Adidas share price falls after sportswear giant announces Reebok restructuring November 3, 2016 Adidas' share price fell by over four per cent in morning trading as the German sportswear giant announced it would be taking one-off expenses to make investments for further growth and restructure the Reebok brand. In its third quarter report, the first set of results delivered under new chief executive Kasper Rorsted, Adidas said that net [...]
Jamie Oliver to buy back his Jamie’s Italian restaurants in Australia November 3, 2016 Jamie Oliver's on a mission Down Under. The celebrity chef is set to buy back his Jamie's Italian restaurants business in Australia, after Keystone Group (which ran the operation) collapsed and put the franchise up for sale. Receiver Morgan Kelly from Ferrier Hodgson confirmed Jamie Oliver Group was the preferred bidder for the six restaurants, [...]
The Aldi fightback is on: Morrisons records fourth consecutive quarter of growth November 3, 2016 After the devastating news that Morrisons was hiking the price of Marmite, it needed a good third quarter. And it has delivered the fourth consecutive quarter of growth, with sales up 1.6 per cent. Potentially a sign of, whisper it quietly, momentum building? The figures The 13 weeks to 30 October, like-for-like sales were up [...]
Watch this space: UK jewellery chains put up for sale November 2, 2016 The owner of some of the UK’s best-known jewellery chains has put them up for sale. Aurum Holdings, which is owned by US-based investment firm Apollo Global Management, has reportedly begun interviewing banks as it seeks to sell Goldsmiths, Mappin & Webb and Watches of Switzerland. Read more: Siran Manoukian on the inspiration for her [...]
Pensions Regulator steps up probe into Sir Philip Green November 2, 2016 The Pensions Regulator (TPR) has tonight intensified its investigation into Sir Philip Green as it seeks to end the crisis engulfing the retirement scheme of collapsed retailer BHS. Lesley Titcomb, the head of the pensions watchdog, announced late on Wednesday that TPR is to escalate its enforcement action as it seeks redress for 20,000 BHS pension scheme [...]
Alibaba has a “great” quarter as more mobile users and cloud computing customers see revenues shoot up November 2, 2016 China-based e-commerce company Alibaba announced strong results for the third quarter today as positive growth of its mobile users and cloud computing ventures saw revenue up 55 per cent since last year. Shares rose more than three per cent before the stock markets opened in New York on Wednesday. The company is gearing up for more record-breaking [...]
Asda vows to clean up its act after probe finds poor home delivery hygiene standards November 2, 2016 Supermarket Asda has taken “immediate action” to improve the standards of its home delivery service after an investigation exposed unhygienic conditions. Six in 10 deliveries were found to be “dirty or worse” by an undercover BBC Watchdog team, which launched the probe after a whistleblower raised concerns. Read more: Take that, Aldi: Tesco just gained [...]
Harrods posts a profit despite tough trading conditions November 2, 2016 Upmarket department store Harrods posted a robust profit last year, despite the difficulties faced by the retail sector. Harrods reported in its accounts for the year that profit was up 16.9 per cent to £129.7m, compared to £110.9m the year before. Group turnover for the period ending 30 January 2016 came to £788.9m, up from £769m [...]
Wetherspoon’s Tim Martin thinks that the falling pound will impact Eurozone businesses more than British companies November 2, 2016 Many of Britain's businesses may be feeling the pinch from sterling's recent malaise but the boss of one of Britain's largest pub chains doesn't think it will cause him too much pain. "The pound has gone up and down over the years and I haven’t noticed over the years a big effect on bar sales [...]
West End retailers are expecting a £2.34bn boost from Christmas this year November 2, 2016 The West End is expecting some healthy takings at the till this Christmas – the most important time of year for retailers. The New West End Company has forecast that till receipts will rise 1.6 per cent year-on-year this Christmas, hitting £2.34bn. Average takings are expected to come to £51.1m per day during the peak period for [...]