Hermes posts huge profit spike as China demand pushes it to new heights September 12, 2018 Hermes delivered a record operating margin for the first half of 2018 today, as well as posting a 17 per cent jump in profit to reach €708m (£631m). The French luxury handbag maker saw group revenue rise by five per cent year on year to €2.9bn for the six months ending 30 June, with its [...]
Mike Ashley proclaims House of Fraser strategy will be a ‘game changer’ ahead of Sports Direct annual meeting September 12, 2018 Sports Direct boss Mike Ashley today said his strategy for newly acquired House of Fraser would be a "game-changer" ahead of his company's annual meeting today. "Our strategy to transform House of Fraser into the 'Harrods of the High Street' will be a game changer," he said. In a statement to the market ahead of [...]
Zara owner Inditex sales creep up as it expects profits to boom in second half September 12, 2018 The Spanish owner of high street store Zara Inditex today reported a steady increase in sales in the first half of the year. The figures The world's biggest clothing retail group said sales rose three per cent in the first six months of 2018, just surpassing €12bn (£10.7bn) for the first time. Net profit beat first half records, [...]
Dunelm to simplify after profits drop in ‘difficult and disappointing’ year September 12, 2018 Homeware retailer Dunelm has said it will simplify the business following a “difficult and disappointing” year, which saw profits fall nearly seven per cent. Read more: Mike Ashley proclaims House of Fraser strategy will be a 'game changer' The figures The company said revenue for the year ending 30 June was £1.05bn – 10 per cent [...]
Judge tells Sports Direct to hand over documents in audit watchdog investigation September 11, 2018 A London judge today ruled that Mike Ashley's Sports Direct must hand documents to the accounting regulator to assist with an investigation into its 2016 financial results. Shares in the retailer fell as much as 9 per cent and closed five per cent down following the court judgement. The Financial Reporting Council (FRC) is investigating [...]
Tesco set to launch discount store brand next week September 11, 2018 Supermarket chain Tesco is set to launch a new discount store format next week in a bid to compete with German rivals Aldi and Lidl. The UK's biggest supermarket advertised recruitment for retail assistants, customer service assistants and manager roles for a new store format in Chatteris, Cambridgeshire, earlier this year. Read more: Jamie Oliver joins up with Tesco with [...]
Debenhams chair lashes out at firm’s ‘nosy neighbours’ September 11, 2018 The chairman of troubled department store Debenhams today sought to justify the firm's decision to rush a trading update out yesterday as an attempt to stop "nosy neighbours" speculating about its future. Debenhams' shares plunged 17 per cent yesterday after reports over the weekend revealed it had brought in KPMG to advise on a number of restructuring [...]
Alive and kicking: JD Sports thrives in struggling high street environment September 11, 2018 JD Sports sprinted ahead of its high street rivals as it boosted both profit and revenue margins in its interim results today. The figures The shoe and sportswear retailer posted a 35 per cent year-on-year hike in revenue to £1.85bn for the six months to the end of August while profits before tax stepped up [...]
Debenhams rushes out surprise update after its shares plunge to record low September 10, 2018 Debenhams looked to quell investor concern about the company's financial situation by rushing out a surprise trading update today which showed profits were slightly below expectations. The firm shocked the market by releasing its results a month early, saying it expected profits to be within the market range of £31m to £36m, falling just short of its expected [...]
Jamie Oliver joins up with Tesco with new healthy recipe remit September 10, 2018 Chef Jamie Oliver has entered into a partnership with supermarket giant Tesco, seven years after leaving an 11-year advertising gig with rival Sainsbury's that saw him earn over £10m. The chef and best-selling author, whose fee has not been disclosed, is producing recipes and healthy eating tips for Tesco, aiming to “change eating habits”. “I’m [...]