% better now can compound dramatically over time. To view this email as a web page, click here saastr daily 7 Changes You Can Make Today To Grow Faster By Jason

Why VC is booming in Europe

Saturday, January 22, 2022

Also: Don't miss our 2021 annual report on US VC; Our healthtech analyst weighs in on Lyra Health's $235M round; Global M&A Report coming next week... Read online | Don't want to

Bitcoin’s quest to become the gold standard

Saturday, January 22, 2022

The year 2022 could be a defining year for cryptocurrencies, particularly bitcoin ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

SaaStr Annual 2022: Back in person in the Bay Area. Join 10,000 SaaS Professionals This September

Friday, January 21, 2022

Save $300 til Jan 31st. To view this email as a web page, click here saastr annual 2022 Hey SaaStr Community, We're back — SaaStr Annual 2022 will be this September 13, 14, 15 in the SF Bay Area.

Progress, humanism, agency: An intellectual core for the progress movement

Friday, January 21, 2022

Also: Meetup in SF, Feb 26; Five Questions with James Pethokoukis View original blog posts Roots of Progress Meetup in SF, Feb 26: Progress Studies + Effective Altruism There will be a Progress Studies

Update: Crypto Business podcast with Michael Stelzner

Friday, January 21, 2022

Hey, Reader! We've got some exciting news. Not only did we launch the Crypto Business podcast on Apple Podcasts, Google, Spotify, and Amazon Music—we did even one better. I realize so many of you

EdTech lessons used by Google and Dropbox

Friday, January 21, 2022

EdTech lessons used by Google and Dropbox By EdTech – we're talking growth mentality. Which is great when you're in it. Our copywriter (hi) knows that can be more elusive these days. And

Top ecommerce trends to watch in 2022.

Friday, January 21, 2022

Dive headfirst into expert tips and actionable advice for the year ahead. To view this email as a web page, click here BigCommerce Blog Newsletter Ecommerce changes fast — which is why we're

Jan. 21 - BH Cosmetics files Ch. 11 | Aerosoles acquired by American Exchange

Friday, January 21, 2022

BH Cosmetics files under Chapter 11; Aerosoles footwear brand to be acquired by American Exchange; André Leon Talley, 'always at the forefront of inclusion,' dies at 73; Hims & Hers to sell