Will struggling high street retailers survive the crucial Christmas period? November 1, 2018 Trouble came in threes for the high street yesterday. Struggling retailer Mothercare announced hundreds of redundancies as part of its turnaround plan while 600 jobs hang in the balance as high street butchery chain Crawshaw collapsed into administration. Meanwhile, retail bellwether Next’s shares fell eight per cent in early trading as it revealed its sales growth [...]
Kellogg’s cuts expected profit outlook due to high investment costs October 31, 2018 Shares in cereal producer Kellogg's fell 9.6 per cent during pre-market trading to $64.95 this morning after it announced a drop in its full-year profit outlook. Adjusted earnings per share growth was downgraded to seven to eight per cent for the year due to higher costs from increased investment across the business. Reuters reported that analysts [...]
Waitrose magazine vegan row editor resigns October 31, 2018 The editor of the Waitrose Food magazine has resigned with immediate effect after an email he sent suggesting a series on killing vegans was leaked. William Sitwell is standing down with immediate effect after his response to a pitch from freelance journalist Selene Nelson generated a storm of controversy after it was published online. Sitwell [...]
Asian demand boosts L’Oreal’s higher-than-expected sales October 31, 2018 L’Oreal's share price has climbed more than six per cent today on the back of higher-than-expected sales growth. Late last night the French cosmetics giant posted revenues of €6.47bn (£5.75bn) in the July to September period, rising 6.2 per cent from the previous year and 7.5 per cent on a like-for-like basis. Buoyed by rising [...]
Mothercare axes 200 head office roles to hit savings target October 31, 2018 Mothercare has axed 200 head office roles as the struggling business aims to meet a £19m cost-savings target. Net job losses will total 150, with 50 new roles being created as part of the restructuring process. Staff were informed of the cost-cutting proposals, which were first reported by Sky News, this morning. The Watford-based parent and [...]
The death of the sandwich: Britain’s favourite lunchtime meals October 31, 2018 Growing demand for a more luxurious lunch among London workers is causing headaches for the sandwich market. Salad has been elevated to Britain's favourite lunchtime food, it has been claimed. The humble sandwich has been an internationally renowned staple of British cuisine for centuries – but times are a-changing. A survey of 1,133 workers by Spitalfields Market revealed [...]
Next shares drop as online shopping boost masks high street malaise October 31, 2018 Clothing and home products retailer Next managed to balance out falling high street sales with its growing online business, its third quarter trading update showed today. Store sales for the quarter were down eight per cent year on year and 6.3 per cent in the year to date compared with 2017. But online sales shot [...]
Ebay predicts fourth quarter surge in profits October 30, 2018 E-commerce giant Ebay forecasted a rise in fourth quarter profits above analyst estimates tonight, despite its rival Amazon announcing last week that its profits will disappoint across the upcoming holiday period. Shares in Ebay, which also beat estimates on profit for its third quarter, rose six per cent in after-hours trading. Net income for the [...]
Sports Direct buys Evans Cycles, but Mike Ashley to close 30 stores October 30, 2018 Evans Cycles has been sold to Sports Direct as part of a pre-pack administration. Around half of the cycling shop's 60 stores will be forced to close, Sports Direct owner Mike Ashley said as he announced the deal. Ashley commented: "We are pleased to have rescued the Evans Cycles brand. However, in order to save the [...]
Cillit Bang maker Reckitt Benckiser shares dive after ‘self-inflicted’ wound hits sales October 30, 2018 Shares in Cillit Bang maker Reckitt Benckiser Group (RB) tumbled over four per cent today as it reported lower sales for its third quarter. The maker of Durex condoms, Gaviscon and infant food brand Mead Johnson Nutrition (MJN) blamed the miss on production problems at a European baby formula factory. Like-for-like sales rose two per cent year [...]