Burberry profits fall 24 per cent despite Brexit boost November 9, 2016 Burberry reported plummeting profits in the first half of the year – but added that the fall in sterling had pushed up comparable sales by 30 per cent in the UK. Silver linings? The figures Underlying pre-tax profits fell 24 per cent to £146m in the six months to the end of September, as revenues fell to [...]
SeaWorld share price leaps on cost-cutting plans as attendance continues to sink November 8, 2016 SeaWorld – the US leisure park at the centre of an animal rights storm – has announced a new cost-cutting initiative in the middle of its change in strategy. Shares in the company leapt at the open after sinking in the pre-market on the back of its third quarter results. Attendance fell 0.4 per cent to [...]
You can’t come in to our US stores today, says Patagonia, now go out and vote November 8, 2016 A sustainable outdoor clothing retailer today shut the doors of its US outlets, telling customers to prioritise voting over shopping. Patagonia, a company that has banged the drum of environmental causes since it started in 1973, said that it was imperative that Americans got down the polls to vote in the US Presidential election. Voting was [...]
Hertz slams on the brakes: earnings to be a fraction of previous guidance November 8, 2016 Shares in car rental giant Hertz were in freefall today, plummeting as much as 50 per cent after it slashed full year forecasts. The US company said it expected forecast adjusted profit of between $0.51 and $0.88 per share, a fraction of its guidance earlier in the year of between $2.75 and $3.50 per share. Read more: [...]
What the analysts are saying about the M&S results: ‘Seismic change’ needed after ‘humiliating’ plans unveiled November 8, 2016 Retail experts have blasted Marks & Spencer's plans for a turnaround – even taking a swipe at the firm's recent collaboration with Alexa Chung – and warned that without "seismic change", the group risks continuing its "terminal decline" to its inevitable conclusion. Marks revealed a massive drop in profits this morning, and outlined plans to close [...]
Wahaca has now reopened all nine restaurants – including six in London – it shut after a suspected norovirus outbreak November 8, 2016 Wahaca has confirmed all the restaurants it been closed after a suspected norovirus outbreak have now been reopened. The restaurant said in a statement: "We are pleased to confirm that the final of our previously affected London restaurants is open and trading from lunchtime today, Tuesday 8 November. We continue to monitor the situation carefully and, as ever, [...]
Sandwichgate: Sports Direct hits back at MPs claims saying they overshadowed the happiness of Shirebrook workers November 8, 2016 Sports Direct's share price plummeted over three per cent after responding to the sensational allegations from MPs that its staff spied on a private meeting of MPs from the business select committee. "The Board would like to make it clear that it did not authorise or have any knowledge of the possible recording device," Sports Direct said [...]
2,100 jobs could go as Marks & Spencer close 53 international stores and 30 in the UK November 8, 2016 Marks & Spencer will consult with 2,100 staff in its international stores as it seeks to close 53 unprofitable branches overseas, it was announced this morning. In a bold move new chief executive Steve Rowe, who came into the top job in April, said 30 clothing and homeware shops in the UK will also be shut over the next [...]
American Apparel UK business goes into administration November 8, 2016 Americal Apparel's UK business has gone into administration. Jim Tucker and Richard Beard of KPMG were appointed joint administrators of American Apparel (UK) Ltd and American Apparel (Carnaby) Ltd this morning, the accountancy firm said in a statement. American Apparel (UK) and American Apparel (Carnaby) run the UK retail and wholesale operations of the US [...]
There must be some mi-steak: Boffins want an extra 40 per cent tax on beef to tackle climate change November 8, 2016 Steak should be subject to an extra 40 per cent tax and milk and other meats to 20 per cent, a new study has argued. A team of researchers wants food to be taxed extra on greenhouse gas emissions from food production. Read more: Equistone takes £100m prime cut of steak house Gaucho The team, [...]