Breakfast briefing: The Hut Group, consumer spending and more

The Hut Group reports surge in profits and sales

The Hut Group has revealed a 67% boost in its earnings to £50m in the year to December 31, The Times reported.

The online health and beauty retailer, which owns websites such as Zavvi.com, Myprotein and Skinstore.com, reported a 50% surge in group sales to £510m.

The group’s international sales increased 89% to £316m, which accounts for 63% of group sales.

The retailer invested approximately £60m in acquisitions last year in the UK and overseas, selling more than 750 brands across more than 190 countries.

British consumer spending sees slow growth

UK consumer spending increased only 0.5% year-on-year in April, down from a 1% rise in March, according to data by Visa, Reuters reported.

The report revealed a 5.9% increase in spending on food and drink, while spending on clothing and footwear increased 2.3%­ – the highest since October 2016.

Visa's managing director Kevin Jenkins said: “Consumers tightened their belts in the face of rising prices running up against stalling wage growth.”

Aldi is 'Britain’s cheapest supermarket'

Aldi is reported to be the cheapest supermarket in Britain, according to a survey by The Grocer, the Daily Express reported.

The retailer had the lowest price on 31 out of the 33 items compared with Tesco, Sainsbury's, Asda and Morrisons.

Aldi's basket of goods cost £40.46, followed by Asda at £47.65.

Waitrose’s basket was found to be the most expensive at £57.80.

Aldi’s joint managing director Tony Baines said: “This independent research shows the scale of the savings Aldi customers are making compared to our more expensive competitors.

"Rising inflation is encouraging shoppers to look for quality and value, and our success over Easter shows the popularity of our prices and products.”