Breakfast briefing: Pep & Co, Soletrader and more

Soletrader reports surge in profit

Soletrader has reported a 1.5% increase in profit to £1.4m, Drapers reports.

The firm’s turnover declined 0.75% year on year to £38m.

Sales at Pep & Co reach £29m

Pep & Co has reported a gross profit before operating expenses of £7.9m in its first 15 months.

However, after ploughing investment into store openings, the value fashion chain suffered a pre-tax loss of £18.9m in the period to September 24, 2016.

Asda reignites farm brands row as it relaunches value range

Asda has relaunched its Farm Stores brand, previously dropped in 2001, reigniting the fake farm row.

This has generated controversy among UK farming organisations that have criticised the move saying it is misleading for shoppers and insulting to farmers.

An Asda spokeswoman said: “We know how important quality produce at a great price is to our customers”.

“We’re reconnecting with our heritage by bringing back the Farm Stores brand to Asda – a name that our customers remember and trust for great value quality produce.”