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, [...]
Punch Taverns shares froth up under the influence of preliminary results, despite effects of Pubs Code and Brexit November 8, 2016 Punch Taverns’ share price frothed up more than two per cent this morning despite a negative impact reported from new pub reforms and uncertainty over the UK’s Brexit vote. The figures In its preliminary results for the year to 20 August, the company said its performance was in-line with management expectations. Punch said average profit [...]
Associated British Foods shoots to the top of FTSE 100 as revenues lift at the Primark and British Sugar owner November 8, 2016 Associated British Food's (ABF) share price rose more than seven per cent this morning, taking it straight to the top of the FTSE 100, as the Primark owner posted a rise in revenues and hailed 2016 as a "turning point" for its sugar business. The retailer added that it hopes to benefit from Brexit and is in discussions [...]
Marks and Spencer’s profits plunge in first half as it announces plans to pull out of ten international markets November 8, 2016 Marks & Spencer has unveiled plummeting profits for the 26 weeks to 1 October, once again blaming its struggling clothing arm for dragging on the rest of the business, and outlined plans to close 60 stores. The figures Group revenue was up by 0.9 per cent to £4.99bn from £4.95bn in the first half of last [...]
Consumer spending grows at record levels during October November 8, 2016 Consumer spending rocketed during October with Britons splashing out on visits to the cinema and drinking sessions in the pub. Spending grew at the fastest recorded levels during October according to Barclaycard. The 5.5 per cent year on year increase was driven by 20.9 per cent growth in movie going and a 12.9 per cent increase in [...]