The Restaurant Group’s share price has jumped as it reveals its turnaround plan after a tough 2016 March 8, 2017 After a challenging 2016, The Restaurant Group (TRG) said it is ready to pursue a new turnaround plan to grow its business. The figures The Frankie & Benny's owner said total like-for-like sales fell 3.9 per cent while revenue increased 3.7 per cent to £710.7m, in line with expectations for the year to 1 January. Adjusted pre-tax profit [...]
John Lewis tarnished by Apple Watch advertising scandal March 8, 2017 John Lewis' squeaky-clean image has been tarnished after it pulled an Apple Watch promotion from its website. The department store disappointed a customer over its Black Friday sales event when it advertised Apple Watches on sale for £249, a price-match offer which was part of the retailer's promise to be "never knowingly undersold". Read more: [...]
Paddy Power Betfair is trading neck and neck with analysts’ expectations March 7, 2017 Bookmaker Paddy Power Betfair saw its share price fall despite trading in line with expectations last year, underscoring perceptions that investors expect it to perform more strongly for the stock price. It highlighted an increase in underlying earnings of over a third to £400m as well as a significant dividend payment. The figures Revenues are up [...]
Payments company Paysafe share price drops despite nearly doubling profits March 7, 2017 The figures Payments processing company, Paysafe, saw its share price plummet 6 per cent lower this morning despite delivering a strong set of results and nearly doubling profits compared to last year. The company reported in its 2016 financial results today that it has nearly doubled adjusted profits after tax, achieving $213m (£174.6m) for the [...]
Mapped: All 34 Budgens store closures and when they will shut March 7, 2017 This morning it emerged that Budgens stores up an down the country have been closed after the operator of the stores went into administration. Accountancy firm PwC was appointed as administrators for the shops by restructuring firm Hilco Capital, but the accountancy giant could not find a buyer for the convenience stores. Read more: Budgens [...]
Mike Ashley wants you to know something about his Agent Provocateur takeover March 7, 2017 Sports Direct founder Mike Ashley's recent foray into frilly knickers may have raised eyebrows – but he wants you to know it wasn't just him who bought the lingerie retailer. In a statement today, Sports Direct clarified the £30m acquisition was made by Four Holdings, a company in which it owns a 25 per cent [...]
Just Eat share price jumps as takeaway firm reports 42 per cent increase in orders March 7, 2017 Just Eat has reported a jump in order numbers in 2016, which in turn pushed revenues and profit up. The figures Orders were up 42 per cent to 136.4m, from 96.2m in 2015, and up 36 per cent on a like-for-like basis. Revenues increased 52 per cent to £375.7m from £247.6m, and underlying earnings before [...]
Budgens is closing more than 30 stores March 7, 2017 More than 30 Budgens stores are set to close as Food Retailer Operations Limited (FROL) has gone into administration, putting 815 jobs at risk. FROL operates 34 Budgens stores, having bought them from the Co-op in July last year. Nine outlets were closed over the weekend, and the final 25 will close their doors over the [...]
Supermarket sales grew at their fastest rate since June 2014 in the last 12 weeks March 7, 2017 Supermarket sales were growing at their fastest rate since June 2014 over the past three months as inflation started to bump up prices for key items such as tea, butter and fish. According to data from Kantar Worldpanel, supermarket sales grew by 2.3 per cent year-on-year for the 12 weeks ending 26 February. Kantar said [...]
Paddy Power Betfair reports revenue and profit rise for 2016 ahead of next week’s Cheltenham festival March 7, 2017 As bookmakers prepare for next week's Cheltenham festival, Paddy Power has unveiled an 18 per cent jump in revenue in 2016 although statutory figures, which include Betfair's numbers from 2 Fabruary last year, paint a different picture. The figures Revenue grew 18 per cent to £1.55bn from £1.32bn in 2015 on a pro-forma basis, while statutory revenue [...]