Will top brands be removed from Tesco shelves here in supplier row?
Oct 14 2016 by Joanne Wise
He told Channel 4 that a vote to Leave would mean hikes in import duties on items such as dairy products, leading to price rises that would affect consumers.
"We are taking price increases in the United Kingdom and that is a normal devaluation led cycle", Unilever Chief Financial Officer Graeme Pitkethly told analysts on Thursday, saying the scope of the increases was "substantially less" than what was needed to cover the impact from higher costs to its profits.
Speaking alongside the group's third quarter results, chief financial officer Graeme Pitkethly said: "In the United Kingdom, which accounts for 5% of turnover, prices should start to increase to cover the cost of imported goods due to weaker sterling".
Unilever's reportedly attempted to raise prices after the pound plunged by almost a fifth against the dollar since the June Brexit vote. Tesco shares were down 1.96% and Unilever was down 2.46% in morning trading.
The world's second-largest consumer goods company saw growth in third-quarter sales on an underlying basis of 3.2%, down from 5.7% in the same period a year ago.
Unilever rejects the charge, saying it has to import some of the elements, such as bottles and jars, for products made in the UK.
A Tesco spokesperson told CNBC: "We are now experiencing availability issues on a number of Unilever products".
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If this sensor project works in this stretch, ADOT officials say this could be expanded to other dust prone areas located on I-10. That will give ADOT crews a chance to monitor conditions and alert motorists about potentially hazardous driving situations.
The world's second-largest consumer goods company after Procter & Gamble has also approached J Sainsbury PLC-Britain's second-largest supermarket chain-about raising prices by around 10% on average, according to a person familiar with those conversations.
"Tesco was down 2.5 per cent at the start of play".
"It's always a combination of underlying commodity movements and currency impacts", he said.
Unilever, which reported its latest quarterly earnings on Thursday, addressed the issue of price hikes in a call with analysts.
Britain's supermarkets are particularly sensitive to changes in costs.
The supplier is "the UK's biggest food and grocery manufacturer with many famous brand names", says the BBC. The company also said price rises had "landed" with other retailers, meaning some of Tesco's key rivals may have accepted the increases. We care deeply about customer affordability of our brands.