Profit back at ailing French Connection September 15, 2010 FRENCH Connection bounced back into profit yesterday after cost-cutting measures were taken to breathe new life into the business. The group saw a slim half-year profit of £200,000 compared with losses of £5.4m over the same period last year. French Connection is closing loss-making stores in the US alongside the closure of its Japanese business [...]
Identity crisis persists September 15, 2010 FRENCH Connection is a retailer which has more gallic luck than its rivals. At the tail end of the 20th Century, it managed to arrest an alarming decline in sales by rebranding itself as FCUK, tapping into the youth counter culture and stealing a march on rivals like Gap. But in recent years it has [...]
New trading director hired to steer JJB September 15, 2010 JJB Sports has appointed Ben Sherman international retail director Kate Hayes as its trading director to nurse it back to health. Hayes will work alongside retail director Ron Rome and HR and training director Paul Mitford. She will join the retailer on 1 November and will be based at its Retail Support Centre in Wigan. [...]
Next expects online sales to drive growth September 15, 2010 NEXT yesterday reported a 15 per cent rise in first half pre-tax profit and pinned its hopes on internet sales to fuel expansion. The retailer said the tough consumer climate, weakened by a looming VAT hike and job cuts in public services would mean at least three to five years of low sales growth. Next [...]
Staycations hand boost to economy September 15, 2010 VISIT ENGLAND has reported a growth in domestic tourism as Brits holiday at home on so-called “staycations”. The group, which champions homegrown tourism, said that 51 per cent of hotels and 42 per cent of camping businesses have seen an increase in guest numbers over the summer. Meanwhile 76 per cent of those questioned said [...]
Ideal Shopping in profit surge September 15, 2010 TV CHANNEL Ideal Shopping posted a first half pre-tax profit compared to a loss the year before with trading in the second half in line with management expectations. For the 26 weeks ended 4 July 2010 pre-tax profit was £2.89m compared to a loss of £1.2m a year earlier. Revenue for the period increased to [...]
Coca-Cola hit by strike action September 15, 2010 WORKERS at a London Coca-Cola factory went on strike yesterday in a row over pay. Unite said the stoppage at the plant in Edmonton will lead to millions fewer bottles of Coke being produced this month. The union, which has threatened a series of walkouts, warned that the dispute could escalate unless the company increases [...]
Cattles rescue talks collapse September 15, 2010 TALKS aimed at restructuring beleaguered doorstep lender Cattles broke down yesterday as the company’s bondholder creditors walked away from the discussions. The company issued a statement to the stock market in which it said it would continue discussions with those creditors that remained in order to find a solution. The bondholders own around one third [...]
New push to merge German publicly-owned landesbanks September 15, 2010 German finance minister Wolfgang Schaeuble yesterday launched a new campaign to merge publicly-owned landesbanks, which suffered in the credit crisis and could lose support more quickly under new capital rules. The Basel III agreement on bank capital rules passed at the weekend has given new momentum to long-running plans to consolidate or privatise such regional [...]
Tube bosses to meet with unions to avoid further strikes by staff September 15, 2010 TALKS to avoid another set of crippling strikes by Tube staff are set to take place next week. Senior management from the London Underground (LU) will meet with trade unions RMT and the Transport Salaried Staffs’ Association (TSSA) at conciliation service Acas in a bid to soothe a heated dispute over proposed job cuts to [...]