TOP NEWS IN FOOD, BEVERAGE AND TOBACCO
* Walmart Inc. will lay off 1,241 employees in Arkansas and New Jersey on Jan. 31, 2021, Retail Dive reported, citing retrenchment notices filed with state authorities. The job cuts are part of Walmart's move to bolster its omnichannel operations, the report said, citing a July memo in which the retailer announced layoffs.
* The J. M. Smucker Co. updated its full-year fiscal 2021 guidance as it completed the sale of its Crisco business to B&G Foods Inc. The company now expects net sales year-over-year growth to range from flat to 1% and adjusted EPS to be between $8.35 to $8.65, lower than the prior outlook of between $8.55 and $8.85.
➤ Shopping activity dips during Black Friday weekend but moves online – NRF
In-store shopping declined as many retailers opted to close on Thanksgiving Day amid the pandemic.
➤ JM Smucker's coffee rush relies on supply chain stability
JM Smucker's revenue growth has depended on the coffee sector, which in turn has relied on the firm maintaining a stable supply chain in the face of a volatile global coffee export industry.
Sales of plant-based meat is forecast to reach $50 billion by 2025, or 2.5% penetration of total meat consumption volume.
FOOD RETAIL & DISTRIBUTION
* Uber Technologies Inc. said it closed the $2.65 billion all-stock acquisition of food-delivery company Postmates Inc. The ride hailing company added that the two companies have started integrating their U.S. operations.
* Walmart said it is dropping the $35 minimum order value for its Walmart+ customers when they order from the retailer's online store.
* Supermarket chain Stop & Shop is seeking to hire more than 5,000 new workers across its stores, home delivery and distribution centers. The new positions are in addition to the 5,000 jobs that the Koninklijke Ahold Delhaize NV-owned company announced in March when the pandemic started.
* India's Tata Industries Ltd. is in advanced talks to acquire an 80% stake in Supermarket Grocery Supplies Pvt. Ltd.-owned e-grocer BigBasket for up to $1.3 billion, The Mint reported. Any potential deal would likely include Alibaba Group Holding Ltd.'s entire 29% stake in the online grocery delivery service, according to the report.
* Tesco PLC said it is "financially strong enough" to return the £585 million in business rates relief that it received from the British government to weather the coronavirus pandemic. The grocer will split the cash impact of the repayment between £535 million in fiscal 2020/21 and £50 million in fiscal 2021/22.
* Finnish retailer Kesko Oyj raised its medium-term financial target for comparable operating margin of 5.5% compared with its previous expectation of 5%. Kesko added that the virus-related demand had a positive impact on its profit in 2020.
* Aldi Einkauf GmbH & Co. oHG's U.K. unit is hiring more than 1,000 temporary employees for the holiday season for stock refilling and packing online orders. The temporary roles are in addition to the 4,000 permanent jobs the company has already created in 2020.
* Companhia Brasileira de Distribuição, also known as GPA, said it has filed its annual report for the year ended Dec. 31, 2019 with the U.S. SEC, after the food retailer received a delisting notice from the NYSE.
BEVERAGES
* Anheuser-Busch Inbev SA has reduced prices of its beer brands Hoegaarden and Corona by 26% to 57% in India after the brewer started producing them locally, The Economic Times reported, citing Kartikeya Sharma, president for AB InBev South Asia.
* Molson Coors Beverage Co. said it has increased production capacity by more than 400% at its Fort Worth, Texas, and Milwaukee breweries. The move will allow Molson to quintuple production for its hard seltzer brands, including Vizzy, Coors Seltzer and Blue Moon LightSky, and other beverages.
* Heineken NV launched its Amstel pilsner brand in China. It hopes that the Asian country will become one of Amstel's top markets globally in the next three years.
PACKAGED FOODS
* Plant-based egg producer Eat Just Inc. said it has secured the world's first safety approval from the Singapore Food Agency to commercially launch its cultured chicken for use in chicken nuggets in the Asian city-state.
* Orkla ASA said it acquired ice cream ingredients company Gortrush Trading Ltd. for an undisclosed amount. The Omagh, Ireland-based company specializes in the sales and distribution of ice cream ingredients and accessories in Ireland and the U.K.
* Mexican beverage producer Grupo Lala SAV de CV said it will close its operations in Costa Rica following a strategic review. The closure will have a $3 million favorable impact on its 2021 EBITDA for its Central American operations.
MARKETS
Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open. Click here for a summary of indexes on the MI platform.
The Daily Dose is updated as of 8 a.m. ET. Some external links may require a subscription. Links are current as of publication time, and we are not responsible if those links are unavailable later.
