Bringing Home The Bacon

Welcome back Food Junglers. I’ll be taking a short hiatus from the newsletter as the workload at my “big-boy” job has increased a fair amount. But I should be back soon, once things have cooled, to keep all of you lovely readers up-to-date on all that is happening in the food industry!

This week, corporate earnings are the priority for financial markets, while prices for food around the world don’t show signs of declining. Let’s dig in.

THE BREAKDOWN…

Starbucks Earnings: The world’s largest coffee chain reported its sixth straight quarter of same-store sales declines as the company implements a turnaround strategy.

Kraft Heinz Earnings: Kraft Heinz swung to a loss in the second quarter, hurt by a large impairment charge, as it posted another drop in sales.

Kellanova Earnings: Kellanova logged lower earnings and largely flat sales in the second quarter, as Chief Executive Steve Cahillane said the company continues to operate in a challenging environment.

Danone Earnings: Danone shares rose as much as 7% after it delivered second-quarter sales that beat expectations, boosted by strong demand in China for infant milk formula and medical nutrition products.

Starbucks Growth: Starbucks has shortlisted about a dozen parties including private equity firms and technology companies into the second round of a process to invest in its China business.

Carrefour Acquisition: In a bold move signalling its ambition in the food retail sector, NewPrinces Group has announced the acquisition of Carrefour's Italian supermarkets for €1 billion.

Food Inflation: British retailers warned food inflation will hit 6% by the end of the year as they raise prices in response to April’s hike in payroll taxes and the minimum wage.

Palestinian Starvation: Britain said it would recognise a Palestinian state in September unless Israel takes steps to relieve suffering in Gaza, where starvation is spreading.

Beyond Simple: Beyond Meat is embarking on its next phase of innovation, marked by a shift away from imitation and the debut of a new, plant-forward product line showcasing the brand’s shortest ingredients label yet.

Cocoa Inflation: The Hershey Company is raising prices on its candy due to historically high cocoa costs, implementing a roughly double-digit price increase.

FOOD IN PICTURES