Debenhams names new finance boss August 22, 2018 Debenhams has named Rachel Osborne as its new chief financial officer at a crucial time for the retailer amid the crisis on the high street. Osborne is currently finance boss of Domino's Pizza Group, but announced a sudden departure in June, sending the company's shares down five per cent. She was the third CFO of Domino's in [...]
Laura Ashley scraps dividend after profits are slashed August 22, 2018 Laura Ashley blamed “a changing retail landscape” for a dramatic fall in profits this morning that saw them all but eradicated, and which led to its chairman not recommending a dividend for investors. The figures Amid a “challenging” trading environment the high street stalwart saw statutory profits crash by 98 per cent for the 12 [...]
TJ Maxx owner scores highest store sales increase in two years August 21, 2018 Cut-price clothing retailer TJ Maxx’s owner today hailed double-digit growth in net sales and stronger growth in same-store sales than it’s experienced in two years. The figures TJX reported a 12 per cent year-on-year rise in net sales to $9.3bn (£7.2bn) for its second quarter results, eclipsing last year’s three per cent growth in revenue. [...]
Yo! Sushi eyes opportunities for supermarket growth after acquisitions August 21, 2018 Yo! Sushi increased sales last year ahead of two major acquisitions which could see the company expand into the grocery sector this year. The Japanese restaurant chain reported a 1.7 per cent uptick in total sales to £89.9m for the year to 27 November. This included a four per cent rise on a like-for-like basis, driven by the strength [...]
Game Digital’s revenue slides but esports expansion holds promise August 21, 2018 Video game retailer Game Digital has posted a fall in revenue in its end of year results as it is hit by a tough market for pre-owned games. Revenue for the year to 28 July fell slightly from £782.9m to £780m which the company blamed on "continued challenges in the pre-owned business" which it said [...]
Angling Direct shares rise as it reels in revenue growth August 21, 2018 Angling Direct beat its own expectations to reveal revenue growth had grown by more than 50 per cent year-on-year in a trading update today. The figures The fishing products retailer saw a 56 per cent year-on-year revenue increase to £22m, citing strong store and online sales despite the summer heatwave. E-commerce sales were up 60 per cent [...]
Sports Direct saves House of Fraser Oxford Street from closure August 21, 2018 House of Fraser's flagship branch on Oxford Street has been saved from closure after new owners Sports Direct pledged to keep the store open. The site was one of 31 slated for closure under a company voluntary arrangement (CVA) which was passed earlier this year. But the restructuring plans were rendered void when House of [...]
Market influencer: City brokers look for the likes as social media boosts brands’ growth August 21, 2018 Brokers are hitting “like” on companies that have strong social media engagement, as UBS yesterday became the latest to factor Instagram influence into its ratings. The Swiss bank announced that it will now track the performance of 19 luxury brands on Instagram and Google Search,tracking “social media heat”. Analyst Julie Zhuang said there is a [...]
Oaktree Capital to raise $1.5bn cash for Claire’s bid August 20, 2018 Oaktree Capital Management is racing to raise $1.5bn (£1.18bn) to bid for bankrupt accessories chain Claire's Stores. The bid, which will be entered by 31 August, will rival a $1.4bn debt-for-equity bid by senior lenders Elliot Management Corporation and Apollo Global Management. Oaktree's cash raising plan was revealed during a hearing at Delaware U.S. Bankruptcy [...]
iSmash eyes partnerships with insurers as part of expansion drive August 20, 2018 Phone repair company iSmash is eyeing a range of partnerships including deals with insurance companies as it expands. The chain, which has defied high street gloom by announcing plans to expand to 70 shops in the next two years, is exploring new ways to bring in customers. Founder Julian Shovlin told City A.M. that iSmash [...]