H&M revenues bounce after online focus, but logistics system dampens profits September 27, 2018 Swedish fashion brand H&M posted bumper revenues for the nine months to the end of August this morning, as third-quarter sales climbed amid the retailer’s efforts to ramp up its online shopping operations in the wake of persistent high street troubles. Revenues in the third quarter of 2018 climbed nine per cent to Skr64.8bn [...]
Saga’s voyage of recovery interrupted by declining profits September 27, 2018 Retirement insurance and travel firm Saga this morning said it was making strong progress on its recovery despite reporting declining underlying before-tax profit. Underlying profit at the firm dropped 3.7 per cent to £106.8m – which was due to Saga investing heavily in its business and marketing, chief exec Lance Batchelor told City A.M. The firm's [...]
Women’s fashion retailer Bonmarché shares collapse as it warns on profits September 27, 2018 Women's fashion retailer Bonmarché's shares plunged 20 per cent in early morning trading after issuing a profit warning today, blaming weak high street demand and a lack of footfall. The company said its online sales continued to grow strongly but that sales in store have dipped in recent months. Underlying profits for the full [...]
Retail sales growth slumps after bumper summer September 26, 2018 UK retail sales growth slumped slightly this month after a strong summer, according to the latest statistics. The Confederation of British Industry's (CBI) retail sales gauge fell to +23 in September from +29 in August. Read more: Online retail to be Next's summertime saviour as hot weather boosts sales Department store, footwear and leather, chemists [...]
Industry groups call on World Health Organisation to change stance on vaping September 26, 2018 An international coalition of vaping industry groups has called on the World Health Organisation (WHO) to reform its stance on vaping regulation. Vaping advocacy groups from sixteen countries have called on the public health agency to reverse its stance that members states could ban vaping products outright as part of a tobacco control plan. Lead [...]
Bestival creditor Richmond Group offers to buy the festival brand for £1.1m September 26, 2018 Bestival financier Richmond Group said today it has made an £1.1m offer to the festival's organisers for its brand and assets. Bestival Group filed for administration with the High Court last week, and on Sunday said the search for a partner for its family-friendly Camp Bestival event was ongoing despite facing "financial challenges". Richmond Group [...]
Online-only retailers outpace their bricks and mortar rivals as fresh evidence of high street troubles emerge September 26, 2018 Online-only retailers’ sales have grown 24 times faster than those of bricks and mortar firms in the last five years, according to new data which underlines the current woes facing high street shops. A report out today from data specialist GBG Loqate shows that pure-play online retailers have grown their sales by 281 per [...]
William Hill agrees partnership to target US state sports betting deals September 26, 2018 William Hill has agreed a multi-year partnership with US gaming giant IGT in a bid to secure sports betting deals with state lotteries. The pair have already secured a contract to run sports betting for the Rhode Island Lottery and hope IGT's sports betting platform, along with William Hill's mobile offering and expertise, will lead [...]
Out with the old, in with the new UK high street September 26, 2018 A tale of two retailers dominated the high street yesterday – Next’s shares jumped nearly eight per cent after the fashion giant lifted its full-year profit guidance while Card Factory’s shares lost a tenth of their value after profits were off-message. Read more: Next nudges up profit guidance after blistering summer The diverging fortunes [...]
Nike boss stands by Colin Kaepernick ad campaign as sales soar September 26, 2018 Nike boss Mark Parker has stood by his company's controversial ad campaign featuring American Football star Colin Kaepernick, saying he is "proud" of it. In a call with analysts yesterday following the company's results, Parker said the campaign had caused "record" engagement and is driving sales of its products. Nike's share price plunged three per [...]