UK delivery startup Deliveroo mulls pulling out of Spain as GoPuff raises US$1Bn in latest funding round

UK – UK delivery startup Deliveroo is considering ending services in Spain due to high costs associated with a recent requirement for food delivery companies to convert their couriers into staff workers.  The company said in a statement that it had determined that achieving and sustaining a top-tier market position in Spain would require a disproportionate level of investment with highly uncertain long-term potential returns.  This did not make economic sense to the company for a market that accounted for less than 2% of its overall transaction values in the first half of 2021.  The…

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Molson Coors Q2 net sales revenues rise 17.4% as plans to discontinue 11 economy brands take shape

US – Molson Coors, a leading brewing and drink company, has reported a 17.4% rise in net sale revenue for Q2 ending June 30th , as aggressive pursuit of the beyond the beer aisle strategy start paying off.   According to a report by FoodBev, Molson Coors sales surged to US$2.94 billion in what it described as the firm’s best second-quarter topline growth in over a decade.  The company which owns Miller Lite and Carling beer brands claimed that its increased sale volumes were primarily due to higher financial volumes, with North America…

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Diageo reports 16% organic growth in full year revenues driven by sales rebound in North America

UK – British multinational alcoholic beverage company Diageo has recorded an 8.3% increase in full-year net sales, driven by the reopening of bars and restaurants in North America and demand for its premium spirits portfolio.  The owner of Johny Walker whiskey and Smirnoff vodka saw its full year net sales rise to £12.7 billion (US$17.66 billion), representing a 16% organic growth – driven by growth across all regions.  Reported operating profit increased 74.6% to £3.7 billion (US$5.14 billion) primarily due to a significant reduction in exceptional operating items compared to fiscal 2020,…

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